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
ADC Unveils Timetable, Guidelines for 2025/2026 Congresses, National Convention
ADC Unveils Timetable, Guidelines for 2025/2026 Congresses, National Convention
By: Michael Mike
The African Democratic Congress (ADC), has released a comprehensive timetable and guidelines for the conduct of its congresses and national convention for the 2025/2026 political year, as part of efforts to strengthen internal democracy and reposition the party ahead of future elections.
The guidelines are contained in a National Secretariat Circular dated December 30, 2025, and signed by the party’s National Chairman, Hon. Nafiu Bala Gombe.
According to the circular, the party’s activities will commence with a Board of Trustees (BoT) meeting scheduled for January 5, 2025, followed by a National Executive Committee (NEC) meeting on January 7, 2025.
Key agenda items at the NEC meeting include the filling of vacancies in the National Working Committee (NWC), the fixing of dates for membership registration and revalidation, and preparations for ward, local government and state congresses.
He said: “For 2026, the ADC announced that membership registration and revalidation will take place from January 2 to January 15. This will be followed by ward executive committee congresses on January 17, with matters arising to be addressed between January 19 and 22.
“Local government congresses are scheduled for January 24, while state executive committee congresses will be held on January 31, 2026. Matters Arising: February 2-5, 2026 National-Level Activities.
“National Working Committee Convention: d. The approved delegates to the State Congresses, as provided for in Article 24 (a) – (e) and specifically modified by a resolution of the NWC at its 17th December, 2026 in National
headquarters Abuja are as follows: Local Government Chairmen
“LGA Secretaries; Youth Leader; Women Leader; State Executive Committee members and National Executive Committee (NEC) members from the State; PWD Leader; Ex-Officio Member; All Elected Council Chairman and their Deputies; Board of Trustees Member; Zonal National Officer; Any Elected National / State Assembly Members; Legal Adviser.
“States shall constitute Congress Planning Committees, membership of which shall not include persons contesting for any of the state executive offices.
“All persons willing to contest for state offices shall register their intentions with the State Congress Committee with an intention Fees N2,000.00 (Two Thousand Naira Only) which the Congress Committee may utilize for the purpose of financing the congresses, in part.
“The State Executive Committee shall supervise the work of the Congress Planning Committee to ensure strict compliance with the guidelines on State Congresses.
“Approved composition and distribution of the State Executive Committee members should, as much as practicable, be carried out according to the Senatorial Zones and in compliance with the Party’s Constitutional provision (Article 5, 17):
“Senatorial Zone with the highest number of members (6 positions). Chairman; Asst. Secretary; Asst. Financial Secretary; Auditor; Organizing Secretary; Women Leader; Senatorial Zone with 2nd highest number of members (5 positions); Vice Chairman, Treasurer, Legal Adviser, Asst. Publicity Secretary, Asst.”
On zoning, the ADC disclosed that distribution of state executive committee positions should, as much as practicable, reflect senatorial zones and comply with the party’s constitutional provisions.
The party’s National Working Committee convention is slated for February 13 to 15, 2026.
The party emphasised that only validly registered or revalidated members whose names appear in the official membership register will be eligible to participate in the congresses, in line with provisions of the ADC constitution.
State chapters were also directed to formally notify the National Secretariat of the dates, venues and times of their congresses to enable proper communication with the Independent National Electoral Commission (INEC).
He said: “The criteria for qualification to contest for executive positions in the State Executive Committee are as follows: At least, attendance of Secondary School; The Offices of State Legal Adviser, Treasurer and Financial Secretary should have experiences in their respective professions; else the offices should be occupied by persons best deemed suitable.
“The Office of the State Youth Leader must NOT be more than 25 years while that of the State Woman Leader is exclusively reserved for Women.
“All pre-congress appeals shall be determined not later than 24 hours before the congresses while all appeals consequent upon the congresses shall be determined within 3 days after the congresses.
“The Congress Planning Committee shall submit reports of congresses to the National Secretariat via adcnationalcongressreformcommitee@gmail.com not later than 5 working days after the congresses.”
The party urged members and state chapters to strictly adhere to the guidelines to ensure transparent, credible and orderly congresses nationwide.
ADC Unveils Timetable, Guidelines for 2025/2026 Congresses, National Convention
News
Multiple terrorists neutralised in Sambisa as coordinated strikes unsettle ISWAP commanders
Multiple terrorists neutralised in Sambisa as coordinated strikes unsettle ISWAP commanders
By: Zagazola Makama
Fresh intelligence emerging from the Sambisa Forest indicates significant disarray within the Islamic State West Africa Province (ISWAP) following a series of coordinated ground and aerial strikes by Nigerian forces that dislodged key terrorist hideouts and neutralised dozens of fighters at the turn of the new year.
