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
Nigeria, Aid Partners Seek $516m to Support 2.5 Million Vulnerable People in North-East in 2026
Nigeria, Aid Partners Seek $516m to Support 2.5 Million Vulnerable People in North-East in 2026
By: Michael Mike
The Federal Government, in collaboration with humanitarian partners, has launched an urgent appeal for US$516 million to deliver life-saving assistance to 2.5 million people affected by conflict and deprivation in Borno, Adamawa and Yobe (BAY) States in 2026.
The appeal is contained in Nigeria’s 2026 Humanitarian Needs and Response Plan (HNRP) and targets the most severe humanitarian cases in the conflict-affected north-east, where women and children account for nearly 80 per cent of those in critical need.
The humanitarian crisis in the BAY states has been worsened by a prolonged 16-year insurgency, widespread displacement, limited access to essential services, climate-related shocks, economic hardship, and shrinking livelihood opportunities.
Speaking at the launch in Abuja, UN Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, warned that humanitarian needs are escalating at a time of declining global funding. He noted that delays in closing funding gaps could have fatal consequences, especially for malnourished children.
According to projections, about 3 million Nigerian children under the age of five are expected to suffer from severe acute malnutrition in 2026, with one million of them living in the BAY states. In addition, nearly 35 million Nigerians may face acute food insecurity during the 2026 lean season, including 5.8 million people in the north-east.
The 2026 HNRP places strong emphasis on a transition to nationally-led humanitarian action, as international funding continues to decline globally. The plan highlights the need for closer collaboration between government institutions and humanitarian actors to sustain assistance during this transition.
In his remarks, the Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, reaffirmed the Federal Government’s commitment to leading and coordinating humanitarian responses. He said government efforts would focus on aligning humanitarian action with national reforms aimed at poverty reduction, human capital development, and community resilience.
Governors of the BAY states — Professor Babagana Zulum of Borno, Ahmadu Umaru Fintiri of Adamawa, and Mai Mala Buni of Yobe — also pledged stronger cooperation with humanitarian partners to deliver urgent aid while pursuing long-term solutions for displaced and conflict-affected populations.
Funding for the **2025 HNRP stood at $282
Nigeria, Aid Partners Seek $516m to Support 2.5 Million Vulnerable People in North-East in 2026
News
Troops clear multiple settlements in Shiroro LGA, neutralize IEDs during clearance operation
Troops clear multiple settlements in Shiroro LGA, neutralize IEDs during clearance operation
By: Zagazola Makama
Troops of 1 Division Nigerian Army have successfully cleared multiple settlements in Shiroro Local Government Area of Niger State, neutralizing improvised explosive devices (IEDs) and sustaining pressure on insurgents in the area, a development that marks a significant milestone in ongoing efforts to secure the North Central region.
Sources told Zagazola Makama that the clearance operation, which commenced on Jan. 20, faced challenges from difficult terrain and vehicle breakdowns, including MRAP and Armoured Fighting Vehicle faults.
Despite these setbacks, troops advanced to clear settlements including Galadima Kogo, Danpkala, Angwan Shawo, Kaure, Onagbi, Iburo, Kudogo, Kori, Kampani Kpakari, Chigwamya, Chikuba, and Nabwi.

At Nabwi, troops encountered a roadside IED followed by enemy fire, which was neutralized through superior firepower.
The sources added that Nigerian Air Force assets provided close air support throughout the operation, while unmanned aerial vehicles from the Niger State Government assisted in monitoring and reconnaissance.
Zagazola note that the operation has broader strategic implications. Shiroro LGA has served as a key operational hub for Boko Haram splinter groups, particularly JAS and ANSARU elements.
These groups, led in the Northwest and North Central zones by top lieutenants including Saddiku, Umar Taraba, Kabiru Doctor, and Mamman Kabir, have exported IED-making expertise to expand attacks into Niger, Zamfara, Kaduna, and Kogi States. Their presence in Allawa–Madawaki and other settlements allowed them to establish clandestine cells, smuggle weapons, and enforce informal taxation on local communities.

Military sources stress that sustained clearance operations, coupled with intelligence-led surveillance and cooperation with air component, remain critical to denying freedom of action to insurgents.

The ongoing operations in Shiroro will not only restore civilian confidence but will also prevent JAS and Boko Haram splinter cells from consolidating influence in key strategic corridors linking the Northeast to the Northwest and North Central regions,” a source said.
Troops clear multiple settlements in Shiroro LGA, neutralize IEDs during clearance operation
News
Troops recover AK-47 rifle in Taraba during cordon-and-search operation
Troops recover AK-47 rifle in Taraba during cordon-and-search operation
By: Zagazola Makama
Troops of the 114 Battalion, in conjunction with Department of Intelligence and Analysis (DIA) operatives, have recovered an AK-47 rifle and ammunition during a cordon-and-search operation in Murubai Village, Ardo Kola Local Government Area of Taraba State.

Sources told Zagazola Makama that the operation, conducted on Jan. 22, followed credible intelligence regarding the presence of arms in the village.
The source said the search was carried out at the residence of one Bazoe John, who was not found during the operation. Authorities recovered one AK-47 rifle, one magazine and four rounds of 7.62mm special ammunition, which are now in the custody of the troops.

The source added that the operation comes after the earlier arrest of two suspected gunrunners, identified as Christopher Adamu and James Yangyang, at Sebos Joint in Mayo Dassa, Jalingo LGA and Tautre Village in Ardo Kola LGA on Jan. 11 and 12 respectively.
Troops recover AK-47 rifle in Taraba during cordon-and-search operation
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