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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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Idris Says Nigeria Has Chosen to Resolve Misinformation of Genocide Through Diplomatic Channels

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Idris Says Nigeria Has Chosen to Resolve Misinformation of Genocide Through Diplomatic Channels

By: Michael Mike

The Federal Government has said that the genocide debacle with the United States will be resolved through diplomatic channels.

The Minister of Information and National Orientation, Mohammed Idris said this on Thursday at the 50th Anniversary of Angola, stating that the government will continue to explain the true situation of things in the country.

Idris while acknowledging that there are challenges in the country, insisted that the terrorist attacks are not targeted at one religious group.

He noted that both Christians and Muslims are victims of terrorists, arguing that the narrative about killings of Christians held by the U.S government is not one that would be resolved through press briefings.

The Minister revealed that: “We are trying as much as possible to make sure that this is resolved through diplomatic channels.”

He said that: “You all know how some people are helping to shape the narrative of who we are as a country.

“We know who we are. We know what Nigeria is.

“I could relate to that. So to think about what is happening now, I think some people are trying to shape the narrative for us.

The truth is that yes, we have security challenges in our country. Yes, we have Christian skills. No doubt about that.

“Yes, we also have Muslim skills. We have security challenges. All of us are aware of that.

“But to characterise Nigeria as a country that does not erase religious freedom, I think it’s wrong. We will continue to say that. We will continue to dig in.”

He expressed joy with the statements made by some partners and regional groups.

“I’m glad the statements we are hearing from the Economic Community of West African Commission, from the African Union, and the solidarity of the European Union, and the solidarity that everyone is showing together at this challenging time and when some narratives that we know are not really very correct about who we are as Nigerians.”

As I was sitting here I am receiving torrents of information still, fresh information coming out of the U.S. on this matter. And I’ve been bombarded by foreign journalists to respond to some of them. “We are trying as much as possible to make sure that this is resolved through diplomatic channels.

“But we have a duty to explain who we are as a country. We have a duty to also call on all Nigerians to come together, to think together.

“This is not a time for politics. This is not a time to say what you believe and what you don’t. This is a time to think and behave as a Nigerian.

“And I think that is what all of us should do. We must challenge the Nigerian media for reciprocation. And I want to challenge once again that all of us need only to put forth those things that promote our political existence as Nigerians, not the things that divide us.”

He assured Nigerians and the diplomatic community that “the government of Nigeria is functioning. It is listening to some of these very strong messages coming from all around the world and all the concerns of people from this country and outside. We are listening.

“But also keeping our cool and inviting all those that can help us to really navigate through this. When you shoot a bullet, it doesn’t mean you fall. You have a good identity.”

The commended the honoured former general for shaping the African continent and keeping the continents together.

The four Generals are : Gen. Ike Nwachukwu, Major. Gen. Chris Garuba, Lt. Gen. Tukur Buratai, Brig. Gen. Buba Marwa and Big.Gen. Saleh Bala.

“And we are happy that you are recognising that. Nigeria is not just Angola. Nigeria is indeed a big brother to Africa,” Idris said.

“And we know all about this. And we want to take this energy, but also ask all Africans, and indeed the whole world, to also recognise what Nigeria is and what it truly represents. Let us not be characterised by what we are not,” he added.

Idris Says Nigeria Has Chosen to Resolve Misinformation of Genocide Through Diplomatic Channels

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NEDC reconstructs Mubi-Maiha road bridges

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NEDC reconstructs Mubi-Maiha road bridges

The North East Development Commission (NEDC) has officially commenced the reconstruction of two bridges on the Mubi–Maiha road to restore connectivity and boost economic activity across Adamawa State.

Speaking at the flag off of the projects on Thursday, NEDC’s State Coordinator, Mr Khalifa lawan reaffirmed the Commission’s commitment to delivering durable infrastructure that supports the region’s recovery and development.

Khalifa who was represented by Head of the Technical Team in the state, Engr. Francis Joseph said, the contract was awarded to Triacta Nigeria Limited, with a duration of 12-months.

He said the bridge was severely damaged for long and considered unsafe for commuters and vehicles.

“Under the project scope, Triacta will construct a 5-span, 75-meter bridge at Buladega village and a 7-span, 105-meter bridge at Maiha.

“Both are situated on the strategic Mubi–Maiha corridor, a key route linking communities and markets in the northern part of the state”, he said.

Receiving the project site on behalf of the contribution company, Engr. Wijh Tamke, the Project Manager, assured stakeholders of the company’s readiness to deliver the project within the stipulated timeframe.

He added that the project would be delivered in accordance with best engineering practices.

Some of the residents described the projects as a long-awaited intervention that will enhance road safety, reduce travel time, and revitalize local commerce.

NEDC reconstructs Mubi-Maiha road bridges

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Yobe holds an executive council meeting

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Yobe holds an executive council meeting

By: Yahaya Wakili

The Yobe State Executive Council meeting was held at the Government House, Damaturu, and was presided over by His Excellency, the Executive Governor, Hon. Dr. Mai Mala Buni, CON, COMN.

The meeting approved some numerous projects that will make an impact on the lives of the people of the state.

Briefing the journalists on the outcome of the council meeting, State Commissioner of Works Engr. Umar Wakil Duddaye said to improve urban roads, the council approved the construction of two township roads in Potiskum valued at #2.69.

Engr. Duddaye further said this road to be constructed includes a 4.7-kilometer township road and a new link road from Bazuwa junction to Anguwan Fulani connecting to the Na Huta, Fika-Gombe road.

According to him, the new link road will solve the longest transportation challenges for the residents, especially during the rainy season. Adding that His Excellency, Governor Mai Mala Buni, always has these urban roads in his mind, and Potiskum is one of the towns he always wanted us to be there.

The council has approved upgrading three major hospitals that include Specialist Hospital Buni Yadi, Specialist Hospital Damaturu, and General Hospital Nangere, respectively.

The commissioner for health, Dr. Mohammed Lawan Gana, stated this to newsmen after the meeting. He revealed that the council ratified the provision of medical equipment in hospitals and other facilities across the state.

The council also ratified approvals for the construction of pavements, a clinic, and a fire service station in nearly completed modern markets in Ngalda and Yunusari.

Alhaji Kaigama Umar Yunusari disclosed this to newsmen after the meeting. He maintained that the council approved the resuscitation of the state’s polythene and woven sacks company here in Damaturu.

Also briefing the journalists, Commissioner of Finance Alhaji Mohammed Abacha revealed that it will now be mandatory for all public officers to be given and to study the law before assuming their duties.

He said he presented a memo on the public finance law and urged the council to make it mandatory for all appointees to familiarize themselves with the law following their swearing-in to ensure accountability in governance.

Yobe holds an executive council meeting

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