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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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Atiku urges action to tackle out-of-school children in Nigeria

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Atiku urges action to tackle out-of-school children in Nigeria

Alhaji Atiku Abubakar Former Vice President of Nigeria has urged everyone to focus attention on the state of the nation’s education to secure a better future for young people in the country.

Atiku who is the founder, American University of Nigeria, AUN made the call at commemoration of the 17th Annual Founders day 2025 in Yola.

He said “Our beloved country, poised with a youth population that boasts enormous promise, faces staggering challenges that threaten to undermine our most precious asset, our children.

“Currently, millions of children remain out of school, and among those who do enrol, many find themselves disillusioned, trapped in an outdated paradigm that fails to prepare them for the demands of an increasingly complex and competitive world.”

According to him, the classroom experience, already compromised, muddied by overcrowded facilities, lack of resources, and educators who are under-supported.

He added that this dire educational reality is not just an unfortunate circumstance; it poses a profound threat not only on the lives of the youths, but also on the society

“The statistics are sobering; Nigeria holds the regrettable title of having the largest population of out-of-school children in the world.

“How is it that in a country rich in resources, cultural heritage knowledge and a myriad of talents, we find ourselves with such a dismal record?

“Every unattended classroom symbolizes a child with unfulfilled potential, a dream put on hold, and a talent that will remain dormant”, he said.

Atiku further said that If we do not act now to revitalize the educational system, “we doom an entire generation to lives devoid of opportunity, creativity, and the freedom to dream”.

In his address, Prof DeWayne Frazier, President of AUN said, over the years, the institutions has grown from its humble beginnings into a dynamic community that embodies the values of excellence, integrity, and service.

He said, they have educated leaders who are shaping industries, driving change, and transforming communities, not only in Nigeria but across the globe.

“Our mission has always been clear: to provide a world-class education rooted in critical thinking, innovation, and a commitment to sustainable development.

“Today, as we celebrate our continued journey fulfilling that mission, we take pride in the milestones we have achieved: innovative program, pioneering research and community impact”, he said.

According to him, beyond the achievements, what truly sets them apart is their community.

“AUN is not just a university; it is a family. A family bound by shared values, mutual respect, and a commitment to making a difference”, he said.

Atiku urges action to tackle out-of-school children in Nigeria

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Two policemen killed, three missing as Bandits ambush tactical team in Bauchi

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Two policemen killed, three missing as Bandits ambush tactical team in Bauchi

By: Zagazola Makama

Two police personnel have been killed, three declared missing and two others injured after suspected Fulani herdsmen ambushed a police tactical team in Sabon Sara village, Darazo Local Government Area of Bauchi State.

Sources told Zagazola Makama that the attack occurred on Nov. 22 at about 12:48 p.m. when the operatives were on an intelligence-led patrol in the area, which has recorded persistent farmer-herder conflicts.

The tactical team, drawn from Mobile Police Squadron 10 (Mopol 10), the Anti-Kidnapping Unit, and the State Intelligence Department (SID), was ambushed by yet-to-be-identified herders who opened fire on them.

“DSP Ahmad Muhammad of SID and Inspector Amarhel Yunusa of Mopol 10 were confirmed dead at the scene,” the source said.

The sources added that ASP Mustapha Muhammad and Inspector Idris Ahmed, both of Mopol 10, as well as Corporal Isah Muazu of the Anti-Kidnapping Unit, were declared missing after the attack.

According to the sources, Inspector Isah Musa and Inspector Yusuf Gambo, both of the State Intelligence Department, sustained injuries and were evacuated to the General Hospital, Darazo for treatment.

The sources said that the Commissioner of Police has ordered the deployment of additional tactical units to reinforce the Darazo Division and intensify efforts to trace the missing personnel and apprehend the attackers.

Two policemen killed, three missing as Bandits ambush tactical team in Bauchi

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Police storms bandits enclave after bandits attack, rescue 25 abducted women in Zamfara

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Police storms bandits enclave after bandits attack, rescue 25 abducted women in Zamfara

By: Zagazola Makama

The Zamfara Police Command has rescued 25 abducted persons, including 10 women and 15 children, following a coordinated response to a bandit attack on Kuraje village in Damba area of Gusau Local Government Area.

A source told Zagazola Makama on Sunday that the incident occurred on Nov. 21 at about 9:45 p.m., when armed bandits in large numbers invaded the community, shooting sporadically before abducting the victims.

According to the source, the Divisional Police Officer (DPO) of Damba Division, working alongside operatives from the Department of Operations Gusau and Community Protection Guards (CPG), immediately mobilised to the scene after receiving the distress report.

“The joint police teams engaged the bandits in a gun battle and successfully rescued all the abducted women and children,” the source said.

He added that the rescued victims were taken to Sabongari Damba for safety and were expected to be reunited with their families on Sunday morning.

The police assured that efforts were ongoing to track fleeing bandits and enhance security around vulnerable communities in the area.

Further developments are expected as operations continue.

Police storms bandits enclave after bandits attack, rescue 25 abducted women in Zamfara

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