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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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Violent clash in Sabon-Titi area of Tunga Minna leaves one dead, several arrested

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Violent clash in Sabon-Titi area of Tunga Minna leaves one dead, several arrested

By: Zagazola Makama

A violent confrontation among rival youths in Sabon-Titi area of Tunga, Minna, Niger State, resulted in the death of one person and the arrest of several others, security sources confirmed on Saturday.

According to sources, on Friday at about 8:00 p.m., a group of youths armed with dangerous weapons were sighted causing havoc along David Mark Road. Security operatives quickly intervened and dispersed the group.

However, at about 1:00 a.m. on Saturday, the same group engaged in a violent clash among themselves using matchets and daggers. Twelve suspects, including Ibrahim Musa, Abbah Hussaini, Babangida Gambo, and Abubakar Bala, were arrested, by the police and their weapons recovered.

Later at about 8:30 a.m., Bello Mohammed of Farm Centre, Tunga Minna, was found lying in a pool of blood. He was rushed to General Hospital Minna but was confirmed dead on arrival.

Sources said that preliminary investigations indicate that the deceased was among the suspected thugs terrorizing residents in the area.

Violent clash in Sabon-Titi area of Tunga Minna leaves one dead, several arrested

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Young fulani man killed, six cows poisoned in separate farmland incidents in Plateau state

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Young fulani man killed, six cows poisoned in separate farmland incidents in Plateau state

By: Zagazola Makama

A 25-year-old Fulani man, Yakubu Salisu of Tenti village, Bokkos Local Government Area, was killed in a violent attack, while six cows were poisoned in a separate incident in Riyom Local Government Area of Plateau State on Saturday, authorities confirmed.

According to sources , Salisu was stabbed at the back by yet-to-be-identified assailants suspected to be locals of Bokkos. He died instantly at the scene.

Before the attack, a farmer, Josiah Joshua, 28, said he reportedly confronted six herders rearing cows on his farm. According to him, herders allegedly refused to remove the animals and attacked Joshua, resulting in injuries.

In retaliation, Joshua mobilized his friends to attack Yakubu Salisu, stabbing him multiple times on his before and killing him instantly.

Local leaders told Zagazola that the claims by some parties suggesting the Fulani victims “invaded farmlands” are false and appear to be an attempt to justify the attacks. Investigations indicate both incidents were unprovoked and targeted.

The police, however stormed the scene, photographed the corps and later released to relatives for burial according to Islamic rites, as the family declined an autopsy. The Authorities said they have commenced investigation, and efforts are ongoing to apprehend the perpetrators.

Meanwhile, in Riyom LGA, six cows were poisoned in Kwi village without any apparent provocation.

Authorities have commenced investigations into both incidents, and efforts are ongoing to apprehend the perpetrators.

Security officials warned residents to remain vigilant and urged communities to avoid taking the law into their own hands.

These incidents illustrate the rising tensions in Plateau State, drawing attention to the need for swift intervention to prevent escalation of communal violence over farmland disputes.

Young fulani man killed, six cows poisoned in separate farmland incidents in Plateau state

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Silent Changes, Big Impact: Adeola Ajayi’s Transformation of the DSS

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Silent Changes, Big Impact: Adeola Ajayi’s Transformation of the DSS

By: Sunday Oladapo

Leadership in the security sector often reveals itself not through grand speeches or public displays of authority, but through quiet, deliberate decisions that gradually shift systems, culture, and outcomes. Adeola Ajayi’s stewardship of the Department of State Services (DSS) exemplifies this subtle but powerful form of leadership. Though he rarely seeks the spotlight, the changes unfolding under his watch are reshaping the DSS in ways that many insiders describe as the most meaningful transformation the agency has witnessed in years.

From the moment Ajayi assumed office, it was clear he was bringing a different kind of energy—one rooted in discipline, modernization, and strategic silence. Instead of sweeping pronouncements, he focused on strengthening the agency’s foundation: its people, processes, and purpose. And this approach, though understated, is now yielding visible dividends.

