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Fresh squabbles rock First Bank’s board, threaten recapitilisation

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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

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Advocacy Group Demands Proof of NBMA Chief’s Eligibility

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Advocacy Group Demands Proof of NBMA Chief’s Eligibility

By: Michael Mike

A civil society organisation, Citizens Advocacy for Social and Economic Rights (CASER), has formally requested access to the academic and professional records of Bello Bwari, director-general of the National Biosafety Management Agency (NBMA), raising questions about his eligibility to occupy the position.

The request was submitted under the Freedom of Information (FOI) Act to the Federal Ministry of Environment.

CASER said the move was prompted by concerns that the current head of the biosafety agency may not meet the qualifications required by law.

According to the group, the NBMA Act provides that the director-general of the agency must possess at least a master’s degree in biological sciences or a related field, while noting that Bwari is widely known to be a legal practitioner, a background the organisation argues may be inconsistent with the statutory requirements for the role.

In the FOI application, CASER called on the Minister of Environment, Balarabe Lawal, to confirm the director-general’s credentials and make the information available to the public. The organisation stressed that transparency in appointments is essential for maintaining confidence in regulatory institutions.

CASER further warned that failure to clarify the issue could weaken public trust in agencies responsible for biosafety, environmental protection, and biotechnology oversight.

The group added that the matter goes beyond one appointment and reflects broader concerns about compliance with enabling laws in public offices.

Founder of CASER and a human rights lawyer,!Frank Tietie, criticised what he described as the lack of response from professionals in the scientific community. In a recent opinion article, he argued that leadership of a biosafety agency without strong scientific grounding could undermine effective regulation.

Tietie said adherence to the law must be non-negotiable, warning that overlooking statutory provisions risks eroding accountability and institutional integrity.
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FG Reaffirms Commitment to Strengthening Environmental Governance

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FG Reaffirms Commitment to Strengthening Environmental Governance

By: Michael Mike

The Federal Government has reaffirmed its commitment to strengthening environmental governance and improving the delivery of internationally funded environmental projects in the country.

The commitment was made on Monday in Abuja as the National Capacity Building Workshop on Project Oversight for the Global Environment Facility (GEF) Operational Focal Point and Implementing Partners commenced.

Declaring the workshop opened, the Minister of Environment, Balarabe Abbas Lawal, described the programme as timely and strategic, noting that Nigeria continues to grapple with a range of environmental challenges, including desertification, plastic pollution, biodiversity loss, oil contamination in the Niger Delta, and the growing impacts of climate change.

The Minister, who was represented by the Permanent Secretary in the Ministry, Mahmud Kambari stressed that addressing these challenges requires not only access to global environmental financing but also strong institutional capacity for effective planning, implementation, monitoring, and oversight of projects.

He acknowledged the Global Environment Facility (GEF) as a long-standing development partner, highlighting its significant contributions to biodiversity conservation, climate change mitigation, sustainable land management, and community-based environmental initiatives across the country, while noting that GEF-supported interventions have helped conserve hundreds of indigenous plant species, promote sustainable forest management, and support renewable energy and energy-efficiency initiatives aligned with Nigeria’s climate action goals.

Lawal further emphasized the role of GEF projects in addressing land degradation and enhancing food security through sustainable agriculture and landscape restoration. He cited flagship interventions that integrate nature-based solutions with livelihood resilience as clear examples of how environmental protection can be linked to socio-economic development.

The Minister also commended initiatives such as GEF GOLD+, which promotes mercury-free artisanal gold mining, and integrated landscape management projects in the Niger Delta aimed at transforming cocoa and palm oil production systems.

In the welcome remarks from the office of the Permanent Secretary of the Ministry of Environment, the importance of strong project oversight in translating GEF funding into measurable and lasting environmental outcomes was underscored.

The remarks which was read by the Director Planning, Research and Statistics in the Ministry, Agnes Aneke noted that the workshop was designed to strengthen Nigeria’s engagement with the GEF and ensure that stakeholders are fully equipped to manage the country’s project portfolio in line with international best practices.

Aneke also noted that Nigeria has benefited from over three decades of partnership with the GEF, with interventions spanning biodiversity conservation, climate change mitigation and adaptation, land degradation control, international waters management, and the reduction of chemicals and waste. However, he emphasized that funding alone is not sufficient, stressing the need for effective coordination, technical competence, and robust monitoring and evaluation systems.

She said the Nigeria-focused training directly addresses the country’s pressing environmental challenges, including desertification, plastic waste proliferation, oil pollution in the Niger Delta, biodiversity loss, and increasing climate risks, while . explaining that participants would, over the two-day workshop, deepen their understanding of the roles and responsibilities of the GEF Operational Focal Point, implementing agencies, and other stakeholders, while also strengthening skills in reporting, communication, project visibility, and results-based management.

The workshop was organized by the Federal Ministry of Environment in collaboration with the Global Environment Facility, with technical support from the Tropical Biology Association (TBA). It builds on lessons from a recent regional training held in Ghana and is expected to enhance transparency, accountability, and overall performance in the implementation of GEF-supported projects in Nigeria.

Participants were drawn from government institutions, implementing agencies, civil society organizations, and convention focal points were urged to engage actively in the sessions, share experiences, and develop practical oversight strategies that align with Nigeria’s national development and environmental priorities.

The two-day workshop is expected to contribute to improved project performance, stronger partnerships, and more effective environmental interventions across the country.

FG Reaffirms Commitment to Strengthening Environmental Governance

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Seven dead, five injured in multiple-vehicle crash along Lokoja–Abuja highway

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Seven dead, five injured in multiple-vehicle crash along Lokoja–Abuja highway

By: Zagazola Makama

At least seven persons were killed and five others injured on Tuesday morning in a multiple-vehicle collision along the Lokoja–Abuja highway near Gadabiu Village, Kwali Local Government Area of the Federal Capital Territory (FCT).

Sources told Zagazola Makama that the accident occurred at about 9:00 a.m. when a Howo truck, with registration number ANC 665 XA, driven by one Adamu of Tafa Local Government Area, Kaduna State, lost control and rammed into three stationary vehicles parked along the road.

The affected vehicles included a Golf 3 (GWA 162 KZ), another Golf and a Sharon vehicle.The drivers of the three stationary vehicles are yet to be identified.

The sources said the Howo truck had been travelling from Okaki in Kogi State to Tafa LGA in Kaduna State when the incident occurred. Seven victims reportedly died on the spot, while five sustained various degrees of injuries, including fractures.

The injured were rushed to Abaji General Hospital, where they are receiving treatment. The corpses of the deceased have been released to their families for burial according to Islamic rites.

The police have advised motorists to exercise caution on highways and called on drivers to ensure their vehicles are roadworthy to prevent similar accidents in the future.

Seven dead, five injured in multiple-vehicle crash along Lokoja–Abuja highway

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