Zagazola Makama report that on Jan. 2, 2026, intercepted intelligence revealed growing concern among senior ISWAP commanders, including Jundullah and Ibn Hataf, after troops launched a surprise and “deadly” assault on the Balangaje hideout deep inside the Sambisa Forest on Jan. 1.
According to the sources, the Balangaje position described as a long-standing ISWAP enclave was completely overrun by the troops of Operation HADIN KAI, forcing surviving fighters to flee in disarray to other parts of the forest.
The commanders reportedly admitted that their forces were caught unprepared, resulting in a chaotic retreat in which many fighters were cut off and forced to escape individually, abandoning weapons, logistics and command structures.
More critically, the terrorists expressed concern over the fate of several senior commanders who have remained unaccounted for since the assault, raising strong indications of leadership casualties or severe command-and-control breakdown.
Security sources confirmed that the ground assault on Balangaje was launched by forces of 21 Armored Brigade operating in Nguro Soye in Bama Local Government Area.
Zagazola report that this ground success was decisively reinforced by precision air operations conducted under Operation Hadin Kai (OPHK), marking what one source described as a “welcome to 2026” for insurgent groups operating in the North-East.
On Jan. 1, following authorisation by OPHK, air assets engaged multiple high-value terrorist targets across Sambisa, Gava and the wider OPHK Area of Responsibility.
At about 0027 hours, an armed aircraft code-named Dragon, carried out a precision strike on a building with solar panels at Chiralia, identified as a terrorist logistics and command facility. Battle Damage Assessment (BDA) confirmed the structure was engulfed in flames, with secondary explosions suggesting the presence of stored fuel, explosives or logistics caches.
Further ISR operations tracked suspected Boko Haram Terrorists converging between rocky outcrops in the Gava axis. At approximately 0035 hours on Jan. 2, a precision strike was authorised and executed on the identified coordinates, with Battle Damaged Assessment confirming that about 11 suspected terrorists were neutralised.
Minutes later, surveillance assets observed about 10 additional terrorists fleeing the Gava settlements in panic after hearing the explosions. Continuous tracking revealed another convergence of about eight fighters under a tree, prompting a second precision strike at about 0114 hours.
BDA from the second engagement indicated that the eight terrorists were neutralised, while others fled in different directions. A secondary explosion was again observed near the strike point, reinforcing assessments that the location served as a weapons or logistics cache.
In a related operation, ISR assets identified a large concealed structure covered by trees and fitted with materials suspected to be solar panels, alongside a smaller adjoining building. Following clearance, the larger structure was engaged at about 0229 hours on Jan. 2, with BDA confirming its complete destruction.
Security analysts say the cumulative impact of these strikes has been profound. Beyond the immediate neutralisation of fighters, the operations degraded ISWAP’s logistics, energy supply, shelter and command infrastructure, while also exposing vulnerabilities in what had been considered secure forest hideouts.
The fact that ISWAP commanders are openly worried about missing senior leaders is significant. It points to either high-value casualties or a breakdown in their internal communication, both of which weaken their operational effectiveness.
The Sambisa Forest, once the symbolic and operational heartland of Boko Haram factions, has increasingly become a contested battlespace, with sustained intelligence-driven operations denying terrorists the freedom to regroup or reorganise.
The latest operations also illustrated the growing synergy between ground surface forces and air assets, particularly ISR-enabled precision strikes that exploit real-time intelligence to devastating effect.
The loss of Balangaje and the destruction of multiple hideouts across Chiralia, Gava and IRONS GATE axes further compress ISWAP fighters into smaller, more exposed pockets, increasing the likelihood of defections, internal fragmentation and further leadership losses.
As of press time, operations across the Sambisa Forest were ongoing.
The latest successes reaffirm the momentum of Operation Hadin Kai and suggest that insurgent groups entering 2026 are doing so under sustained pressure, shrinking space and growing internal anxiety over survival.
Multiple terrorists neutralised in Sambisa as coordinated strikes unsettle ISWAP commanders
News
Gunmen abduct village head in Kwara, wife injured
Gunmen abduct village head in Kwara, wife injured
By: Zagazola Makama
Gunmen have abducted the village head of Afin community in Babanla area of Kwara State, injuring his wife during the attack.
Security sources said the incident occurred at about 10:00 a.m. on Jan. 2, when the assailants invaded Afin Village via Babanla, firing sporadically to scare residents.
The sources said the attackers whisked away the village head, Oba Simeon Olaonipekun, while his wife sustained gunshot injuries during the attack.
She was rushed to the General Hospital, Omu-Aran, for medical treatment.
Following the incident, security personnel and local vigilantes were mobilised to the area to track the assailants and rescue the abducted traditional ruler.
The sources said the scene of the incident was visited as efforts continued to trail the gunmen and prevent further attacks in the area.
Investigation into the abduction, the sources added, was ongoing.
Gunmen abduct village head in Kwara, wife injured
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