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Fresh squabbles rock First Bank’s board, threaten recapitilisation

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Fresh squabbles rock First Bank’s board, threaten recapitilisation

By: Michael Mike

A fresh round of squabbles is currently rocking the board of First Bank of Nigeria, a development shareholders fear poses major threat to the bid by the first generation financial institution to strengthen its capital base in line with the recent directive of the Central Bank of Nigeria to all banks operating in the country to recapitalize.
The current crisis rocking the bank stems from protests by shareholders who are kicking against the bank’s internal governance and shareholding structure, as a result of which some of them have taken their grievances to the court. One of such is the case of Olusegun Samuel Onagoruwa v. FBN Holdings Plc in Suit No. FHC/L/CP/1271/2022), which is challenging the capacity of the Board of Directors of FBN to appoint new persons to fill vacant slots.
Onagoruwa in his suit is seeking “an order setting aside, nullifying, annulling and/or quashing the appointments and approvals of Mr. Olusola Adeeyo, Mr. Viswanathan Shankar, Mrs. Remilekun Adetola, Mr. Anil Dua and Mrs. Fatima Ibrahim as Non-Executive Directors of First Bank of Nigeria Limited made on the 20th day of March, 2024, by FBN Holdings Plc during the pendency of this action and in defiance of the subsisting order of this Honourable Court made on the 15th day of July, 2022.”
The motion also seeks an order restraining the above-named non-executive directors from acting or taking any steps as non-executive directors of the bank. The current court case follows similar four other cases pending at the Federal High Court in Lagos and Abuja challenging the internal governance of FBN Limited, in addition to existing court injunctions restraining the bank from holding the last two Annual General Meetings which the bank went ahead to hold.
According to one of the workers union leaders in the bank, “as the tenure of the imposed directors is expiring, the same illegitimate Management of FBN, whose legitimacy is being challenged, has gone further, during the pendency of the cases challenging their competence to lead the bank, to arbitrarily appoint further five independent directors. Where they derived the power from remains a mystery.
“Mismanagement and manipulation of shares are also being alleged in some of the cases pending against the bank while the legality of the AGMs and the imposed board of directors remain a challenge.” The union leader expressed the fear that the spate of litigations and board squabbles currently rocking the bank may bring a quick collapse of the over 100-year- old bank.
Also speaking on the development, a shareholder, Mr. Olalekan Babalola, said “it is imperative for the authorities to find a solution to this lingering crisis as Nigeria cannot afford another major bank’s collapse at this critical time when President Bola Tinubu is working hard to revamp the nation’s crumbling economy. This is because the current crisis will definitely impede the bank from getting the new Central Bank’s capitilisation threshold.”
He called for urgent resolution of all court cases in the overall interest of depositors, shareholders and other stakeholders of the bank before further damage is done to the oldest Nigerian bank.

Fresh squabbles rock First Bank’s board, threaten recapitilisation

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Troops arrest gunrunner, recover arms, ammunition in Plateau

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Troops arrest gunrunner, recover arms, ammunition in Plateau

By: Zagazola Makama

Troops of 3 Division of the Nigerian Army under Operation Joint Task Force, Operation Enduring Peace (OP Enduring Peace), have arrested a suspected gunrunner and recovered arms and ammunition in Bokkos and Mangu Local Government Areas of Plateau State.

The operations, conducted on Thursday, were part of ongoing efforts to mop up illicit arms and ensure a peaceful yuletide season within the Joint Operations Area, military sources said.

In the early hours of the day, troops, in conjunction with operatives of the Department of State Services (DSS), raided a suspected criminal hideout at Gwender Village in Bokkos Local Government Area, following intelligence reports.

Although the suspects reportedly fled before the arrival of the troops, a search of the hideout led to the recovery of one fabricated AK-47 rifle with a magazine, one fabricated pistol and several rounds of ammunition of different calibres.

In a related operation, troops working with a DSS Tactical Team mounted a snap checkpoint at Mairana in Mangu Local Government Area, based on credible intelligence.

During the operation, a Fulani youth was intercepted and arrested while in possession of two boxes of ammunition containing 1,400 rounds of 7.62mm special ammunition.

