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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
News
DSS files five-count charge against Sowore, X and Meta

DSS files five-count charge against Sowore, X and Meta
By: Zagazola Makama
The Department of State Services (DSS) has filed a five-count criminal charge against presidential candidate of the African Action Congress (AAC), Omoyele Sowore, and two social media companies, X Corp and Meta Incorporation, before a Federal High Court in Abuja.
Zagazola reports that the charges followed Sowore’s refusal to delete alleged false and inciting posts about President Bola Tinubu from his verified X and Facebook accounts.
The DSS had, on Sept. 8, issued a one-week ultimatum to Sowore to remove the posts, which it described as “false, malicious, and inciting.” The ultimatum expired without compliance. X Corp and Meta, owners of X and Facebook, also declined a DSS request to deactivate Sowore’s accounts.
The charges were filed on behalf of the DSS and the Federal Government by M.B. Abubakar, Director of Public Prosecutions at the Federal Ministry of Justice, and four other counsel to the DSS – M.E. Ernest, U.B. Bulla, Dr. C.S. Eze, and E.G. Orubor.
According to the charge sheet, Sowore, on Aug. 25 and 26, 2025, allegedly published posts on his official handles describing President Tinubu as a “criminal” and accusing him of lying about corruption in Nigeria during an official trip to Brazil.
The DSS said Sowore knew the claims were false but circulated them to incite disorder and disaffection among Nigerians.
One of the counts read: “That you, Omoyele Sowore, adult male, on or about the 25th day of August, 2025, within the jurisdiction of this Honourable Court, did use your official X handle page, @YeleSowore, to send out a message which you know to be false but posted for the purpose of causing a breakdown of law and order in the country, especially among individuals who hold divergent views on the personality of the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Bola Ahmed Tinubu (GCFR), thereby committing an offence contrary to Section 24 (1)(b) of the Cybercrimes (Prohibition, Prevention, etc) Amendment Act, 2024.”
The second count alleged that Sowore repeated the same post on his official Facebook account on Aug. 26, in breach of the same cybercrime law.
The third and fourth counts accused him of publishing defamatory material against the person and office of the President on both X and Facebook, contrary to Section 375 of the Criminal Code Act.
The fifth count alleged that Sowore, with intent to cause fear and public disturbance, published false information on both platforms, an offence contrary to Section 59 of the Criminal Code Act.
The DSS maintained that the posts were capable of undermining national security and causing a breakdown of public order.
Zagazola reports that the case is expected to be assigned to a trial judge for hearing in Abuja.
DSS files five-count charge against Sowore, X and Meta
News
Two notorious bandits neutralized in Katsina forest by troops of Operation FANSAN YANMA

Two notorious bandits neutralized in Katsina forest by troops of Operation FANSAN YANMA
By: Zagazola Makama
Troops of Operation FANSAN YANMA have neutralized two notorious bandits in Dutsen Ma, Katsina State, during an operation to curb criminal activities in the area.
Zagazola learnt that the bandits, identified as Iliya and Dan Yahaya of Banga, were reportedly responsible for multiple attacks and led criminal operations in Rafi Forest, Wonaka, Gusau Local Government Area, Zamfara State.
They were key commanders in the gang led by Alhaji Ummaru Dan Najeriya.
The sources confirmed that the operation was carried out following credible intelligence on the bandits’ movement and that further patrols and monitoring have been intensified in the region to prevent any resurgence of criminal activities.
Two notorious bandits neutralized in Katsina forest by troops of Operation FANSAN YANMA
News
Bandits Kingpin Leading Peace Deal, Ado Allero, Slaughter Traditional ruler in Tsafe, Zamfara

Bandits Kingpin Leading Peace Deal, Ado Allero, Slaughter Traditional ruler in Tsafe, Zamfara
By: Zagazola Makama
Armed bandits led by Ado Allero, a top Bandit Kingpin Leading in the Peace Dialogue in the North West have slaughtered traditional ruler in Tsafe Local Government Area of Zamfara State, in a shocking escalation of violence in the North West region.
Intel reports indicate that at about 1609hrs on September 15, a gang led by Ado Allero slaughtered a traditional ruler, the Hakimi of Dogon Dawa, in Keta village, Tsafe Local Government Area, Zamfara State. The same group who reportedly kidnapped 40 civilians from a mosque in the LGA.
The attack, described as brutal and unprovoked, also saw 40 civilians abducted from a local mosque in the area.
The sources further revealed that the bandits have continued their campaign of terror, killing four farmers in Barikin Daji, Ruwan Gizo, Zamfara State, and two Customs officers in Fingilla village, Dandi Local Government Area of Kebbi State.
Zagazola report that Armed bandits in the North West have continued to terrorize communities across the North West, killing, kidnapping, and maiming civilians, amidst the highly publicized peace dialogue in Faskari, Katsina State, aimed at ending banditry in the region.
While the peace deal was taking place, bandit were said to have ambushed a convoy of the Commanding Officer of 382 Army Regiment at Ruwan Godiya crossing point along Sheme- Kankara Road in Katsina, but the attack was successfully repelled. Same day, the troops of 17 Brigade ambushed some bandits near Gatawa village in Kankara LGA, recovering motorcycle and mobile phone. Again, troops repel bandits attack at Sabon Massallaci village, Katera ward of Kankara LGA, they later move toward Gidan Dufe village in the same LGA, kill one woman, injuring several and rustling livestock.
On the same day, bandit ambushed NSCDC personnel along at Dafa village Yantumaki- Danmusa road killing one and inuring four other officers.
In the same vain, the bandits strikes and abducted 12 people in Godai village in Bukuyum, in Zamfara state. They abducted another four in Tudun Moriki.
In Kebbi State, another armed gang, known as the Lakurawa group, killed two Customs officers in Fingilla village, Dandi Local Government Area. Further, four civilians were reportedly shot dead while harvesting crops in Barikin Daji around Ruwan Gizo, Zamfara State.
Allero, the notorious bandit kingpin, had on Sunday expressed optimism that peace would be restored in Katsina State, Zamfara and beyond following the dialogue in Faskari. He claimed that previous disruptions of peace initiatives, including the arrest of his son, had led him to resume criminal activities.
Despite the claims of a “historic” and inclusive dialogue, the spate of attacks had continued by the bandits.
Bandits Kingpin Leading Peace Deal, Ado Allero, Slaughter Traditional ruler in Tsafe, Zamfara
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