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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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Four police officers injured in patrol vehicle crash on Yelwata–Makurdi road

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Four police officers injured in patrol vehicle crash on Yelwata–Makurdi road

By: Zagazola Makama

Four personnel of the 18 Police Mobile Force (PMF) Squadron were injured on Friday when their patrol vehicle was involved in a lone accident along the Yelwata–Makurdi road in Benue State.

Zagazola gathered that the incident occurred at about 9:10 a.m. when the officers, on routine patrol of the axis, were travelling in an official Toyota Hilux driven by Cpl. Augustine Garba. The vehicle reportedly lost control and somersaulted into the bush.

Sources said that the DPO Yelwata mobilised tactical teams to the scene. The injured officers were evacuated and rushed to the Police Clinic in Makurdi for urgent medical attention,” the source said.

Three of the injured personnel were treated and discharged, while one officer remains hospitalised.

Police authorities confirmed that the remaining officer is in stable condition.

The sources said that the Benue Police Command has commenced internal review procedures to determine the cause of the crash and ensure adherence to patrol safety protocols.

Four police officers injured in patrol vehicle crash on Yelwata–Makurdi road

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Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa

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Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa

By: Zagazola Makama

Police operatives in Benue have arrested a suspected notorious armed bandit believed to be responsible for multiple attacks on security personnel in the state.

Zagazola gathered that the suspect, identified as Yongu Justine Makwagh of Kadarko in Nasarawa State, was arrested on Friday at about 8:00 p.m. at Balcony Park in Makurdi following months of sustained surveillance.

It was gathered that the Divisional Police Officer (DPO) of Daudu led the operation after acting on credible intelligence, with reinforcement from operatives of the Inspector-General of Police Intelligence Response Team (IRT) on special duty.

Sources said Makwagh has been on the command’s wanted list due to his alleged involvement in several deadly attacks in the Sankera axis.

“The suspect was earlier linked to the killing of two Safer Highway Police personnel at Yelwata and two operatives of the Department of Operations (DOPS) in Daudu, during which firearms were carted away,” the source said.

The arrest is considered a major breakthrough for the command, which has intensified efforts to dismantle bandit networks operating across Benue and neighbouring states.

Police authorities said the suspect is currently in custody and undergoing interrogation, while further investigations are ongoing to recover additional arms and track his accomplices.

Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa

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“We are behind you,” Zulum addresses armed forces in Damboa

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“We are behind you,” Zulum addresses armed forces in Damboa

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, on Saturday, addressed troops of 25 Task Force Brigade of Nigerian Army, declaring the state’s and its people’s support for their relentless fight against Boko Haram/ISWAP insurgents.

The governor, speaking at a front-line military base in Damboa, sympathised deeply with the officers and soldiers, acknowledging the immense personal sacrifice and hard work they put in daily. He commended what he described as their “giant effort and supreme sacrifice” in the ongoing battle to secure Borno State and protect civilians from the threats of Boko Haram and Islamic State West Africa Province (ISWAP).

Zulum stated, “On behalf of the government and good people of Borno State. We are here in Damboa purposely to commiserate with you over the recent setback which claimed the lives of some of your colleagues.

It is an unfortunate event, and I want to extend my condolences to you and the families of all the officers and men of this brigade who lost their lives while discharging their duties. We pray to Almighty Allah to heal those injured in action as soon as possible.

For those of you who are still alive and healthy, we pray that God will protect you, give you the vision and strength to carry out your duties effectively. You have been doing very well. We have acknowledged your support and would like to commend you.

I want to once again sympathise with you on behalf of the government and good people of Borno State, and to assure you that we will do everything possible within the resources available to us to support your mission and vision to end the crisis.”

The governor was received by the Brigade Commander of 25 Task Force Brigade, Brigadier General Igwe Patrick Omokeh.

The visit was part of Zulum’s tour of communities in southern Borno. Earlier in the day, the governor met with grieving families in Chibok, where he commiserated with them over the loss of lives and property, offering condolences and immediate relief to those that
lost properties.

During the Chibok meeting, the governor announced concrete measures to protect lives and property. He noted that the state government, in collaboration with the federal government and security agencies, is implementing enhanced measures to protect vulnerable communities against future attacks.

“We are here to offer our condolences over what happened these past days in Chibok general area, especially to those who lost their lives. The situation is painful. We are here to show our sorrow over what happened.

Death comes at its appointed time. We offer you our condolences and assure you that, God willing, the issue of insecurity in Chibok will be resolved. We will provide a permanent solution and put an end to it.

We will take action. Please be patient. Our thoughts are with you, and one thing that made me happy is how you have remained calm and stayed in your communities despite everything,” Zulum said. The governor announced financial assistance of N1 million to the bereaved families and N500,000 to those whose properties were destroyed during the recent unfortunate attacks.

“We are behind you,” Zulum addresses armed forces in Damboa

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