Connect with us

News

Fresh squabbles rock First Bank’s board, threaten recapitilisation

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Police repel bandits attack, rescue six victims in Katsina

Published

on

Police repel bandits attack, rescue six victims in Katsina

By: Zagazola Makama

The Police Command in Katsina, in collaboration with the military and local vigilantes, has repelled a bandits’ attack in Malumfashi Local Government Area of the state.

Sources said that the incident occurred on Wednesday at about 1:20 a.m., when bandits stormed Lamuntani village in Goran Dansaka ward but were engaged in a gun battle by security operatives, forcing them to flee into the bush.

According to sources , six kidnapped victims were rescued unhurt. They include Aisha Rilwanu, 12; Zainab Mansir, 15; Munnir Sani, 19; Salamatu Umar, 19; Asmau Sani, 10; and Jamila Nasiru, 21.

The sources added that while escaping, the bandits attacked nearby Santan Kargo village, where they shot and injured three persons Yusuf Yushau, 30; Ismail Abubakar, 21; and Abdulmumin Sani,who were rushed to Malumfashi General Hospital for treatment.

The sources said two victims were still missing as security forces intensified search-and-rescue operations in the area.

Police repel bandits attack, rescue six victims in Katsina

Continue Reading

News

Army recovers 164 rustled livestock in Zamfara, Sokoto

Published

on

Army recovers 164 rustled livestock in Zamfara, Sokoto

By: Zagazola Makama

Troops of Operation FANSAN YANMA (OPFY) have recovered 164 rustled animals during clearance operations in Zamfara and Sokoto States.

Sources disclosed this on Thursday, saying the recoveries followed ambushes against terrorists moving livestock across communities.

The sources told Zagazola the troops, working with vigilantes, engaged terrorists attempting to move rustled animals from Talata Mafara LGA to Anka axis of Zamfara, recovering 21 sheep.

“Similarly, troops of 8 Division in conjunction with Keystone forces repelled terrorists who attacked Garbe Kanni village in Tureta LGA, Sokoto. A total of 143 sheep were recovered and a terrorist camp destroyed,” the sources said.

The animals have since been handed over to the chairmen of Bakura and Tureta LGAs for onward return to their rightful owners.

Army recovers 164 rustled livestock in Zamfara, Sokoto

Continue Reading

News

Troops arrest notorious cattle rustlers, recover arms in Plateau

Published

on

Troops arrest notorious cattle rustlers, recover arms in Plateau

By: Zagazola Makama

Troops of 3 Division/Joint Task Force Operation Enduring Peace (OPEP) have arrested two notorious cattle rustlers and recovered arms and ammunition in Plateau State.

Sources told Zagazola Makama on Thursday in Jos that the operation followed credible intelligence on the activities of cattle rustlers in Kogul village, Mangu Local Government Area.

According to the sources, the troops raided the hideout of the suspects on Sept. 11 and arrested two of them. Items recovered include one AK-47 rifle, one AK-47 magazine, one fabricated revolver rifle, 10 rounds of 7.62mm (Special) ammunition, one mobile phone and cash.

“The arrested suspects and recovered items are in the custody of the troops for investigation. Follow-up operations are ongoing to apprehend other members of the criminal syndicate,” the sources said.

They added that the arrest was significant in curbing the menace of cattle rustling, which has often triggered crisis in Plateau and adjoining states.

Troops arrest notorious cattle rustlers, recover arms in Plateau

Continue Reading

Trending

Verified by MonsterInsights