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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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Bandit kill police operative, cart away service weapon in Bukuyum in Zamfara

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Bandit kill police operative, cart away service weapon in Bukuyum in Zamfara

By: Zagazola Makama

A mobile police operative attached to Operation Restore Peace has been killed in an ambush by armed bandits in Adabka village, Bukkuyum Local Government Area of Zamfara State.

Zagazola Makama gathered that the incident occurred on Tuesday at about 11:44 a.m. when the officer, deployed from Mopol 15, Ilorin, left his duty location in Adabka en route to Tibis village to purchase essential supplies.

Security sources in Bukkuyum told Zagazola that the operative was attacked at the outskirts of Adabka by armed bandits concealed in the surrounding bushes.

The attackers reportedly opened fire on the officer, killing him instantly before carting away his service riot gun.

“Field teams deployed to the scene recovered the body of the fallen operative, which was evacuated to Adabka Primary Health Care Centre for documentation,” the source said.

Sources said that the mode of attack aligns with operational tactics used by bandit factions linked to the Dan-Karama Gwaska and Dansadau networks, known for precision ambushes and rapid withdrawal.

Bandit kill police operative, cart away service weapon in Bukuyum in Zamfara

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GSU’s Public Administration Dept hosts maiden int’l conference

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GSU’s Public Administration Dept hosts maiden int’l conference

Stakeholders comprising academics, policymakers, security experts and public-sector practitioners have deliberated ways of tackling insecurity in the country through a multi-faceted approach that includes economic empowerment, improved governance, and enhanced security cooperation.


They made the submission during the maiden International Conference organised by the Department of Public Administration, Gombe State University (GSU).


The conference was declared open on Tuesday by Prof. Sani Ahmed Yauta, the Vice Chancellor of the institution who stated that any engagement aimed at proffering solutions to the security challenges of the country was an engagement borne out of the need to fast-track national development and stability.


Represented by the Deputy Vice Chancellor (Administration) Prof. Danladi Umar, Yauta urged participants to leverage the conference to contribute to ongoing efforts at addressing security challenges so as to enhance peace and development in the country.


In his keynote address, Prof. Ibrahim Abubakar Njodi, Secretary to the Gombe State Government, linked good governance to enhanced security and national development.
Njodi stressed that good governance remained a critical tool to earning citizens’ trust needed to maintain peace and to strengthen development across the country.


He stated that discourse around Nigeria’s governance had become imperative in view of the current security challenges confronting the nation and threatening national development.


He stressed the need for subnational governments to drive national development, adding that they have massive roles to play in determining Nigeria’s progress.
“It is the aggregation of subnational experiences—state successes and failures—that ultimately determines Nigeria’s trajectory.”


Njodi cited the Gombe State governance model and how it had contributed to improvement in human capital development as well as the development of the state and therefore resulting in the peaceful status that the state had enjoyed under Gov Inuwa Yahaya of Gombe State’s leadership.


“The state’s development trajectory under Gov. Yahaya offers a practical demonstration of how visionary leadership, institutional innovation and participatory governance can transform a subnational entity within Nigeria’s federal system.


Speaking earlier, the Head of Public Administration Department, Prof. Matthew Funsho Bello, described the event as historic for both the department and the university.
Bello said that the conference’s theme, “Governance, Insecurity and National Development in Nigeria: Issues and Challenges,” was timely given the complexities of the nation’s socio-economic and security challenges.


“This gathering of distinguished scholars, public-sector experts, policymakers and practitioners from across the country marks a major milestone in our collective quest to address the vexing issues affecting our national life,” he said.


According to him, the theme reflects “the urgent need for academia, security agencies and public-sector experts to engage in constructive dialogue on how addressing insecurity and governance can drive sustainable development in Nigeria.


Security experts amongst other professionals made their presentations during the conference which are expected to form part of the recommendations at the end of the two-day event.


Dr Lawal Abdullahi Oladimeji, the Chairman of the Local Organising Committee of the Conference, lauded all participants and invited guests for the success of the maiden event.

Oladimeji said that recommendations from the conference would be given to relevant stakeholders towards enhancing national security and development.

GSU’s Public Administration Dept hosts maiden int’l conference

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21 villagers abducted in kano communities as Security forces intensify search operation

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21 villagers abducted in kano communities as Security forces intensify search operation

By: Zagazola Makama

Twenty-one persons have been abducted by suspected bandits in three villages of Tsanyawa Local Government Area of Kano State.

Zagazola Makama learnt that the coordinated attacks occurred in Sundu, Biresawa and Masaurari villages.

According to community members, two women were taken from Sundu, while five women and two children were abducted at Biresawa.

In Masaurari, nine men and one woman were reportedly seized, bringing the total number of abducted persons to 21 comprising nine men, eight women and two children.

The Police Command in Kano confirmed the attack noting that efforts had been intensified to rescue all victims unhurt.

The sources added that additional operatives had been deployed to the affected axis, while the area was being combed in collaboration with local vigilance groups and other security agencies.

The command assured residents of its commitment to restoring peace and urged the public to provide credible information that could aid ongoing operations.

21 villagers abducted in kano communities as Security forces intensify search operation

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