Reinvigorating Professionalism and Intelligence Capacity

One of Ajayi’s most significant achievements is the recalibration of the DSS’s intelligence framework. Recognizing that modern threats—from terrorism to cybercrime—require an intelligence service that is both proactive and technologically sophisticated, he initiated targeted reforms to upgrade analytical tools, digital surveillance capacity, and field operations coordination.

Training programs have also been revitalized. Officers are now exposed to global best practices in intelligence gathering, behavioral analysis, cybersecurity, and inter-agency communication. The goal is simple but transformative: build a DSS that can prevent threats before they materialize, rather than merely responding after damage has been done.

Ajayi’s emphasis on data-driven intelligence has contributed to more efficient threat assessment, improved crisis response, and a more agile internal structure that encourages innovation instead of outdated, rigid protocols.

Strengthening Inter-Agency Collaboration

A common weakness in Nigeria’s security architecture has been fragmentation—agencies working in silos, often competing rather than collaborating. Ajayi has worked quietly but effectively to change this dynamic. His leadership has fostered smoother cooperation between the DSS, the police, the military, and other national security institutions.

By prioritizing information-sharing, joint operations, and coordinated strategy development, Ajayi has positioned the DSS as a core driver of national security synergy. This shift may not be flashy, but its impact on operational success is already becoming evident.

Humanizing the Service and Rebuilding Public Trust

For many years, perceptions of the DSS fluctuated between respect and apprehension, largely due to concerns over transparency and human-rights practices. Ajayi has taken deliberate steps to address this by promoting a more professional, rights-conscious operational culture. Officers now undergo enhanced training on ethical conduct, community engagement, and communication.

While the DSS is not—and cannot be—a public-relations-driven institution, Ajayi understands that a modern security service must maintain a level of trust with the citizens it protects. His reforms are gradually helping to redefine the agency’s public interface, balancing its mandate for secrecy with an improved commitment to professionalism and accountability.

Internal Welfare and Institutional Stability

Security agencies perform best when their personnel feel valued, motivated, and well-equipped. Ajayi has strengthened internal welfare systems, ensuring officers receive improved support, clearer career growth opportunities, and the tools they need to perform effectively. This has boosted morale and reduced internal friction—two factors crucial for operational efficiency.

His quiet stabilizing influence has also brought a sense of predictability to DSS operations. Under his leadership, the agency appears more insulated from political turbulence, allowing it to focus squarely on its mandate.

A Leadership Style Rooted in Strategy, Not Spectacle

In a time when some leaders rely on bravado or theatrics to appear effective, Ajayi stands out for his disciplined restraint. His philosophy seems guided by a fundamental principle: a security agency’s success is measured in outcomes, not headlines. The calmness of his leadership style has enabled him to pursue reforms without unnecessary noise, distractions, or politicization.

And this may be the true hallmark of his impact—delivering change through consistency rather than controversy.

Looking Ahead: A Long-Term Blueprint for the DSS

If the momentum of Ajayi’s reforms is sustained, the DSS could emerge as a more modern, reliable, and globally respected intelligence service. His agenda sets a foundation for:

A culture of professionalism over patronage

A stronger intelligence-driven approach to national security

A more integrated and collaborative security environment

A service that balances secrecy with lawful, ethical conduct

A stable institution that prioritizes national interest above all else

His leadership demonstrates that meaningful reform does not always come with fanfare. Sometimes, it comes quietly—through silent changes that produce big, enduring impact.

In transforming the DSS with such strategic subtlety, Adeola Ajayi is not only redefining the institution but also showing that a new era of thoughtful, modern security leadership is both possible and already taking shape.
Sunday Oladapo is a public analysts from Abuja

Silent Changes, Big Impact: Adeola Ajayi’s Transformation of the DSS

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