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
News
Zulum Visits Frontline Troops in Mairari, Inspects Dilapidated FGC Monguno
Zulum Visits Frontline Troops in Mairari, Inspects Dilapidated FGC Monguno
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Tuesday, visited the Forward Operating Base (FOB) in Mairari to bolster the morale of troops on the frontline.
Mairari, a strategic town in the state, endured two insurgent attacks in December. On both occasions, the assaults were successfully repelled by troops, averting a significant security breach.

Governor Zulum, who is currently on a resilience-building tour of Northern Borno, commended the officers and men for their bravery and sacrifice, describing them as the backbone of peace and stability in the state.
“Your resilience and commitment inspire confidence in our people,” the Governor stated. “I want to assure you that my administration will continue to provide all necessary logistics and welfare support to boost your morale and enhance your operational effectiveness. Mairari will not fall.”

He emphasised that the state government, in collaboration with the Federal Government and military high command, would ensure a steady supply of operational logistics, mobility support, and welfare packages to keep troops combat-ready.
The Commander of Sector 3, Operation Hadin Kai, Major General Suleiman Saidu Tilawan, commended the Governor for his consistent and proactive support.
“The support we receive from the Borno State Government and the Theatre Commander has been exceptional,” he said. “It has translated into improved logistics, enhanced morale, and renewed confidence among our troops to confront threats head-on.”

Governor Zulum also interacted with residents of Mairari, listening to their concerns and commending their courage. He described the community as a symbol of resilience and announced cash assistance to those affected by the recent attacks to ease hardships and support recovery.
…Zulum Inspects Dilapidated FGC Monguno
Earlier in the day, Governor Zulum conducted an inspection of the abandoned Federal Government College in Monguno.
He assessed extensively damaged classrooms, vandalized laboratories, and deteriorating staff quarters, tangible reminders of the insurgency’s impact on public institutions.
The Governor said the purpose of the visit was to assess the damage and identify practical steps for the college’s full rehabilitation. “Education is the foundation upon which any peaceful, prosperous, and resilient society is built,” Governor Zulum stressed. “Rebuilding schools is central to the long-term recovery and stability of our dear state.”
He assured that his administration would spare no effort in restoring the school, with the ultimate goal of ensuring children from Monguno and neighbouring communities can access quality education.

During the inspection, Governor Zulum encountered widows who are taken refuge in some of the abandoned structures and provided them with cash assistance and facilitated the admission of some of their qualified daughters into the Monguno College of Nursing and Midwifery, offering them a pathway to education and future self-reliance.
Zulum Visits Frontline Troops in Mairari, Inspects Dilapidated FGC Monguno
News
Yuletide: NSCDC Deploys 55,000 Operatives Nationwide, Intensifies Intelligence to Tackle Insecurity
Yuletide: NSCDC Deploys 55,000 Operatives Nationwide, Intensifies Intelligence to Tackle Insecurity
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has deployed over 55,000 operatives across the country to ensure public safety and protect critical national assets and infrastructure during the Christmas and New Year festivities.
The Commandant General of the Corps, Prof. Ahmed Audi, ordered the nationwide deployment as part of measures to strengthen the nation’s security architecture before, during and after the yuletide period.
Audi said the decision became imperative in view of the tendency of criminal elements to exploit festive periods to carry out acts of banditry, kidnapping, terrorism, insurgency and other crimes.
He stressed that many security threats could be effectively curtailed if citizens embraced the culture of providing credible and timely intelligence to security agencies. According to him, proactive intelligence-sharing would aid early intervention and lead to the arrest of individuals who pose threats to national security.
“To prevent crimes rather than react to them, it is imperative for members of the public to trust and collaborate with us by providing credible and timely information that will enable swift action,” the NSCDC boss said.
Audi directed Zonal Commanders to closely monitor formations under their jurisdiction, while State Commandants are to coordinate Area Commands, Divisional Offices and other operational units to ensure effective coverage.
He explained that the deployment involves both covert and overt operations, with full mobilisation of personnel aimed at guaranteeing maximum human security and safeguarding government assets nationwide.
Reaffirming the Corps’ commitment to national peace and stability, the NSCDC helmsman assured Nigerians of enhanced collaboration with sister security agencies to ensure a safe environment conducive to development.
He said: “Our unwavering commitment is to ensure a safe and secure environment, and this can only be achieved with the active support of the public.”
The assurance was contained in a statement signed by the National Public Relations Officer of the Corps, Afolabi Babawale.
Yuletide: NSCDC Deploys 55,000 Operatives Nationwide, Intensifies Intelligence to Tackle Insecurity
News
Military arrest policemen on VIP escort duty in violation of President Tinubu’s directive
Military arrest policemen on VIP escort duty in violation of President Tinubu’s directive
By: Zagazola Makama
The military has arrested four police officers for allegedly providing unauthorised escort services to a VIP in contravention of the presidential directive on the withdrawal of policemen from VIP protection duties.
Police sources told Zagazola Makama that the arrest occurred on Dec. 17 at about 9:30 a.m., while the officers were reportedly on escort duty.
Those arrested were identified as ASP Musa Waziri and Insp. Jeremiah Achimogu both attached to 45 Police Mobile Force (PMF), Abuja; Insp. Awipi Terry of 21 PMF; and Insp. Hassan Baba of 50 PMF, Abuja.
According to security sources, the officers were arrested by military personnel after allegedly flouting the presidential order withdrawing police personnel from VIP escort duties.
The sources further disclosed that the policemen were dressed in uniforms similar to that of the Nigeria Security and Civil Defence Corps (NSCDC), allegedly in an attempt to evade detection and deceive enforcement personnel.
The arrested officers have since been detained, while disciplinary procedures have been initiated against them in line with extant regulations.
The Federal Government had earlier directed the immediate withdrawal of police personnel from unauthorised VIP protection duties to redeploy manpower to core policing and internal security operations across the country.
Military arrest policemen on VIP escort duty in violation of President Tinubu’s directive
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