News
Fresh squabbles rock First Bank’s board, threaten recapitilisation
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
2026 teachers’ summit: Zulum stands in for NGF chair, commends FG for NELFUND
By: Michael Mike
Borno State Governor, Prof. Babagana Umara Zulum, on Monday, attended the National Teachers’ Summit held at the Banquet Hall of the Presidential Villa, Abuja, where he stood in for the Chairman of Nigeria Governors’ Forum (NGF).
Governor Zulum commended the Federal Government for its strategic investments in education, citing the positive impact of Students Loan Scheme, the strengthening of key educational institutions, and the upward review of salaries for federal university teachers as evidence of a clear policy direction aimed at revitalising the sector.
The Governor reaffirmed his administration’s unwavering commitment to educational development and human capital advancement in Borno State.
The summit, convened by the Federal Ministry of Education, provided a strategic platform to review the state of Nigeria’s education sector, strengthen policy implementation, and formally launch “Edu Revamp”, a platform to enhance teacher capacity, utilise digital tools for 21st-century skills, and foster collaboration to improve learning outcomes.
About 12 exemplary teachers were honoured for their outstanding service to the nation. Six teachers—one from each of the six geopolitical zones—from the Universal Basic Education Board (UBEB), alongside six secondary school teachers, received cash awards of ₦25 million each. The Overall Best Teacher award was presented to Mr Solanke Francis Taiwo, who received a cash prize of ₦50 million.
Governor Zulum commended the First Lady, Senator Oluremi Tinubu, for hosting the maiden National Teachers’ Summit at the Presidential Villa, describing the initiative as a clear demonstration of the Federal Government’s prioritisation of education.
He particularly applauded her sustained advocacy for girl-child education and her support through scholarships and grants that continue to reduce barriers to educational access for vulnerable Nigerians.
He also praised the Honourable Minister of Education, Dr Maruf Olatunji Alausa, and the Minister of State for Education, Prof. Suwaiba Said Ahmad, for their focused and reform-driven leadership.
2026 teachers’ summit: Zulum stands in for NGF chair, commends FG for NELFUND
News
Kyari Urges Fairer Global Trade Rules as Nigeria Participates in Cocoa Beyond Borders Conference in UK
Kyari Urges Fairer Global Trade Rules as Nigeria Participates in Cocoa Beyond Borders Conference in UK
By: Our Reporter
Nigeria is participating in the Cocoa Beyond Borders 2026 Conference in the United Kingdom, joining global policymakers, industry leaders, financiers, and farmer representatives to examine power imbalances and compliance challenges in the global cocoa sector.
Delivering a keynote address, Senator Abubakar Kyari, CON, Honourable Minister of Agriculture and Food Security of Nigeria, challenged existing trade and compliance regimes, stating that cocoa-producing nations “must not remain rule-takers in a system where the rules are made without their meaningful input.”
Speaking within the conference theme, “Rules Without Recourse? Navigating Compliance, Power, and Trade Justice in the Cocoa Sector,” the Minister warned that sustainability frameworks would fail if they undermine farmer livelihoods and national sovereignty, stressing that “compliance cannot be just if it weakens producer economies while protecting markets elsewhere.”
Senator Kyari also cautioned against the weaponisation of ESG and environmental regulations as non-tariff barriers, noting that climate action must advance alongside fairness and equity in global trade.
He reaffirmed Nigeria’s commitment to reclaiming value across the cocoa supply chain, emphasising the need for producing countries to move beyond raw exports to processing, branding, and greater market influence, while calling for stronger producer-led alliances to reshape global cocoa governance.
The two-day conference is examining ESG compliance, digital traceability, climate finance, price volatility, and the future of cocoa innovation, positioning cocoa as a strategic asset in global trade justice.
Kyari Urges Fairer Global Trade Rules as Nigeria Participates in Cocoa Beyond Borders Conference in UK
Armed robbery foiled by Bauchi Police, three suspects arrested in Bauchi
By: Zagazola Makama
Three persons were arrested following a foiled armed robbery along the Bauchi–Gombe Federal Highway in Kirfi Local Government Area of Bauchi State on Jan. 26.
Sources said the incident occurred at about 12:16 a.m. when armed robbers blocked the road near Kalajanga Hamlet via Bara Village.
Officers on routine patrol responded promptly, engaging the hoodlums and forcing them to abandon their operation and flee into the surrounding bush.
The trail of the robbers led authorities to the house of one Nasiru Ibrahim of Saddiya Hamlet, where two of his children, Isya Nasiru, 20, and Umar Nasiru, 18, were also arrested in connection with the case.
Recovered items included two sticks, a touch light, three bags, a local bullet-proof shirt, face masks, two pairs of shoes, an Oppo android phone, and several local charms.
Sources say Investigations are ongoing.
Armed robbery foiled by Bauchi Police, three suspects arrested in Bauchi
2026 teachers’ summit: Zulum stands in for NGF chair, commends FG for NELFUND
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Kyari Urges Fairer Global Trade Rules as Nigeria Participates in Cocoa Beyond Borders Conference in UK
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