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
Borno troops repel Boko Haram attack in Hawul, one killed
By: Zagazola Makama
Troops of Operation Hadin Kai have successfully repelled simultaneous attacks by ISWAP terrorists on Jihuhi and Harang villages in Hawul Local Government Area of Borno State, leaving one person dead.
Sources told Zagazola Makama that on Jan. 27 at about 1630 hours, the terrorists invaded the villages, firing indiscriminately and setting several houses ablaze.
The attack fatally injured Adamu Inusa, also known as Daddy, 35, a member of the Hunters Group in Hawul.
He was evacuated to General Hospital Hawul, where he was confirmed dead on arrival. His corpse has been deposited at the hospital mortuary and will be released to his family for Islamic burial after clearance operations in the affected communities.
A combined team of troops of Operation HADIN KAI, police tactical units, and local Civilian Joint Task Force (CJTF)/Hunters groups responded promptly, engaging the terrorists and successfully repelling the attack.
The area remains under close monitoring as security forces continue clearance and patrol operations.
Borno troops repel Boko Haram attack in Hawul, one killed
Security forces in Gombe arrest suspected cattle rustler, recover 50 sheep
By: Zagazola Makama
Gombe State Police Command has arrested a suspected cattle rustler and recovered 50 sheep following a distress call in Amada.
The report revealed that on Jan. 28 at about 8:22 p.m., a mob apprehended one Sani Jamilu, 25, of Sabon Kaura LGA, Katsina State, who was reportedly seen with a flock of sheep around Dolli and Shilto communities.
The second suspect, identified only as Lawali, escaped.
The injured suspect was rescued by police and taken to Amada Primary Health Clinic for medical attention.
Sources say Police have launched an investigation into the incident and efforts are ongoing to apprehend the fleeing suspect.
Security forces in Gombe arrest suspected cattle rustler, recover 50 sheep
How We Turned from Foes to Friends — Franco-German Envoys Share Lessons with Nigeria
By: Michael Mike
The Ambassadors of Germany and France to Nigeria have urged the country to draw lessons from decades of Franco-German cooperation, stressing that reconciliation, friendship, and shared responsibility are critical drivers of growth, stability, and regional integration.
German Ambassador Annett Günther and French Ambassador Marc Fonbaustier made the call on Wednesday in Abuja during events marking the 63rd anniversary of German-French Day, which commemorates the signing of the Élysée Treaty on January 22, 1963.
Speaking jointly, the envoys reflected on how France and Germany overcame centuries of rivalry and conflict to become close partners and allies after the Second World War.
They noted that the experience demonstrates that even the most hostile relationships can be transformed through sustained dialogue and political commitment.
“The history of reconciliation and European unification shows that no matter how dark the past may seem, a different future is possible,” the ambassadors said, adding that this message is particularly relevant for Nigeria and its partners. “We are stronger together — and stronger as friends.”
They explained that Franco-German cooperation is anchored in formal treaties that mandate continuous consultation between both countries at all levels, including heads of state, foreign ministers, and senior officials. This coordination, they said, now extends beyond Europe to global and African issues.
Fielding questions from journalists, the ambassadors pointed to Nigeria’s strategic role within West Africa, saying the country could apply similar principles to strengthen the Economic Community of West African States (ECOWAS).
Fonbaustier said stronger countries within a regional bloc have a responsibility to drive integration while supporting weaker members to ensure collective progress. “A union only succeeds when all its members move forward together,” he said, noting that unity should be based on shared development rather than narrow national interests.
He described Nigeria as the leading power within ECOWAS and encouraged it to continue playing a central role in promoting regional security, economic integration, and people-to-people exchange.
Günther also echoed these views, highlighting what she described as a “Franco-German reflex” of constant consultation and coordination. She said this habit of cooperation enables both countries to respond jointly to emerging challenges and align their diplomatic efforts, including in Africa.
They both stressed that the Franco-German journey from hostility to partnership offers valuable lessons for Nigeria and the African continent, particularly in fostering regional unity, managing diversity, and building long-term peace through cooperation.
How We Turned from Foes to Friends — Franco-German Envoys Share Lessons with Nigeria
Katsina police arrest gun runners, recover AK-47 magazines and ammunition
Borno troops repel Boko Haram attack in Hawul, one killed
Security forces in Gombe arrest suspected cattle rustler, recover 50 sheep
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News9 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
