News
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
News
VP’s Wife Consoles Maiduguri Bomb Blast Victims
VP’s Wife Consoles Maiduguri Bomb Blast Victims
Calls for united front against insurgency.
By: Our Reporter
Wife of the Vice President Federal Republic of Nigeria Mrs Nana Shettima has stressed the need for all hands to be on desk to put an end to the more than a decade insurgency in the north east .
She made the appeal while speaking to journalists in Maiduguri shortly after she visited victims of gmboru market Mosque bomb blast in the Borno State capital.
In an emotional interview, Mrs Nana Shettima, wife of the Vice‑President, speaking on behalf of First Lady Oluremi Tinubu,described barbaric suicide bomb attack that struck the Gamboru market mosque after Maghrib prayer on Wednesday as unfortunate.
She prayed for the dead, called for unity, and vowed the support of the First Lady’s office for affected families.
Mrs Nana Shettima said she was in Maiduguri to offer condolences and relief to victims and families.
She visited the homes of the bereaved in Mashamari, Ummarari Millionaire’s Quarters and Gamboru Ward, where she prayed for the deceased, asked Allah to grant them eternal rest, and sought strength for families bearing these irreparable losses.
To cushion immediate hardship, Mrs Shettima presented financial support to affected families seven widows each received ₦1,000,000 (total ₦7,000,000).
She also visited the Maiduguri State Specialist Hospital and the University of Maiduguri Teaching Hospital (UMTH), where she was shown around by Dr. Baba Shehu, Medical Director of the State Specialist Hospital, and received by Professor B. Kagu, Chairman of the Medical Advisory Council at UMTH, and Dr. Bunu Bukar.
After going round the patients beds at both hospitals Mrs Nana Shettima gave ₦500,000 to each of the 14 patients still on admission, offered words of consolation, and prayed for their speedy recovery.
The wife of the vice president reiterated her appeal for communal calm and solidarity in the face of tragedy.
The visit signals the First Lady’s office’s commitment to immediate humanitarian relief and moral support for affected families.
The visit underlines the first lady’s office commitment to spiritual consolation with practical assistance, targeting both households that lost breadwinners and those receiving medical care.
Mrs Nana Shettima confirmed she was in Maiduguri expressly on behalf of the first lady of the nation to sympathise with the victims.
Those who accompanied her includes the wife of the Borno State Governor Dr Falmata Babagana Umara Zullum,wife of the Deputy Governor Hajiya Maimuna Umar Kadafur, and the Borno State Apc women leader Hajiya Fati Alkali Kakinna among other top female government officials.
VP’s Wife Consoles Maiduguri Bomb Blast Victims
News
Police detain inspector, girlfriend over missing rifle in Taraba
Police detain inspector, girlfriend over missing rifle in Taraba
By: Zagazola Makama
The Police in Taraba have detained an inspector and his girlfriend following the reported loss of an assault rifle along the Wukari–Jootar Federal Highway.
According to the source, the missing firearm belonged to Insp. Joshua Charles, aged 45, attached to the Safer Highway Patrol team.
The sources told Zagazola Makama that on Dec. 25, at about 3:00 p.m., the inspector reportedly left his duty post to Wukari town, leaving behind three other officers Insp. Haruna Galadima, Insp. Isah Waziri and Insp. Umar Mohammed who remained on duty.
“At about 8:30 p.m., the inspector’s girlfriend, one Ruth Alphancis of Sabon Gari area in Jalingo, who has been cohabiting with him since August 2025, returned from Jootar village in Benue and claimed to have seen an unidentified person breaking out of the house,” the source said.
He added that on the inspector’s return from Wukari town, allegedly in a drunken state, he discovered that his Type 06 assault rifle, loaded with 25 rounds of live ammunition, which he said he left inside the room, was missing.
The breach number of the rifle could not be immediately ascertained, the source said.
Following the report, the sources said operatives visited the scene, while efforts were intensified to recover the missing firearm and apprehend those responsible.
“The inspector and his girlfriend are currently in detention to aid investigation, while collaborative efforts involving local residents and hunters are ongoing to recover the rifle,” the source added.
End
News
Troops of Operation Hadin Kai repel Boko Haram attack in Adamawa
Troops of Operation Hadin Kai repel Boko Haram attack in Adamawa
By: Zagazola Makama
Troops of Operation Hadin Kai, in collaboration with other security elements, have repelled an attack by suspected Boko Haram terrorists on Mayo Ladde village in Hong Local Government Area of Adamawa.
The attack occurred at about 9:00 p.m. on Friday in Mayo Ladde, a border community linking Askira/Uba Local Government Area and the Sambisa Forest axis of Borno.
Sources told Zagazola Makama that troops supported by members of the Civilian Joint Task Force (CJTF), swiftly responded to a distress call on the attempted incursion.
“The terrorists attempted to attack the village but were decisively engaged by the troops, who repelled them and forced them to retreat,” the source said.
According to the sources, no casualty was recorded during the incident, as residents of the village had fled the area before the arrival of the terrorists.
The source added that troops had intensified patrols and surveillance in the general area and along the border communities to forestall further attacks and deny the terrorists freedom of movement.
Operation Hadin Kai reiterated its commitment to sustaining offensive operations against Boko Haram and ISWAP elements to ensure the safety of lives and property in the North-East.
Troops of Operation Hadin Kai repel Boko Haram attack in Adamawa
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