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

NDLEA intercepts cocaine shipment from Brazil, detains ship, 20 Filipino crew members

Published

on

NDLEA intercepts cocaine shipment from Brazil, detains ship, 20 Filipino crew members

By: Michael Mike

Barely six months after 10 Thai sailors and their ship were convicted and fined $4.3 million for bringing 32.9 kilogrammes cocaine into Nigeria, operatives of the National Drug Law Enforcement Agency (NDLEA) have again intercepted another commodity laden vessel- MV Nord Bosporus marked 9760110 from the port of Santos in Brazil at the Apapa seaport in Lagos with no less than 20 kilogrammes of the Class A drug buried under its cargo.

A statement on Friday by the spokesman of the anti-narcotics agency, Femi Babafemi said the illicit drug consignment was discovered on board the vessel last Sunday by NDLEA officers who thereafter took the Master of the ship, Captain Quino Eugene Corpus and 19 other crew members who are all Filipinos into custody for investigation.

Babafemi said following the seizure and arrest of the crew members, the NDLEA filed an application for an order of court for the detention of the vessel and the 20 Filipinos on board for further investigation.

He disclosed that the motion ex-parte in suit number FHC/L/MISC/1306/25 was argued before Justice Musa Kakaki of the Federal High Court, Lagos, who on Thursday granted the application for an initial 14 days detention of the vessel, Capt. Corpus and 19 other Filipino crew members.

Babafemi said preliminary investigation revealed that this was the first time the vessel was coming to Nigeria and Africa as it’s been largely transporting coal between Colombia and Brazil while Captain Corpus has been barely three months with the ship.

He recalled that the agency had in a similar circumstance arrested 10 sailors who are nationals of Thailand on 13th October 2021 on board a vessel named MV Chayanee Naree for trafficking 32.9 kilogrammes of cocaine from Brazil into Nigeria through the Apapa seaport. Nine Nigerian suspects were also arrested along with the Thai crew members.

He said the 10 Thai sailors and the vessel were eventually convicted on Thursday 15th May 2025 by a Federal High Court in Lagos presided over by Justice Daniel Osiagor who also fined them $4.3 million.

In his reaction to the latest significant seizure of 20 kilogrammes cocaine on board MV Nord Bosporus, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (rtd) commended the officers, men and women of the Apapa Strategic Command of the agency as well as the Directorate of Seaport Operations for their vigilance, diligence and professionalism.

​Marwa said the cocaine seizure is not just an operational success but “a clear demonstration of our heightened capacity and unwavering resolve”, adding that “we will continue to tighten our grip on all entry and exit points, especially our seaports, which transnational criminal organisations have historically attempted to exploit.”

According to him, “Let this be an unambiguous message to every international drug cartel and every internal collaborator: Nigeria is not, and will never be, your space or your foothold. The NDLEA is operating with zero-tolerance, and we will not permit any illicit drug to pass through our borders, whether by air, land, or sea. You may scheme, you may attempt sophisticated concealment, but you will fail. Our intelligence network, collaboration with international partners, and the dedication of our officers are steps ahead of your nefarious activities.”

He reminded any Nigerian who chooses to collaborate with foreign syndicates in the illicit drug trade of the consequences their action.

He said: “You are not just committing a crime; you are betraying your nation’s future. The consequences of aiding and abetting drug trafficking will be severe and unrelenting. We are committed to using the full force of the law to dismantle your structures, seize your illicit assets, and secure your long-term incarceration.”

NDLEA intercepts cocaine shipment from Brazil, detains ship, 20 Filipino crew members

Continue Reading

News

NHRC Announces Programmes for 16 Days of Activism on GBV

Published

on

NHRC Announces Programmes for 16 Days of Activism on GBV

By: Michael Mike

The National Human Rights Commission (NHRC) has announced its plans for the 2025 International 16 Days of Activism Against Gender-Based Violence.

The activities which commences on Monday, showed a sweeping nationwide plan and a renewed call for stronger protections for women and girls, as the Commission also marks its 30th anniversary.

Addressing journalists at a press briefing in Abuja, the Executive Secretary of NHRC, Dr. Tony Ojukwu said the anniversary provided an important moment to reflect on three decades of work advancing justice, dignity, and equality in Nigeria — while acknowledging that gender-based violence (GBV) remains one of the gravest human rights violations confronting the country.

He said: “For 30 years, the Commission has remained a steadfast voice for accountability and human rights. This year’s campaign gives us the opportunity not only to reflect on our journey but to intensify the fight against all forms of violence, especially against women and girls.”

The 16 Days of Activism — observed annually from November 25 to December 10 — is part of a global movement launched in 1991 by the Centre for Women’s Global Leadership. It links the International Day for the Elimination of Violence Against Women with Human Rights Day, symbolizing that violence against women is a direct violation of human rights.

Ojukwu noted that Nigeria remains committed to this global call.

He said: “Gender-based violence is unacceptable in every form. These 16 days remind us that survivors must be heard, supported, and protected.”

This year’s programme, one of the NHRC’s most extensive yet, includes coordinated activities across all 36 states and the Federal Capital Territory.

According to Ojukwu, the activities are designed to strengthen prevention, improve accountability, and reinforce protection structures nationwide.

Marking its 30-year milestone, the NHRC urged the National Assembly to pass legislation creating special constituencies for women — a long-standing proposal aimed at improving female representation in public office.

“Denying affirmative action is itself a form of violence against women,” the Commission emphasized. “Empowerment must include political participation.”

