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
NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials
NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials
By: Michael Mike
Director General of the Nigerian Technical Aid Corps (NTAC), Rt.Hon. Yusuf Buba Yakub has commended the National Security Adviser, Mallam Nuhu Ribadu for his trailblazing leadership as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC) and for his current role as the National Security Adviser.
The NTAC boss , who made the commendations on Saturday in Abuja, while celebrating the foremost lawyer and public servant, who turned 65 on Friday, also lauded Ribadu for steering Nigeria through complex security challenges with courage and integrity, stating that this has set an enduring example for all public officers to emulate.
In a message he personally signed and made available the media in Abuja,Buba emphasized the great roles Mallam Ribadu has continued to play in the evolution of the Nigerian state.
He said: “I have the honour to refer to the above subject-matter and avail myself of the opportunity of this auspicious moment to celebrate you, Dear Leader and Brother, on the occasion of your birthday celebration this year.
“Yesterday again marked yet another milestone of wisdom, dedication, and service as you celebrated 65 years of life, many of which you have invested in the service of our nation and humanity at large.
“Without the risk of reciting the obvious, Sir,
your trailblazing leadership as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC), where you transformed the fight against corruption, and now as the National Security Adviser, steering Nigeria through complex security challenges with courage and integrity, has set an enduring example for all of us to emulate.
“Your legacy of principled reform, selfless service, and steadfast patriotism continues to inspire countless Nigerians, especially the young professionals and Volunteers we work with every day. May Allah (SWT) continue to strengthen you for greater wisdom and performance as you age in wealth and wellness.
“For myself, my dear family and on behalf of the Management and staff of the Nigerian Technical Aid Corps (NTAC), where with your kind support I have served as DG these past years, I extend heartfelt congratulations to you, Sir, on this remarkable milestone and solemn achievement.
“May Allah grant you good health, long life, and the special wisdom to keep guiding our nation toward peace, security, and prosperity.
“We pray that the years ahead bring you abundant joy, fulfillment, and the satisfaction of seeing the fruits of your tireless efforts in many more years of blessings.”
NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials
Crime
Jihadist reportedly overrun gendarmerie camp in niger, kill 21 officers
Jihadist reportedly overrun gendarmerie camp in niger, kill 21 officers
By: Zagazola MAkama
Suspected jihadists on Friday attacked and seized control of the Gendarmerie Camp in Garbougna, Niger Republic, killing more than 21 gendarmes, according to security sources.
The attackers, believed to be affiliated with Sahel-based extremist groups, stormed the facility in large numbers, overwhelming security personnel during the early morning assault.

Sources told Zagazola Makama that the insurgents also carted away several vehicles, along with a significant quantity of arms and ammunition stored at the camp.
“The situation is dire. The Garbougna gendarmerie post was overrun, and dozens of weapons and vehicles were taken. The number of casualties is still being compiled, but more than 21 gendarmes are feared killed,” one security source said.

The attack underscores the escalating insecurity in parts of Niger, where jihadist groups linked to al-Qaida and the Islamic State continue to mount coordinated assaults on security formations and rural communities.
Niger’s military authorities have not yet issued an official statement regarding the incident as at the time of filing this report.
Zagazola recalls that the tri-border region spanning Niger, Mali and Burkina Faso has witnessed intensified jihadist activities in recent months, with security forces increasingly targeted in ambushes and camp raids.
Jihadist reportedly overrun gendarmerie camp in niger, kill 21 officers
News
Tuggar Appeals to Broadcaster to Promote Nigeria’s Information Sovereignty
Tuggar Appeals to Broadcaster to Promote Nigeria’s Information Sovereignty
By: Michael Mike
Minister of Foreign Affairs, Ambassador Yusuf Tuggar has emphasized the critical role of independent broadcasters in promoting the country’s information sovereignty, national cohesion, and digital security.
Represented by the Ministry of Foreign Affairs spokesperson, Kimiebi Ebienfa, at the Independent Broadcasters Association of Nigeria (IBAN) 2025 Annual General Meeting and Conference, on Thursday, Tuggar stressed that the broadcast sector is a key player in shaping Nigeria’s global narrative and ensuring internal stability.
The event’s theme, “Broadcasting for Information Sovereignty, National Cohesion and Digital Security,” according to the minister aligns with the nation’s foreign policy objectives.
He urged broadcasters to produce locally relevant content, counter disinformation, and bridge ethnic and cultural divides, adding that a united Nigeria commands greater international respect.
He also highlighted the need for robust digital security measures to protect against cyber threats and misinformation campaigns, warning that breaches in the sector could undermine national security.
He called for stronger collaboration between the government and media to safeguard Nigeria’s information ecosystem and project a positive global image.
The conference aimed to address the evolving challenges of broadcasting in a digital age.
Tuggar Appeals to Broadcaster to Promote Nigeria’s Information Sovereignty
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