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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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NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years

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NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) on Tuesday said it has arrested 77,792 suspected drug offenders and secured 14,225 convictions over the past five years, as part of its intensified campaign against illicit drug trafficking in Nigeria.

The Chairman and Chief Executive Officer of the agency, Brig. Gen. Buba Marwa (Rtd), disclosed this in Abuja during the 11th Chairman/Chief Executive Officer (CCEO) Awards and Commendation Ceremony held at the NDLEA national headquarters.

Marwa also revealed that the agency seized more than 14.8 million kilogrammes of illicit substances within the said period, describing the achievement as a major blow to both local and international drug cartels operating in the country.

According to him, 128 major drug barons were among those arrested, noting that their capture had significantly weakened criminal trafficking networks.

He stated that beyond enforcement, the NDLEA had also prioritised rehabilitation and prevention, with over 32,000 drug users receiving professional treatment and counselling. Additionally, the agency conducted more than 13,700 sensitisation programmes under its War Against Drug Abuse (WADA) campaign across schools, markets, workplaces, religious centres, and communities nationwide.

Marwa praised President Bola Tinubu for renewing his mandate, describing it as a strong endorsement of the agency’s work.

He pledged to escalate the fight against drug trafficking during his second tenure, with more intelligence-driven and tactical operations

He said: “We will not rest until every drug baron is behind bars and every illicit substance is removed from our streets.”

At the ceremony, 166 NDLEA officers and 17 state commands were honoured for exceptional performance, bravery, and commitment to duty.

Marwa commended the judiciary, security agencies, international partners, civil society groups, and the media for their support in the fight against drug abuse and trafficking in Nigeria.

The NDLEA boss urged officers to remain diligent, disciplined, and proactive, stressing that the agency would continue to strengthen its operations to protect Nigerian youths from the dangers of illicit drugs.

NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years

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NSCDC FCT Decorates 402 Officers, Pledges Stronger Security in Abuja

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NSCDC FCT Decorates 402 Officers, Pledges Stronger Security in Abuja

By: Michael Mike

The Federal Capital Territory (FCT) Command of the Nigeria Security and Civil Defence Corps (NSCDC) has decorated 402 newly promoted officers in a colourful ceremony held at the Command Headquarters in Abuja.

The event, which brought together senior officers, personnel, and invited guests, was described as a milestone in the careers of the promoted officers and a testament to their dedication to national service.

Speaking at the ceremony, the FCT Commandant, Dr. Olusola Odumosu, congratulated the beneficiaries on behalf of the Commandant General of NSCDC, Prof. Ahmed Audi. He stressed that promotion is not a reward for longevity but a recognition of hard work, professionalism, and commitment to duty.

Odumosu reminded the officers that their new ranks come with greater responsibility, urging them to demonstrate higher levels of discipline, integrity, and leadership in the discharge of their duties.

He highlighted the achievements recorded by the FCT Command, noting that since he assumed office, the Command has intensified intelligence-driven operations, proactive patrols, and rapid response to security threats within the nation’s capital.

The Commandant also underscored the Corps’ role in protecting critical national infrastructure, including government facilities, public utilities, and strategic installations across the FCT.

He commended the Agro-Rangers Unit for its efforts in reducing farmer-herder conflicts and promoting peaceful coexistence in rural communities, thereby contributing to food security in the territory.

Odumosu revealed that in 2025, the Command arrested 112 suspected vandals and over 50 illegal miners involved in acts of economic sabotage. According to him, many of the suspects were involved in vandalizing armoured cables, fibre optic installations, streetlights, solar panels, road crash barriers, and telecommunication infrastructure.

He further disclosed that the Command has invested in training and capacity building for its officers in areas such as intelligence gathering, disaster management, crowd control, election security, and human rights compliance.

Addressing the newly promoted officers, the Commandant urged them to serve as role models, uphold ethical standards, and remain loyal to the Constitution of the Federal Republic of Nigeria.

He assured the FCT Minister, the NSCDC leadership, and residents of Abuja that the Command would continue to prioritize professionalism, accountability, and effective security service delivery.

NSCDC FCT Decorates 402 Officers, Pledges Stronger Security in Abuja

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River guard killed in Yobe, police begin investigation

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River guard killed in Yobe, police begin investigation

By: Zagazola Makama

A 40-year-old man, Musa Mohammed, has died after being allegedly attacked and thrown into a river by unknown assailants in Bursari Local Government Area of Yobe State.

Residents of Girim Village, Ya’u Gambo and Adamu Muhammad, told Zagazola Makama that the incident occurred at about 8:00 a.m. on Jan. 19, when the victim, who was employed to guard the village river, was confronted by some unidentified persons.

They said the attackers forcefully held Musa Mohammed, tied his hands and legs, and threw him into the river.

The sources added that about a month earlier, the deceased had a misunderstanding with five men from Dadigar Village in Bursari LGA, who allegedly warned him to stop guarding the river or face consequences.

Upon receiving the report, security operatives visited the scene and evacuated the victim from the river in an unconscious state.

“He was rushed to the Specialist Hospital in Gashua, where a medical doctor later confirmed him dead,” the sources said.

Photographs of the deceased were taken, and his remains were released to his relatives for burial according to Islamic rites.

Musa Mohammed was from Burburwa Village via Mayori in Yusufari Local Government Area of the state.

Investigation into the incident has commenced to identify and apprehend those responsible for the killing.

River guard killed in Yobe, police begin investigation

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