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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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Army will remain apolitical, committed to defending democracy – COAS

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Army will remain apolitical, committed to defending democracy – COAS

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, says the Nigerian Army will remain apolitical and steadfast in protecting the nation’s democracy in line with its constitutional mandate.

Shaibu stated this on Saturday at the Passing Out Parade of the Executive Commission Course 2/2025 held at the Nigerian Army School of Infantry, Jaji.

He reiterated that the subordination of the military to constituted civil authority remains the foundation for professionalism, urging officers and soldiers to uphold democratic values at all times.

“We must safeguard this constitutional democratic governance that promotes the values and interests of every well-meaning Nigerian, irrespective of tribe or religion,” he said.

“I charge all Nigerian Army personnel to be proud champions of democracy and remain apolitical in discharging their constitutional duties.”

Shaibu assured Nigerians that the Army remains committed to protecting lives and property across the country, adding that troops are working round the clock to secure the territorial integrity of the nation and support other security agencies.

The COAS commended the Commandant of NASI and the training staff for the successful conduct of the course, noting that the achievements recorded in training and operations were made possible by government support.

He expressed gratitude to President Bola Ahmed Tinubu for his leadership and sustained assistance to the Nigerian Army, reaffirming the loyalty of officers and soldiers to the government and the Constitution.

Shaibu also thanked the Kaduna State Governor, Sen. Uba Sani, and the people of the state for their cooperation and support to Army formations and institutions.

He congratulated the passing-out cadets and their families, wishing them successful careers as they prepare to join units and formations across the country.

“The Nigerian Army awaits you all in the field,” he said.

Army will remain apolitical, committed to defending democracy – COAS

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COAS charges newly commissioned officers to uphold professionalism, loyalty at POP in Jaji

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COAS charges newly commissioned officers to uphold professionalism, loyalty at POP in Jaji

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has charged newly commissioned officers of the Executive Commission Course 2/2025 to uphold professionalism, integrity and loyalty as they begin their careers in the Nigerian Army.

Shaibu gave the charge on Saturday during the Passing Out Parade of the course at the Nigerian Army School of Infantry (NASI), Jaji, Kaduna State.

The COAS described the occasion as a significant milestone and congratulated the cadets for successfully completing the rigorous training that qualifies them for the Presidential Commission.

He urged the new officers to remain focused as they take up responsibilities in various operational theatres across the country.

“Your pips will be unveiled shortly, and you will begin individual and collective journeys filled with opportunities, challenges and important decisions,” he said.

“Amidst these, one thing must remain sacrosanct Nigeria must come first in all decisions and actions throughout this new phase of your careers.”

Shaibu emphasised the need for right character, courage, professionalism and resilience, assuring the cadets that the Nigerian Army Officers’ Corps would always stand with them as comrades and brothers-in-arms.

He advised them to rely on the training received at NASI and their experiences in service, stressing that in moments of doubt, their training should remain their guide.

The COAS reminded the officers that leadership required the ability to inspire confidence and make sound decisions.

“A bad plan is better than no plan at all, so ensure that you always have a plan,” he said.

“Always act with the hope for success and not the fear of failure.”

Shaibu highlighted the Army’s efforts to address welfare concerns related to their type of commission, assuring them of measures to support their professional and personal development.

He urged them to pursue continuous improvement through courses and trainings available in the Army, aligning with his Command Philosophy to transform the force into a more professional, adaptable and combat-ready institution.

COAS charges newly commissioned officers to uphold professionalism, loyalty at POP in Jaji

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COAS inaugurates land warfare wargaming centre, says facility will deepen officers’ operational planning

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COAS inaugurates land warfare wargaming centre, says facility will deepen officers’ operational planning

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, on Saturday inaugurated the newly constructed Land Warfare Wargaming Centre at the Armed Forces Command and Staff College (AFCSC), Jaji, describing the project as a major milestone in strengthening operational training and military education in the country.

Shaibu, who served as Special Guest of Honour at the commissioning ceremony, said the state-of-the-art centre would significantly enhance the capacity of officers to engage in advanced operational planning, mission rehearsal and strategic decision-making.

He said the completion of the project demonstrated the military’s collective resolve to equip officers with the skills required to address contemporary and future security challenges.

“This centre is not only significant to this College but to the Nigerian Army and the entire Armed Forces of Nigeria,” he said.

“The successful completion of this project is a bold statement in our determination to deepen officers’ operational planning capabilities, enhance military education and further prepare our officers for emerging threats.”

The COAS commended the Armed Forces Command and Staff College for maintaining its reputation as a centre of excellence in producing high-quality middle-level officers who contribute to national defence objectives.

“As a proud graduate of this College, I am pleased to remain associated with its continuous transformation,” he added.

Shaibu applauded the progress recorded by the Department of Land Warfare, noting that the execution of several key projects by his predecessors had contributed to improved academic outcomes and a more effective learning environment.

He described the new Wargaming Centre as a necessary complement to the Lt Gen T.Y. Buratai Operations Centre, adding that it would enhance the training of officers in land warfare doctrine and joint operations.

The COAS expressed appreciation to President Bola Ahmed Tinubu for his “unrelenting support to the Nigerian Army,” saying such support made the execution of strategic projects possible.

He also thanked the Commandant of AFCSC, AVM HI Alhaji, for his commitment to improving the college’s infrastructure and training systems, and commended the Director of the Department of Land Warfare, Brig.-Gen. N.U.C. Ogili, for ensuring the timely and quality completion of the project.

Shaibu acknowledged the contributions of the directing staff, administrative officers and college community, noting that they were collective stakeholders in ensuring the effective utilisation and maintenance of the new facility.

He urged students, who are the primary beneficiaries, to make optimal use of the centre to enhance their understanding of operational art, strategic planning and battlefield decision-making.

“I congratulate the Commandant, staff and students of AFCSC on this historic achievement,” he said.

COAS inaugurates land warfare wargaming centre, says facility will deepen officers’ operational planning

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