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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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After Boko Haram’s destructions, Governor Buni built modern markets across Yobe

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After Boko Haram’s destructions, Governor Buni built modern markets across Yobe

By: Yahaya Wakili

Yobe State is one of the states whose economic activities were destroyed and suffered from the Boko Haram insurgency in the northeastern part of Nigeria, and in its effort to expand the economic activities in the state and also to provide infrastructure facilities to the citizens of the state after recovery from the Boko Haram insurgency. His Excellency, the Executive Governor of Yobe State, Hon. Mai Mala Buni, has built modern markets across the state in order to boost the economy and businesses in the state. The Commissioner of Home Affairs and Information, Hon. Abdullahi Bego, said there are two types of markets that His Excellency built. The first one is the ultramodern markets: one in Potiskum, one in Damaturu, the state capital, one in Geidam, one in Gashu’a, and another one in Nguru town. The major towns of Yobe State have one each of these markets. And also, we have the modern markets: one in Yunusari, one in Machina, one in Ngalda, and one in Buni Yadi, an ongoing project.

The commissioner of Housing and Rural Development, Architect Ahmed Buba, said His Excellency has constructed 9 modern markets across the state; we have 5 ultramodern markets completed with one ongoing, making 6; and also we have 4 modern markets, and Potiskum ultramodern markets have 500 shops, 192 stalls, and 12 warehouses large enough to accommodate about 12 trucks each, and also they have about 3 kilometers of roads and drainages as well as an administration block and praying ground. The markets are opening up economic activities in Yobe State, and with these markets the economy of Yobe is now building up, and then with the modern markets the businesses are fully on course.

Bego said, “Yobe State Woven and Polythene Company has been an existing company for a long time, and His Excellency Governor Mai Mala Buni is retrofitting and rehabilitating it and making it modern and new.” He starts with the structure, renovating and improving the structure and equipment that are already imported; we are just waiting for the arrival. When they come, they will be installed, and work will start. We produce a lot of grains in Yobe as an agrarian state, so we don’t need to buy all the sacks, all the woven sacks, and all the polythene bags that were used for those grains and other things like that. So this company has existed for a long time but is comatose and dormant. His Excellency has decided to breathe a new spirit into it, retrofitting it, reconstructing it, rebuilding it literally, and then providing equipment. As you can see, the number of people is very few in terms of job creation and in terms of economic activities that will be spanned around this area.

The Mega Motor Park: The former motor park, due to the expansion of that place. His Excellency directed the ministry of housing to identify a site far away from the city; from that roundabout we have a bypass, and henceforth motor vehicles do not pass through Damaturu. They can stop here, and from here other vehicles can transport them to the city center. The commissioner of Housing and Rural Development, Architect Ahmed Buba, said, “This is Damaturu Mega Motor Park, with a capacity of about 500 vehicles. We have a drivers’ lodge, which is going to accommodate up to 150 drivers at a time; we have a terminal building; we have a police station outpost; and we have the clinic, restaurant, and quite a few more.”

Engr. Muhammed Abba Hassan, General Coordinator for the project, said, “This project is awarded to Samsun Nigeria Ltd by the Yobe state government. We started this project about 6 months ago. At this level, we have reached almost over 80 percent, and we expect to complete this project within the stipulated contract agreement. Inshallah, by the end of March, this project will be fully completed.” This Damaturu Mega Motor Park is one of the mega motor parks of its type in Nigeria. We have almost every facility here. We have enough accommodation for travelers and accommodation also for drivers. We have a shop complex, we have a fire service, and we have a comprehensive health clinic that can accommodate not only the passengers but also the environment of this town. We can handle it as far as concern goes; we delivered this project within the stipulated period of time.

Township Stadium in Buni Yadi: This township stadium here in Buni Yadi is transforming sport, which will transform sport in Yobe State. The Permanent Secretary of the Ministry of Youth and Sport, Alhaji Gidado Abubakar, said this project was awarded at the end of September last year to Damuli Investment Company Ltd. for the award of contract for the construction of a mini stadium in Buni Yadi. This is a post-insurgency project being awarded by the state government through the window of the Ministry of Youth, Sport, and Community Development. We signed a 6-month mandate giving the contractor the handing over of the project to the ministry for onward utilization, and about 65% of the project has been achieved. The capacity of the mini stadium is about 5,000 to 6,000 pupils; we have a multipurpose fit, we have badminton, basketball, and the other games, and we have about 78 different games in this project, and it is 250 meters by 200 meters, and 75 thousand square meters.

After Boko Haram’s destructions, Governor Buni built modern markets across Yobe

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U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership

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U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership

By: Michael Mike

The United States and Nigeria have taken a significant step to deepen commercial relations with the U.S.-Nigeria Commercial and Investment Partnership (CIP), a five-year initiative aimed at boosting trade, investment, and private sector growth.

The partnership was highlighted at a ministerial meeting in Lagos co-chaired by U.S. Deputy Assistant Secretary for the U.S. Commercial Service Bradley McKinney and Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole. The meeting brought together government officials and private sector leaders to review proposed reforms from the CIP Working Groups on Agriculture, Digital Economy, and Infrastructure.

The Working Groups presented strategies intended to improve the business environment, ease trade barriers, and attract investment. McKinney described the proposals as practical measures that could strengthen bilateral trade and create new economic opportunities for both nations.

Oduwole emphasized Nigeria’s commitment to expanding non-oil exports and making local businesses more competitive in global markets. “We are focused on creating sustainable and inclusive opportunities for Nigerian companies to access U.S. markets and beyond,” she said, noting ongoing efforts to implement reforms that make Nigeria’s economy more predictable and investment-friendly.

Senior officials from both countries attended the session, including U.S. Mission Chargé d’Affaires Keith Heffern and Nigeria’s Permanent Secretary of the Ministry of Industry, Trade and Investment, Ambassador Nura Rimi.

The partnership is expected to facilitate continued consultations on trade and investment, encourage two-way investment flows, and support economic growth on both sides of the Atlantic.

In 2024, bilateral trade in goods and services between Nigeria and the United States reached nearly $13 billion. U.S. foreign direct investment in Nigeria also rose to $7.9 billion, reflecting a 25 percent increase from the previous year, making the U.S. one of Nigeria’s top foreign investors.

U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership

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Six killed, others injured, abducted in bandit attack on Tsafe community

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Six killed, others injured, abducted in bandit attack on Tsafe community

By: Zagazola Makama

At least six persons were killed and several others injured when armed bandits attacked Kanbiri village via Kwaren Ganuwa in Tsafe Local Government Area of Zamfara on Thursday afternoon.

Residents said the assailants stormed the community at about 2:50 p.m., shooting sporadically and causing panic among villagers.

“They shot many people. Six were confirmed dead on the spot, while others sustained gunshot injuries,” a local source said.

The attackers were also reported to have abducted an unspecified number of residents and taken them to an unknown destination.

Troops and other responders have since moved into the area to evacuate the corpses for burial and to begin efforts to locate and rescue the abducted victims.

Kanbiri and surrounding communities in Tsafe LGA have experienced repeated attacks in recent months, as bandit groups continue to target rural settlements in Zamfara.

Six killed, others injured, abducted in bandit attack on Tsafe community

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