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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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Zulum Inaugurates 48-Classroom High Islamic College in Gubio

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Zulum Inaugurates 48-Classroom High Islamic College in Gubio

… Commissions 3 projects executed by Gubio LGA

By: Our Reporter

Borno State Governor, Babagana Umara Zulum, on Tuesday, officially opened a newly constructed 48-classroom High Islamic College in Gubio Local Government Area of northern Borno.

The state-of-the-art institution is designed to offer a hybrid curriculum that integrates western education with traditional sangaya (Qur’anic) educational system.

Zulum had introduced an integrated policy framework which aims to provide students with a holistic education, grounding them in both religious principles and contemporary academic knowledge.

Speaking at the commissioning ceremony, Zulum emphasised that the college is structured to ensure its graduates are not only deeply rooted in Islamic scholarship but are also fully equipped and qualified to pursue higher education in conventional institutions.

“Our focus has been on revitalising the system by preserving its rich tradition of Islamic scholarship while introducing modern subjects and vocational skills. We recognise the historic role of sangaya education in shaping moral values, discipline, and learning within our communities, while also equipping learners with essential skills in literacy, numeracy, science, technology, foundational English, and vocational training to enable them to function effectively and competitively in today’s society.”

“Through institutions operating under the National Board for Arabic and Islamic Studies (NBAIS) approved curriculum, sangaya learners are now receiving a balanced education that integrates Islamic Studies with modern knowledge. These reforms have created clear pathways for graduates to obtain O-Level equivalent certification and, where they so desire, progress to higher institutions of learning to further develop their potential.”

The facility, in addition to the 48 classrooms, also features administrative blocks and a library. It is expected to serve hundreds of students from Gubio and surrounding communities, reducing the need for children to travel far from home for quality integrated education.

Zulum also commissioned the Gubio II Junior Day Secondary School, executed by Borno State Government. During a tour of the facilities, the Commissioner for Education, Engr Lawan Abba Wakilbe, explained that classrooms are intended to provide safe and inclusive learning spaces, with a particular focus on improving access for adolescent girls.

… Commissions 3 projects executed by Gubio LGA

Meanwhile, Governor Babagana Umara Zulum has commissioned three projects executed by the Chairman of Gubio Local Government Area, Mali Bulama Mali Gubio.

The projects include Gubio Oil Mills, Zulum Ultramodern Clinic, and Mustapha Gubio Shopping Complex.

The occasions were attended by the Shehu of Borno, Abubakar Ibn Umar Garbai Elkanemi; Senator Mohammed Tahir Monguno; and Members of the House of Representatives, Usman Zanah and Engr Bukar Talba.

Other dignitaries include the Speaker Borno State House of Assembly, Abdulkarim Lawan, commissioners, special advisers and other senior government officials.

Zulum Inaugurates 48-Classroom High Islamic College in Gubio

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Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari

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Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari

By: Yahaya Wakili

Governor Mai Mala Buni CON of Yobe State has charged the newly appointed chairman of the Yusufari local government area to consider security of lives and property as the priority of the administration.

Buni gave the warning today while swearing in Alhaji Adamu Jibrin as the chairman of the council following the death of Alhaji Bah Abba Aji some few days ago.

According to Buni, the death of the chairman has created a vacuum that must be filled for continuity in governance, and this justifies the appointment of Alhaji Adamu Jibrin as the new chairman of the Yusufari local government council.

He urged him to be a good team player for a result-oriented administration that would give members of the council and people of the local government area a sense of belonging.

Governor Buni also urged the new chairman to conduct government business transparently to promote accountability and probity as well as to channel government resources into areas of need that have a direct impact on the lives of the people.

He appealed to the people of the local government area to support the new chairman for a smooth and successful administration that would meet the needs of the people.

Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari

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Zulum Boosts Rural Health Incentives With Major Allowance Increase

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Zulum Boosts Rural Health Incentives With Major Allowance Increase

By: Michael Mike

Borno State Governor, Babagana Zulum has approved a substantial increase in rural allowances for health workers as part of efforts to address the shortage of medical personnel in remote communities across the state.

The governor announced the decision after inspecting several government projects in the northern axis of Borno. The inspection covered Government Secondary School, Gubio; two general hospitals; and ongoing housing developments in Gubio and Magumeri Local Government Areas.

Under the new arrangement, medical doctors posted to rural areas under the State Hospital Management Board will receive a rural allowance equivalent to their full basic salary, representing a 100 per cent increase. Nurses and midwives serving in similar locations will receive a 40 per cent increase in their rural allowances. The policy takes effect from January 1.

Governor Zulum said the move was informed by persistent manpower gaps in public health facilities, particularly in rural communities.

“We are facing serious challenges with human resources for health. Many of our hospitals do not have enough doctors and nurses,” he said. “Our findings show that a good number of medical professionals prefer working with international organisations because the pay is better. We must respond to this reality.”

According to the governor, the improved welfare package is expected to make rural postings more attractive and encourage more qualified personnel to work in general hospitals at the local government level.

He expressed optimism that the incentive would significantly improve healthcare delivery in villages and underserved areas, adding that health workers willing to take up rural postings should report to the State Hospital Management Board.

During his visit to Government Secondary School, Gubio, the governor also directed the immediate provision of essential facilities for the school’s laboratories and library to improve teaching and learning.

The inspection tour was attended by the Senator representing Borno North, Mohammed Tahir Monguno; members of the House of Representatives, Usman Zannah and Engr. Bukar Talba; and several commissioners and senior government officials, including those in charge of information, works and housing, local government affairs, and water resources.

The allowance increase forms part of the Zulum administration’s broader strategy to strengthen public service delivery and improve living conditions in rural communities across Borno State.

Zulum Boosts Rural Health Incentives With Major Allowance Increase

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