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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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Army troops rescue 11 kidnapped victims in Kaduna

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Army troops rescue 11 kidnapped victims in Kaduna

By: Zagazola Makama

Troops of 1 Division of the Nigerian Army have rescued 11 kidnapped victims in Kachia Local Government Area of Kaduna State following a coordinated operation along the Kaduna–Abuja road axis.

Security sources told Zagazola Makama that the rescue was carried out late on Jan. 26 after troops deployed at a Forward Operating Base (FOB) in Doka, after sighted armed terrorists moving with captives along a bush track between Gidan Duna and Amale in Kachia LGA.

According to the sources, the troops immediately mobilised and pursued the suspects.

“On sighting the approaching security vehicles and motorcycles, the terrorists abandoned the victims and fled into the surrounding bush.

The troops secured the victims and fired probing shots in the general area, but no further contact was made,” the sources said.

The sources added that a total of 11 victims were rescued, comprising five adult males, three females and three children.

The rescued persons reportedly told the troops that they were kidnapped from Gada Mallam Maman community in Kachia LGA on Oct. 26, 2025.

The victims were subsequently conveyed back to their community and reunited with their families.

Security operations and patrols have been intensified in the area to prevent further attacks and track down the fleeing suspects, the sources said.

Army troops rescue 11 kidnapped victims in Kaduna

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The Borno State Government to Repatriate over 3,000 Refugees from Cameroon after 11 Years

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The Borno State Government to Repatriate over 3,000 Refugees from Cameroon after 11 Years

By: Our Reporter

Borno State Government has finalised arrangements for the voluntary repatriation of more than 3,000 Nigerian refugees from Cameroon republic to their ancestral homes after 11 years.

This is in fulfillment of Borno State Governor, Professor Babagana Umara Zulum’s commitment to repatriate and resettle all Nigerian refugees from Borno who are sheltering in neighboring Chad, Cameroon and Niger republics.

The operation is being conducted with the support of the National Commission for Refugees, Migrants and Internally Displaced Persons.

Chairman Borno State Sub-Committee on Repatriation and member of the Presidential Committee on Repatriation, Engineer Lawan Abba Wakilbe, on Monday met with a Government delegation from Cameroon’s Far North Region and officials of the United Nations High Commissioner for Refugees (UNHCR) at the Minawao Refugee Camp in Maroua.

The purpose of the meeting was to finalise logistical and other arrangements to ensure the refugees’ safe and dignified return.

During a visit to the camp in December 2025, Governor Zulum assured refugees willing to return that they would do so in a safe and dignified manner, marking a new chapter for families displaced by insurgency over 11 years ago.

The refugees, predominantly from communities in central and southern Borno, fled to Cameroon more than 11 years ago during the peak of the insurgency, which devastated villages, displaced families, and disrupted socio-economic life across the North-East.

During their stay, Cameroonian authorities and humanitarian partners provided shelter, healthcare, education, and other essential services. Many refugees were also allocated farmland to support agricultural activities, reducing aid dependency and allowing them to sustain their families with dignity.

With improved security in several parts of Borno and ongoing state-led reconstruction efforts, many refugees have expressed their readiness to return home voluntarily.

The Borno State Government has already provided buses and other logistical support for the movement of the refugees while the National Commission for Refugees will oversee and coordinate the repatriation mission in collaboration with Cameroonian authorities and humanitarian agencies.

“This is the fourth phase, which began in 2020. The process is going on smoothly in accordance with the tripartite and technical working group agreements,” Engr. Wakilbe stated.

“His Excellency, Governor Zulum, was here on 8 December 2025 and made commitments. As soon as they return home, all commitments will be fulfilled,” he assured.

In a related development, Engineer Wakilbe led a high-level delegation to the office of the Governor of Cameroon’s Far North Region, Midjiyawa Bakari.

During their meeting, Governor Bakari commended the Borno State Government for sustaining the longstanding and cordial bilateral relationship, noting that cooperation between the two countries has been instrumental in ensuring the protection, welfare, and orderly return of displaced persons across the border.
End

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Three soldiers killed in IED attack near Niamey, says Niger army sources

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Three soldiers killed in IED attack near Niamey, says Niger army sources

By: Zagazola Makama

At least three Nigerien soldiers were killed and 10 others injured on Sunday after an army patrol vehicle hit an improvised explosive device (IED) in Bartchawal, Tillabéri Region, about 20 kilometres from the capital, Niamey.

Sources said that the incident occurred late in the day along the Niamey–Filingué road axis when the patrol was returning from routine operations in the area.

According to the sources, the IED detonated as the military convoy passed, killing three soldiers on the spot and injuring 10 others, who were evacuated to medical facilities in Niamey for treatment.

The attack was later claimed by the Jama’at Nasr al-Islam wal Muslimin (JNIM), a jihadist group affiliated with Al-Qaeda, in a statement released on Monday.

“This is the first attack claimed by JNIM in this area so close to the capital,” the sources noted.

They added that the Nigerien Armed Forces had reinforced security along the Niamey–Filingué corridor, with additional patrols and surveillance measures deployed to prevent further attacks and reassure residents.

Tillabéri Region, in western Niger, has in recent years faced persistent security challenges linked to insurgent activities spilling over from the tri-border area of Niger, Mali and Burkina Faso.

Three soldiers killed in IED attack near Niamey, says Niger army sources

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