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
Armed robbery foiled by Bauchi Police, three suspects arrested in Bauchi
Armed robbery foiled by Bauchi Police, three suspects arrested in Bauchi
By: Zagazola Makama
Three persons were arrested following a foiled armed robbery along the Bauchi–Gombe Federal Highway in Kirfi Local Government Area of Bauchi State on Jan. 26.
Sources said the incident occurred at about 12:16 a.m. when armed robbers blocked the road near Kalajanga Hamlet via Bara Village.
Officers on routine patrol responded promptly, engaging the hoodlums and forcing them to abandon their operation and flee into the surrounding bush.
The trail of the robbers led authorities to the house of one Nasiru Ibrahim of Saddiya Hamlet, where two of his children, Isya Nasiru, 20, and Umar Nasiru, 18, were also arrested in connection with the case.
Recovered items included two sticks, a touch light, three bags, a local bullet-proof shirt, face masks, two pairs of shoes, an Oppo android phone, and several local charms.
Sources say Investigations are ongoing.
Armed robbery foiled by Bauchi Police, three suspects arrested in Bauchi
News
Four killed, 15 injured in lone motor accident on Ibadan–Oyo Expressway
Four killed, 15 injured in lone motor accident on Ibadan–Oyo Expressway
By: Zagazola Makama
Four people were killed and fifteen others injured in a lone motor accident involving a Glynlyon truck along the Ibadan–Oyo Expressway on Jan. 26.
Sources said the truck, with registration number LSD 221 YM, was coming from Kebbi State to Ogun State, carrying rocky stones as well as 23 passengers seated on the stones at the back of the vehicle.
The driver, identified as Muhammed Jibril of Adamawa State, reportedly lost control of the vehicle after hitting a pothole in the Fiditi area, causing the truck to overturn.
The heavy stones reportedly fell on the passengers, killing four instantly, while fifteen others sustained varying degrees of injuries.
The injured were rushed to General Hospital Oyo for treatment, and the bodies of the deceased were evacuated to the hospital mortuary for preservation and autopsy.
Four killed, 15 injured in lone motor accident on Ibadan–Oyo Expressway
News
Six people abducted by armed bandits in Maru, Zamfara State
Six people abducted by armed bandits in Maru, Zamfara State
By: Zagazola Makama
Suspected armed bandits on Jan. 25 abducted six people at gunpoint in Tauji village, Kanoma District of Maru Local Government Area, Zamfara State, while the victims were observing Isha’i prayers.
Sources said one of the victims has been identified as Yahuza Mikailu, 40, while the identities of the remaining five are yet to be confirmed.
The abductors reportedly took the victims to an unknown location.
Efforts are ongoing by security operatives to track the bandits, rescue the victims, and apprehend the perpetrators.
Six people abducted by armed bandits in Maru, Zamfara State
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News9 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