The suspect and the recovered items are currently in custody for further investigation, while troops have intensified follow-up operations to apprehend other members of the suspected criminal syndicate.

The military reiterated its commitment to sustaining pressure on criminal elements to ensure peace and security across Plateau State and the wider Joint Operations Area.

Troops arrest gunrunner, recover arms, ammunition in Plateau

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Zulum disburses N1bn, trains 1,050 youths on GSM repairs

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Zulum disburses N1bn, trains 1,050 youths on GSM repairs

By: Our Reporter

Borno State Governor, Prof. Babagana Umara Zulum, has launched an empowerment package worth N1,000,000,000 targeting thousands of young residents, mostly GSM repairers and technicians.

The initiative targets 1,050 youths who will be trained on phone repairs and maintenance;  about 3,000 other apprentices will receive cash.

Each of them will receive a complete set of modern working tools, including an 852D hot air rework station, a separating machine Kc2025, a battery booster S2025 pro, an adjustable temperature soldering iron V900c, a digital multimeter DT9205Plus and a precision screw driver set 60 in 1, to enhance their own repair businesses.

In addition to the tools, all 1,050 GSM repair trainees will receive direct cash support to serve as seed capital for their ventures.

The disbursement comprises four categories: the first group, consisting of 26 beneficiaries each receiving N1 million; the second group, 189 beneficiaries each receiving N300,000; the third group, 835 beneficiaries each receiving N100,000; and the fourth category, 3,500 apprentices, each receiving N100,000 and different calibres of working tools. The training cost is N482 million.

Speaking during the launching ceremony, Zulum said: “It gives me immense pleasure and a deep sense of fulfilment to stand before you today on this historic occasion—the official launch of the disbursement of N1 billion empowerment scheme alongside the training of operators at the GSM Market here in Maiduguri.”

The governor also recalled several initiatives by his administration on investment in human capital development.

He said, “Only recently, this administration took a bold and visionary step by sponsoring two hundred youths to study aircraft piloting and aeronautic engineering at Isaac Balami University. 

“This initiative is designed to place Borno State on the global aviation map and demonstrate that, despite our challenges, we are preparing our youths for world-class opportunities. The process is almost completed.

“So far so good, about 400 Borno state indigenes are pursuing PhDs and master’s degrees abroad. In addition, 100 of our youths are currently studying Medicine and related courses in China.”

The occasion was attended by the senator representing Borno Central, Barrister Kaka Shehu Lawan; members of the House of Representatives; the deputy speaker of the Borno State House of Assembly, Engr Abdullahi Askira; commissioners and senior government officials.

Zulum disburses N1bn, trains 1,050 youths on GSM repairs

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COAS commissions AHOOAS estate, shopping complex in Ibadan, reaffirms soldier-first welfare policy

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COAS commissions AHOOAS estate, shopping complex in Ibadan, reaffirms soldier-first welfare policy

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, on Friday commissioned the Affordable Home Ownership Option for All Soldiers (AHOOAS) estate and a Post-Service Housing Development Limited (PHDL) shopping complex in Ibadan, Oyo State, reaffirming the Nigerian Army’s commitment to a soldier-first welfare policy.

Shaibu said the projects were part of deliberate efforts to address the post-service housing needs of personnel and improve their overall quality of life, describing access to decent housing as a critical component of troop welfare.

The event was attended by the Special Guest of Honour, the Executive Governor of Oyo State, represented by the Commissioner for Lands and Urban Development, Mr William Akinfumilayo; the Royal Father of the Day, Oba Rashidi Adeolu Ladoja; Principal Staff Officers from Army Headquarters; senior serving and retired officers; partners of the project; members of the Nigerian Army Officers’ Wives Association and the Soldiers’ Wives Association, as well as members of the press.

The COAS said the AHOOAS scheme was conceived to enable serving soldiers to acquire affordable and decent homes in locations of their choice, which they could comfortably retire into after years of service to the nation.

