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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
Nine PAP Foreign Scholarship Beneficiaries Bag Master’s Degrees From UK Varsities
•••771 to Graduate in Nigeria in 2025
•••Otuaro Hails Scholars’ Performances
By: Michael Mike
Nine students awarded foreign post-graduate scholarships by the Presidential Amnesty Programme have graduated from their master’s degree rprogrammes in universities in the United Kingdom.
The successful scholars are the first graduates in the offshore post-graduate scholarship deployment to UK institutions by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic session.
They graduated from the Anglia Ruskin University, University of Dundee and The University of Law with master’s degrees in cyber security, data science and engineering, law, construction and civil engineering management, project management, and ICT.
Also, 711 undergraduate and post-graduate scholarship beneficiaries are expected to graduate from universities within Nigeria this year.
The PAP, on Wednesday, 3 December, 2025, organised a graduation reception for the scholars in London.
Otuaro has congratulated them on their successful graduation, stressing that they completed their programmes in record time which shows the seriousness they had put into their studies.
He said they have justified the Federal Government’s investment in their education with their successful graduation, and urged other beneficiaries not to be distracted in their academic pursuits.
“We congratulate these scholars on their successful graduation. It shows that they took their studies seriously. That is what we demand of every scholarship beneficiary, whether at the undergraduate or post-graduate level”, Otuaro said.
He reiterated his unwavering commitment to expanding the scholarship scheme to create more opportunities for indigent students of Niger Delta extraction to access higher education with a view to closing the human capital development gap in the region.
Otuaro said it was for this reason he deployed 3800 beneficiaries in-country in the 2024-2025 academic year, and increased the figure to 3900 in the 2025-2026 academic session with 200 for foreign scholarships.
Otuaro has so far deployed 7700 students for the PAP scholarship scheme within Nigeria in less than two years.
Within this period, also, he has also deployed 162 students from the region for post-graduate programmes in targeted disciplines in the UK universities.
According to him, this is in conformity with the Renewed Hope Agenda of President Bola Tinubu for the Niger Delta, who has given unprecedented support to the PAP because of his sincere love for the area.
The PAP boss said, “Our decision aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR for the Niger Delta. We will continue to create more higher educational opportunities for students from indigent backgrounds in our region.
“We are also deepening the implementation of the programme’s mandate in informal education and other areas for the sustainable peace and socio-economic advancement of the region.”
Nine PAP Foreign Scholarship Beneficiaries Bag Master’s Degrees From UK Varsities
Sunshine Joint Venture Infrastructure Limited Established for Realization of Ondo Project
By: Michael Mike
Sunshine Joint Venture Infrastructure Limited has been incorporated to seamlessly allowed for the Refinery and Free Trade Zone in Ondo State.
A press statement on Thursday read that: “In furtherance of our commitment to the execution of these two major projects – Refinery and Free Trade Zone in conjunction with the Ondo State Government, the joint partners have taken another giant step by incorporating a joint company, namely – SUNSHINE JOINT VENTURE INFRASTRUCTURE LIMITED – as the vehicle to be used in executing these projects. A move that further reinforces the sincerity of purpose and total commitment of the funding partners to move ahead together as a united front.
According to the release by Wale Adekola on behalf of the JV, the Sunshine Joint Venture Infrastructure Limitedwill, going forward serve as the vehicle to work with the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA) in the implementation of the executed Memoranda of Understanding (MoUs).
The statement added that: “In moving the projects forward for implementation, the JV team met in Dubai to finalize the funding modalities and put in place structures and plans for the commencement of activities for ground breaking and community engagements. These initial activities are aimed at complementing the 50th Anniversary of the creation of Ondo State and the one year anniversary of the election of the Executive Governor of the Sunshine State, His Excellency, Chief Lucky Orimisan Aiyedatiwa CFR.
At the Dubai meeting were key officers of the JV Company, including: Messrs SALEHI FARHAD; ZAHERI NAVID; EGHBAL KORDJAMSHIDI; SAHEED ZAHERI; DR. STEPHEN DIKE; HENRY OWONKA AND MRS. NAMVAR MARYAM.
The statement further informed that, plans have been concluded to mobilize the relevant contractors working with the locals and host communities to put up structures that will host the information center, architectural models to showcase the projects on offer and facilities that will serve the team. All these are being planned with ONDIPA to execute the relocation and accommodation of the host communities that are likely to be affected by the projects and create a seamless transition that will engender peaceful co-existence and harmonious relationship with our host communities.
The JV company further reiterated its commitment to work with Ondo State Government (through ONDIPA) to change the infrastructural landscape of the Sunshine State and for mutual benefits.
Sunshine Joint Venture Infrastructure Limited Established for Realization of Ondo Project
Edo: Seven suspected bandits arrested along Benin-Agbor Road
By: Zagazola Makama
Seven suspected bandits were arrested along the Benin–Agbor Road in Edo State during stop-and-search operations, security sources confirmed.
Sources told Zagazola Makama that the suspects, all Fulani youths, were intercepted after being offloaded from a truck at about 1800 hours on 2 December 2025. A search revealed pictures of assault rifles, including AK-47s, on their mobile phones.
Upon interrogation, the suspects claimed to have travelled from Adamawa State. Investigations are ongoing for the possible recovery of actual firearms and to determine their involvement in criminal activities.
Security agencies have urged members of the public to report any suspicious movements to help prevent criminal acts in the area.
Edo: Seven suspected bandits arrested along Benin-Agbor Road
UN Women Calls for Strengthening of Mechanism and Policies Towards Ending Gender Violence
Nine PAP Foreign Scholarship Beneficiaries Bag Master’s Degrees From UK Varsities
Sunshine Joint Venture Infrastructure Limited Established for Realization of Ondo Project
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