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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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Troops neutralise bandit, recover arms in Plateau raid

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Troops neutralise bandit, recover arms in Plateau raid

By: Zagazola Makama

Troops of 3 Division of the Nigerian Army, under the Joint Task Force Operation Enduring Peace (JTF OPEP), have neutralised a notorious bandit and recovered arms and ammunition during a raid on a hideout in Plateau State.

Sources told Zagazola Makama that the operation was conducted on Jan. 8 at Yolan Gboka–Yama Da Lahdi, following sustained efforts to track and arrest perpetrators of the Dec. 16, 2025 attack on illegal miners at Tosho community in Fann District, Barkin Ladi Local Government Area.

According to the sources, troops made contact with the bandits during the raid and engaged them in a firefight.

“One of the bandits was neutralised during the exchange of fire and was later identified as Sadiq Isah, while others fled the area,” the sources said.

The sources added that troops subsequently exploited the hideout and recovered two AK-47 rifles and 162 rounds of 7.62mm (special) ammunition.

The recovered arms and ammunition are currently in military custody, while troops have commenced follow-up operations to intercept the fleeing suspects and prevent further criminal activities in the area.

Zagazola reports that Operation Enduring Peace is a joint security initiative aimed at restoring peace and stability across Plateau and neighbouring states.

Troops neutralise bandit, recover arms in Plateau raid

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FG Urges NSCDC to Boost Intelligence as Interior Minister Decorates 113 Senior Officers

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FG Urges NSCDC to Boost Intelligence as Interior Minister Decorates 113 Senior Officers

By: Michael Mike

The Federal Government has called on the Nigeria Security and Civil Defence Corps (NSCDC) to strengthen intelligence gathering and operational readiness in the face of rising security threats across the country.

The call was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, during a ceremony to decorate 113 newly promoted NSCDC commandants. The minister, represented by the Secretary of the Civil Defence, Corrections, Fire and Immigration Services Board (CDCFIB), Maj. Gen. Abdulmalik Jibrin (Rtd), commended the Corps for its role in protecting critical national infrastructure, lives, and property.

Tunji-Ojo emphasized the need for strategic intelligence mapping to counter emerging threats, particularly as the Corps now shoulders additional responsibilities for the protection of Very Important Personalities (VIPs), a role previously managed by the Nigeria Police Force.

He encouraged the newly promoted officers and all personnel to uphold the confidence placed in the service by President Bola Tinubu, noting that the merit-based promotions are designed to boost morale and enhance performance.

The Commandant General of NSCDC, Professor Ahmed Audi, urged the officers to mentor subordinates, embrace leadership responsibilities, and adhere strictly to merit-based postings. He warned against lobbying for preferred postings, affirming that performance and dedication would guide all administrative decisions.

Representing the promoted officers, Commandant Ekanem Ekpenyong pledged unwavering commitment to duty, promising to uphold integrity and the Corps’ Oath of Allegiance.

In a key highlight of the ceremony, the Corps’ National Public Relations Officer, Afolabi Babawale was promoted to the rank of Assistant Commandant. The event also featured goodwill messages from the Controller General of Corrections, the Controller General of the Federal Fire Service, and representatives from the Nigerian Army, Navy, Air Force, Police, and the Department of State Services.

The ceremony underscored the Federal Government’s resolve to strengthen the NSCDC and reinforce its role in Nigeria’s security architecture.

FG Urges NSCDC to Boost Intelligence as Interior Minister Decorates 113 Senior Officers

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Zulum commissions remodelled ‘2nd chance school’ for vulnerable girls

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Zulum commissions remodelled ‘2nd chance school’ for vulnerable girls

.Disburses N1bn to SMEs in 5 LGAs

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, on Thursday commissioned a fully remodelled “Second Chance School” for vulnerable girls and women in Biu Local Government Area.

The newly inaugurated facility is part of a strategic initiative designed to offer adult women, including those who missed formal education or dropped out of school due to prevailing challenges, a pathway to self-reliance. 

The school’s curriculum is tailored towards providing comprehensive skills’ acquisition, critical digital knowledge and basic literacy, and numeracy training.

With the Biu centre now operational, Zulum’s administration has established three such schools across the state, with existing centres already operational in Maiduguri and Bama.

Meanwhile, Governor Zulum has disbursed N1 billion to small and medium-scale enterprises (SMEs) across five local government areas in southern Borno.

The targeted LGAs include Biu, Hawul, Shani, Bayo and Kwaya-Kusar, with the funds intended to support entrepreneurs and enhance business sustainability.

Zulum explained that the direct injection of capital into the SME sector is essential for driving grassroots development and fostering self-reliance in the post-insurgency recovery phase.

In a related development aimed at tackling youth restiveness and promoting social stability, Governor Zulum has ordered immediate employment of 200 young individuals from the Biu Local Government Area. 

After the inauguration, Zulum visited Biu Specialist Hospital where he announced the immediate and automatic employment of a number of dedicated volunteer health workers who have served tirelessly.

He also inspected the 100-unit teachers’ housing estate under construction in Biu town. The estate is part of the Borno State Government’s motivational strategy to attract and retain qualified teaching professionals in public schools.

Governor Zulum has also directed immediate commencement of rehabilitation work on the Borno State Hotel Annexe in Biu.

Zulum commissions remodelled ‘2nd chance school’ for vulnerable girls

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