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
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
By: Zagazola Makama
Fighters of the Boko Haram faction loyal to Ali Ngulde have beheaded two women in the Mandara Mountain area of Gwoza Local Government Area of Borno State after accusing them of engaging in shirk (idolatry).
Sources told Zagazola Makama that the victims were apprehended by the terrorists who alleged they were found with charms (layu) during a search around its settlements.
In the video the insurgents claimed the charms found on the women were evidence of forbidden practices and immediately subjected them to the faction’s makeshift trial system.
They accused the two women of practising shirk after they found some charms on them. The terrorists took them to a secluded part of the mountains and executed them after the so-called trial,” the source said.
He added that the execution was carried out publicly in the presence of other fighters and people to instill fear and enforce obedience to the faction’s doctrines.
Zagazola reports that the Ali Ngulde faction has intensified punitive measures in recent months, targeting individuals accused of sorcery and spying while some were killed for attempting to defect..
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
News
NSCDC intercepts diverted Yobe government tractors, exposes alleged sabotage ring in ministry
NSCDC intercepts diverted Yobe government tractors, exposes alleged sabotage ring in ministry
By: Zagazola Makama
Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) in Yobe have intercepted two government-owned tractors allegedly being smuggled out of the state for illegal sale, uncovering what sources describe as an “internal sabotage network” within the State Ministry of Agriculture and Natural Resources.
Zagazola Makama gathered that the tractors, part of Governor Mai Mala Buni’s agricultural support programme, were reportedly diverted by officials who have long been suspected of selling government-owned farm machinery to neighbouring states.
It was gathered that the latest incident occurred on Oct. 22 when NSCDC personnel intercepted two tractors being moved from an estate along the bypass in Damaturu and headed towards the Nayinawa axis, allegedly en route out of the state.

A security source said that the tractors bore clear government insignia, leaving no doubt about their ownership. However, more than one month after the interception, no official from the Ministry of Agriculture including the Commissioner, Permanent Secretary or any departmental director, has stepped forward to officially claim the machinery or explain the circumstances surrounding the attempted diversion.
“These tractors carry bold government identification. Despite that, no authorised official has come to claim them or provide documentation. Instead, we have seen strong behind-the-scenes pressure to release them quietly,” the source said.
According to the source, the NSCDC officer who made the arrest insisted that all parties involved must appear to provide explanations before the tractors could be released. His refusal to bow to pressure allegedly angered influential interests both within the Corps and in the state bureaucracy.
Zagazola gathered that the officer was subsequently transferred out of Yobe State in what insiders described as an attempt to “bury the case and silence resistance”.
Investigations further revealed that this was not the first diversion of agricultural machinery under the state’s empowerment scheme. Some tractors were reportedly smuggled and sold in a neighbouring state months earlier, with no internal accountability action taken.
The diversion of the tractors undermines Governor Buni’s vision of strengthening mechanised farming, boosting food production and mitigating food shortages in Yobe.

A senior agricultural stakeholder, who pleaded anonymity, said: This is pure economic sabotage. These tractors were procured to support farmers and strengthen food security. Diverting them for personal gain is not just theft it is an attack on the state’s development.”
Zagazola reports that the tractors remain in NSCDC custody pending official claim and clarifications. Both the NSCDC and the Ministry of Agriculture have not issued public statements on the development as at the time of filing this report.
NSCDC intercepts diverted Yobe government tractors, exposes alleged sabotage ring in ministry
News
DSS arrests notorious bandit in Bauchi village, recovers cash and ammunition
DSS arrests notorious bandit in Bauchi village, recovers cash and ammunition
By: Zagazola Makama
Operatives of the Department of State Services (DSS) have apprehended a notorious bandit in Bojinji Village on the outskirts of Bauchi during a surprise raid, recovering millions of naira in cash and a large cache of ammunition.
Sources told Zagazola Makama that the suspect had relocated to Bauchi from Zamfara State, claiming to be fleeing persecution, and had settled in the community with his family. Bauchi has been a preferred destination for people affected by conflicts in neighbouring states, but security operatives say some criminal elements exploit this pattern to mask their activities.
The raid, carried out without prior warning, caught residents by surprise. “The DSS traced the suspect’s illicit wealth and movements before executing the operation,” a security source said.
Investigations revealed that the suspect was known locally for his lavish lifestyle, spending entire days drinking at Unguwar Yelwan Angas and buying alcohol for others, but no one suspected him of criminal activity until the DSS intervention.
Security officials have urged community members to assist security agencies by reporting suspicious individuals, particularly those whose lifestyle appears inconsistent with their means, as such vigilance is critical to preventing crimes and exposing criminal networks.
Security sources have confirmed that further investigations are ongoing to determine the extent of the bandit’s operations and any accomplices within the state.
DSS arrests notorious bandit in Bauchi village, recovers cash and ammunition
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