“This project is a clear demonstration of our resolve to place the welfare of the Nigerian soldier at the centre of our policies and actions. A soldier who is assured of his future is better motivated to give his best in the defence of the nation,” he said.

He recalled that the pilot phase of the AHOOAS project in Idu, Abuja, delivered over 400 housing units now fully occupied by soldiers and their families, adding that the Ibadan project was part of the expansion of the scheme to other parts of the country.

Shaibu disclosed that similar projects were at various stages of completion in Benin, Jos and Abuja, while plans were also underway to fast-track home ownership for the Warrant Officers’ cadre of the Nigerian Army.

He paid tribute to the late former Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja, for initiating the housing scheme, and assured that the current leadership would continue to build on the foundation he laid.

The COAS also commended the Oyo State Government for its support to military formations in the state and urged other state governments to key into the initiative by allocating land for the scheme in their respective states.

According to him, the commissioning of the PHDL shopping complex in Eleyele, Ibadan, would complement the housing estate by providing essential services, supporting small businesses and contributing to the local economy.

Shaibu expressed appreciation to the management of PHDL and partner organisations for their professionalism in delivering the projects, noting that the Nigerian Army remained open to credible public-private partnerships that would enhance personnel welfare.

He further thanked President Bola Ahmed Tinubu, GCFR, for his continued support to the Armed Forces, reaffirming the Army’s commitment to actualising the President’s vision of a secure and prosperous Nigeria.

The COAS assured residents of Oyo State of the Nigerian Army’s sustained cooperation with civil authorities in promoting peace and security across the state and the country at large.

Earlier speaking at the ceremony, the Managing Director of PHDL, Maj.-Gen. I.A. Allison, said the philosophy of the COAS was firmly anchored on welfare, noting that home ownership remained one of the most critical assurances a soldier could have after years of service to the nation.

“There cannot be a better welfare than a house a home into which a soldier is sure he will retire,” he said.

He recalled that the first phase of the AHOOAS project was commissioned at Idu, Abuja, on Dec. 18, 2024, with 400 housing units, describing the Akobo project as a continuation of that vision exactly one year later.

The Post-Service Housing Development Limited (PHDL) managing director acknowledged the contributions of his predecessors, Maj.-Gen. Titus Umeri (rtd) and Maj.-Gen. J.T. Omali (rtd), saying he had built on their achievements since assuming office.

He disclosed that following his initial briefing of the COAS, approvals were granted for concurrent construction across multiple locations nationwide. “As I speak, aside from Akobo, we have 80 housing units under construction in Jos, 60 completed here, 40 completed in Benin, and 120 units nearing completion at Idu as Phase Two,” Allison said.

He added that the Akobo estate comprised 30 units of two-bedroom apartments for junior non-commissioned officers and 30 units of three-bedroom apartments for senior non-commissioned officers.

According to him, five per cent of the houses would be allocated free of charge to soldiers who were badly wounded in battle or suffered severe trauma during operations.

To ensure balanced communities, Allison said 25 per cent of the houses would be allocated to civilians at discounted rates, while 70 per cent would be reserved for soldiers at highly subsidised prices. “When a house built at N30 million is sold for N7.5 million, or one built at N50 million is sold for N8.5 million, then it is clear that this is a genuine welfare programme,” he said.

He further disclosed that commercial developments were being undertaken alongside the housing scheme, including 22 shops in Ibadan, a completed shopping complex with over 120 shops in Abuja awaiting commissioning, and another complex of over 50 shops under construction in Warri, expected to be completed in the first quarter of 2026. Allison also commended partners supporting the initiative.

He said Family Homes Funds Limited had constructed 50 two-bedroom houses to be donated to widows of fallen soldiers, adding that the formal handover would take place before Jan. 15, 2026, to coincide with activities marking Armed Forces Remembrance Day.

The PHDL MD expressed appreciation to the Chief of Army Staff, the Oyo State Government, the Royal Father of the Day and all guests for witnessing the commissioning of the AHOOAS project, describing it as another milestone in the Nigerian Army’s welfare drive.

COAS commissions AHOOAS estate, shopping complex in Ibadan, reaffirms soldier-first welfare policy

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