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
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
By: Zagazola Makama
A prominent bandit leader and key enforcer of a fragile peace arrangement in Jibia, Katsina State, Abdullahi Lantai, also known as “Lantai Officer”, has been killed in a deadly ambush linked to a rival gang.
Security sources told Zagazola Makama on Wednesday that Lantai was executed on Jan. 27 at about 1:00 p.m. by gunmen believed to be loyal to the Bello Turji-led network operating across Sokoto and Zamfara states.
According to the sources, Lantai was lured to what was described as a dialogue and reconciliation meeting following a rivalry clash between his group and the Turji faction on Jan. 24.

“The meeting was reportedly arranged by Turji and Aliyu Aliero to resolve the conflict. However, Lantai and some of his foot soldiers were ambushed and killed on their way to the venue by members of the Turji network led by Dogo Rabe and Black,” a source said.
Preliminary findings indicate that before his assassination, Lantai played a critical role in sustaining a temporary peace deal with bandit leaders in Jibia in collaboration with the Katsina State Government.
“He was a territorial gatekeeper who denied Turji’s gang freedom of action and passage through Jibia forest routes.
“He also blocked transit routes used to move rustled cattle from Zamfara to Maradi in the Republic of Niger, effectively constraining Turji’s operations within the axis,” the source added.
Zagazola warn that the killing could trigger a major escalation in violence across the Jibia axis and its environs.
“This is a calculated power grab. The Turji network appears determined to eliminate a stabilising force and expand its influence, smuggling routes and criminal economy into Katsina State,” the source said.
The threat level in the Jibia axis has now been assessed as high, with strong indications of possible retaliatory attacks by Lantai’s faction and pre-emptive assaults by Turji’s forces to consolidate control.
Residents fear that the relative calm previously enjoyed in the area may give way to renewed instability marked by kidnappings, cattle rustling and attacks on communities as rival groups struggle for dominance.
Zagazola learnt that security agencies are said to be reviewing the situation with a view to deploying robust countermeasures to prevent a total breakdown of the fragile peace in the coming days.
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
News
Troops raid bandits’ hideout in Plateau, neutralise notorious kidnapper
Troops raid bandits’ hideout in Plateau, neutralise notorious kidnapper
By: Zagazola Makama
Troops of Sector 2 of Operation OPEP have raided a suspected bandits’ hideout at Nahuta Village, Kadarko District in Wase Local Government Area of Plateau State, neutralising a notorious kidnapper during the operation.
A security source told Zagazola Makama on Wednesday that the raid was carried out on Tuesday night, Jan. 27, at about 8:30 p.m., following actionable intelligence.

According to the source, the troops came under fire from the criminals on arrival at the hideout but responded with superior firepower, forcing the bandits to flee in disarray.
“In the process, one bandit was neutralised. He was later confirmed to be a notorious kidnapper identified as Mr Timchak Zindang, who had been terrorising the general area,” the source said.
Items recovered from the scene included two locally fabricated rifles, eight cartridges, three rounds of 7.62mm ammunition and one desert camouflage uniform.
Preliminary investigations revealed that the criminal syndicate was responsible for several criminal activities, including kidnapping, cattle rustling and armed robbery along the Wase–Bashir road and its environs.
The source added that efforts were ongoing to track down the other fleeing members of the gang, while further investigation into the network was in progress.
Troops raid bandits’ hideout in Plateau, neutralise notorious kidnapper
News
First Batch of 300 Refugees Returns to Gwoza in Landmark Homecoming
First Batch of 300 Refugees Returns to Gwoza in Landmark Homecoming
By: Our Reporter
The first batch of 300 Nigerian refugees has returned to Gwoza in Borno State, marking the commencement of the fourth phase of a sustained repatriation exercise.
The returnees, comprising 75 households, arrived in Pulka, Gwoza Local Government in a coordinated and dignified homecoming.

The journey for the families represented not merely a border crossing, but an emotional passage from displacement to building their livelihood after 11 years in IDP camp in Cameroon republic.
This milestone follows Borno State Governor Babagana Umara Zulum’s visit to their camp in Cameroon on 8 December 2025, where he pledged a voluntary, safe, and dignified return process.
Chairman of the Borno State Sub-Committee on Repatriation, Engr. Lawan Abba Wakilbe described the exercise as a significant achievement in the lifetime of the present administration.
“This homecoming is a testament to our collective resolve. We are not just moving people; we are restoring lives and reigniting hope in our communities,” Wakilbe stated.
In a show of regional solidarity, the Governor of Cameroon Far North Region, Minjinyawa Bakari, personally bade the refugees farewell, reaffirming bilateral cooperation in addressing the humanitarian impact of insurgency around Lake Chad.

Upon arrival in Pulka, the returnees were formally received by local authorities and security officials. In a show of gratitude,some of the returnees knelt to touch the soil of their homeland; others offered prayers, while children many of whom had spent most of their lives abroad, observed their ancestral home with curiosity.
Each household head received ₦500,000 in cash, with an additional ₦50,000 to each wife to facilitate smooth reintegration.
The Borno State Government provided mattresses and wrappers, while the National Commission for Refugees supplied essential food items, including rice, millet, beans, and cooking oil.
This phase of the exercise is a broader strategy to stabilise resettled communities, rebuild infrastructure, and restore livelihoods across insurgency-affected communities.

Personalities that accompanied the Chairman of the Borno State Sub-Committee on Repatriation, Engr. Lawan Abba Wakilbe included members of House of Assembly representing Kaga, Gwoza and Gulumba Woloji, Honourable Mustafa Alibe Benishiekh, Buba Abatcha, Baba Shehu Gulumba, Chairman Gwoza local government, Abba Shehu Timta and official of National Commission for Refugees, Migrants and Internally Displaced Persons Mr. Murdakai Titus.
First Batch of 300 Refugees Returns to Gwoza in Landmark Homecoming
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