The Commission also highlighted multiple empowerment programmes conducted in partnership with local and international organisations. These include:Support for over 60 survivors of sexual and gender-based violence under the EU/UNDP Spotlight Initiative; Financial grants for vulnerable women in collaboration with the Taipei Trade Office; Economic empowerment for more than 100 indigent women through the Thelma Lion Foundation; Distribution of sewing machines, grinding machines, and hair dryers to over 300 women through partnerships with National Assembly members; Ongoing collaboration with the Dorothy Njemanze Foundation to support SGBV survivors.

Ojukwu said: “These interventions are meant to strengthen the socio-economic resilience of women and reduce vulnerabilities.”

He reassured Nigerians that the commission will continue to carry out its mandate with fairness and impartiality.

He said: “We will not allow gender-based violence or any human rights violation to go unaddressed. Every complaint matters, and every perpetrator must be held accountable.”

As the 16-day campaign begins, Ojukwu called on government institutions, traditional and religious leaders, civil society groups, the private sector, and individuals to join in the fight to end violence against women.

“Awareness is not enough,”Ojukwu said. “We must turn commitments into action and build a Nigeria where women and girls can live free from fear, discrimination, and harmful practices.”

NHRC Announces Programmes for 16 Days of Activism on GBV

Continue Reading

News

IPCR: Livestock Sector Now Sits at the Heart of Nigeria’s Ecosystem

Published

on

IPCR: Livestock Sector Now Sits at the Heart of Nigeria’s Ecosystem

By: Michael Mike

The Institute for Peace and Conflict Resolution (IPCR) has said the livestock sector now sits “at the heart of Nigeria’s conflict ecosystem,” influencing local economies, intergroup relations, and national security.

While Nigeria has produced multiple livestock policies over the years, speakers at the Policy Review Meeting of the Network of Policy Makers for the Support of Peace, Security and Reconciliation in Nigeria organized by IPCR in partnership with King Abdullah Bin Abdullaziz International Centre for Interreligious and Intercultural Dialogue (KAICIID), agreed that the country’s biggest challenge is not policy creation but policy implementation.

The Executive Secretary of IPCR, Dr. Joseph Ochogwu said: “Policies exist, but they often die before they leave the shelf,” echoing past criticisms that Nigeria has become a “graveyard of unimplemented policies.”

He warned that the farmer–herder conflict has evolved into a complex risk system shaped by climate pressures, land scarcity, population growth, trans-border migration, and weak governance structures. Without coordinated action, these pressures threaten to overwhelm already stretched local and national institutions.

He stressed that the success of livestock reforms will depend on effective coordination between federal ministries, state governments, local authorities, and community actors.

He said: “When institutions operate in silos, conflict fills the gap. But when federal, state, and local structures move in alignment, policy becomes a stabilizing tool.”

He described traditional rulers, pastoralist associations, farmers’ groups, and religious leaders as “indispensable partners” in the process rather than observers brought in after decisions are made.

The session also addressed growing concerns around communal violence and allegations of targeted attacks against specific religious groups. Recent claims suggesting that Christians are being systematically exterminated in Nigeria have gained international attention.

Ochogwu acknowledged the emotional weight of such claims but cautioned against narratives not grounded in verified evidence.

“Nigeria’s security challenges stem from terrorism, banditry, resource competition, and historical grievances,” he said, while adding that: “These problems affect all groups, and they require collective solutions—not divisive interpretations.”

He emphasized that Nigeria must not allow any trajectory that resembles genocide or the destruction of any community, calling for stronger early-warning systems, improved regulation of pastoral mobility, and policies that prevent local tensions from escalating into large-scale atrocities.

Participants agreed that the partnership between policymakers and faith leaders is central to preventing violence. Religious institutions, they noted, have moral authority and grassroots influence that government structures often lack, particularly in rural communities most affected by the conflict.

“This network exists because peace is not a government-only project,” the convener said. “It must be built through a multi-layered alliance of policymakers, traditional institutions, and religious leaders.”

Ochogwu highlighted four areas requiring urgent action: Strengthening vertical and horizontal coordination across federal, state, and community levels; Embedding conflict-sensitive practices into all livestock policy implementation; Ensuring inclusive engagement involving farmers, pastoralists, women, youth, and local institutions and Institutionalizing evidence-based monitoring systems that track conflict hotspots and pastoral mobility using real-time data.

IPCR reaffirmed its commitment to supporting the Federal Government through conflict analysis, policy advisory services, mediation, and early-warning mechanisms. Its partnerships with KAICIID and other international bodies, it said, are aimed at ensuring that the outcomes of these dialogues translate into tangible impact at the community level.

Participants agreed that Nigeria stands at a critical moment. Transforming livestock policy into practical action, they said, is not only a matter of agricultural reform—it is a prerequisite for national stability.

Ochogwu said: “Moving from intention to impact is the only path to sustainable peace,” note”ing that: “Strengthening coordination in the livestock sector is ultimately strengthening Nigeria itself.”

Policymakers, diplomats, and leading clerics convened in Abuja on Friday for the Second Quarter Policy Review Dialogue of the Network of Policymakers and Religious Leaders, with a renewed push to transform Nigeria’s long-standing livestock policy from paper commitments into real, coordinated action.

The meeting, held at the Institute for Peace and Conflict Resolution (IPCR) headquarters, focused on the theme “From Policy to Practice: Strengthening Coordination and Implementation of Nigeria’s Livestock Policy.” It brought together government officials, faith leaders, security experts and community representatives who described the dialogue as a crucial step in tackling the persistent farmer–herder crisis and its broader security implications.

IPCR: Livestock Sector Now Sits at the Heart of Nigeria’s Ecosystem

Continue Reading

Trending

Verified by MonsterInsights