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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
Troops repel another ISWAP ambush, recover arms, motorcycles in Magumeri
By: Zagazola Makama
Troops of the Nigerian Army under Operation Hadin Kai have foiled a series of ambush attacks by Boko Haram and Islamic State West Africa Province (ISWAP) terrorists along the Damasak–Gubio road in Magumeri axis of Borno State.
Zagazola Makama gathered that the troops, who were on a fighting patrol as part of Operation Desert Sanity IV, came under fire from suspected terrorists on arrival at Binduldul.
Sources stated that the troops responded with superior firepower, forcing the terrorists to flee in disarray. Reinforcements led by the Commanding Officer of the Battalion later exploited the scene, recovering two motorcycles, one AK-47 rifle, five blankets, three praying mats, a spare motorcycle tyre and two gallons of engine oil.
The sources added that one terrorist was neutralised during the encounter.
Furthermore, at about 3:05 p.m. on the same day, while withdrawing from the area, the troops encountered another ambush involving an Improvised Explosive Device (IED) attack followed by heavy gunfire from ISWAP fighters near Kardio village.
The soldiers successfully repelled the assault, safely detonated another IED along their main supply route, and returned to base without any casualty.
Photographs from the operation indicated successful recovery of items and neutralisation of threats in the area.
Troops repel another ISWAP ambush, recover arms, motorcycles in Magumeri
One killed, three injured as gunmen attack farmers in Plateau
By: Zagazola Makama
The Plateau State Police Command has confirmed the death of one person and injuries to three others following an attack by suspected Fulani militias on Kopmur village, Mushere District, Bokkos Local Government Area.
Zagazola Makama gathered that the incident occurred on Oct. 22 at about 4:00 p.m., when the armed assailants stormed a house where some local farmers had taken shelter and opened fire.
The attack led to the death of Dashan Mwanar, 42, while Sonma Mwanar, 32, Kyenkyes Dakup, 26, and Joy Vumshak, 25, sustained varying degrees of injuries.
The Divisional Police Officer (DPO), Bokkos Division, led a team to the scene, where the injured victims were rescued and taken to the hospital for treatment.
The police said the deceased’s remains had been released to his relatives for burial after the family declined an autopsy.
Meanwhile, sources assured that investigation is ongoing, with intensified efforts to apprehend the culprits and prevent further attacks in the area.
One killed, three injured as gunmen attack farmers in Plateau
FCT Police, vigilantes comb bushes to rescue abducted school principal, daughter in Abuja
By: Zagazola Makama
The Federal Capital Territory (FCT) Police Command has intensified search and rescue operations following the abduction of a school principal and his daughter in Abaji Area Council of the FCT.
Zagazola Makama gathered that the incident occurred on Oct. 22, 2025, at about 3:00 a.m., when a group of armed kidnappers invaded the residence of Mr. Zakari Yelwa, Principal of Narati Government Secondary School, located opposite the Technical College, Abaji.
The assailants reportedly forced open the door to the residence and abducted Mr. Yelwa and his daughter, Hafsat Zakari, to an unknown destination.
Upon receipt of the distress call, a combined team of police operatives, the Anti-Kidnapping Unit, vigilante groups, and local hunters was immediately deployed to the scene.
The team has since launched a coordinated search operation, combing the surrounding bushes and hills in a bid to rescue the victims and apprehend the kidnappers.
Police authorities assured residents of Abaji that all efforts are being made to ensure the safe rescue of the victims and urged the public to report any useful information that could aid the ongoing operation.
FCT Police, vigilantes comb bushes to rescue abducted school principal, daughter in Abuja
Nigeria-Germany Trade Volume Hits €3 billion – Envoy
Troops repel another ISWAP ambush, recover arms, motorcycles in Magumeri
NEC Endorses President Tinubu’s Proposal To Revamp Training Institutions For Security Agencies Nationwide
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