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Fresh squabbles rock First Bank’s board, threaten recapitilisation

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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

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At Umrah, VP Shettima Prays for Nigeria’s Peace, Stability

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At Umrah, VP Shettima Prays for Nigeria’s Peace, Stability

By: Our Reporter

Vice President Kashim Shettima has performed the lesser hajj (Umrah) at the Holy Mosque of Makkah (Masjid al-Haram) in Saudi Arabia.

The Vice President offered prayers for Nigeria’s peace and stability during the spiritual exercise.

Speaking on Wednesday at the holy site in Makkah, VP Shettima beseeched God’s guidance and intervention for the nation’s leadership and citizenry.

“Our prayer is for peace to prevail in our land. May Allah grant our land peace and social harmony,” the Vice President said.

He also sought divine attributes for Nigeria’s leaders praying, “May Allah grant our leaders, from the President down to our local councillors wisdom , patience and the generosity of Muhammad Rasulullah in all their dealings”.

The Vice President continued his supplications: “May Allah grant us the wisdom to rule our nation well and to govern our people well.”

“Let there be peace, tranquility and prosperity in our nation. This is our prayer and Insha’ Allah, our prayers will be answered by Allah.”

Meanwhile, the Vice President’s scheduled bilateral meeting with the President of the Islamic Development Bank (IsDB) in Jeddah has been rescheduled for a later date. He is expected to return to Nigeria tomorrow.

The Vice President had flown to Saudi Arabia for the lesser Hajj from Dubai, United Arab Emirates, where he represented President Bola Ahmed Tinubu at the commissioning of a $315 million oil production and storage facility owned by Oriental Energy Limited (OERL).

At Umrah, VP Shettima Prays for Nigeria’s Peace, Stability

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UNHCR Boosts IDP Empowerment with Donation of Soap-Making Machines and Office Furniture to Borno State Ministry of Education

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UNHCR Boosts IDP Empowerment with Donation of Soap-Making Machines and Office Furniture to Borno State Ministry of Education

By: Our Reporter

The United Nations High Commissioner for Refugees (UNHCR) has donated soap-making machines and office furniture to the Borno State Government as part of its efforts to empower Internally Displaced Persons (IDPs) through vocational training and livelihood support.

The Honourable Commissioner for Education, Science, Technology, and Innovation, Engr. Lawan Abba Wakilbe, received the items during an official handover ceremony at the UNHCR Sub-Office in Maiduguri.

The donation, which includes two sets of soap-making machines equipped with mixers, crushers, driers, extruders, and tables, as well as 30 chairs and office furniture to replace items damaged by recent floods, reflects UNHCR’s commitment to supporting sustainable development in crisis-affected areas.

Speaking during the event, the Head of the UNHCR Sub-Office in Maiduguri, Nicholas Kaburaburyo, emphasized the organization’s dedication to strengthening partnerships with the government and the Ministry of Education. He highlighted UNHCR’s role in facilitating the repatriation, resettlement, and livelihood reintegration of returnees, particularly through vocational training programs.

Engr. Wakilbe commended UNHCR for its unwavering support, noting that the donation aligns with the state government’s resettlement and empowerment initiatives. He revealed that nine Technical and Vocational Education and Training (TVET) centers in Borno are actively training IDPs, with the vision of transforming the state into a hub for skilled artisans.

The Commissioner also directed the Director of Science and Technology to commence training for master trainers at the Borno State Vocational Enterprise Institute (BOSVEI) in Muna, with the goal of launching the IDP training program by January 2025.

Zakaria Ahmed, Coordinator of BOSVEI Muna, and Ali Musa, Director of Administration and Supplies in the Ministry of Education, expressed their gratitude to UNHCR. They acknowledged that the donation would significantly enhance vocational training opportunities for IDPs and improve working conditions within the ministry.

This initiative underscores UNHCR’s commitment to providing humanitarian assistance and fostering sustainable development in Borno State. Through such efforts, the organization continues to make a tangible difference in the lives of those most affected by conflict and disaster.

UNHCR Boosts IDP Empowerment with Donation of Soap-Making Machines and Office Furniture to Borno State Ministry of Education

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CP Plateau engage stakeholders in Bokkos council area to address recent threats to the peace

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CP Plateau engage stakeholders in Bokkos council area to address recent threats to the peace

By: Bodunrin Kayode

The Plateau State Commissioner of Police, CP Emmanuel Adesina, recently visited Bokkos council Area to engage with stakeholders, discuss peace building strategies and find possible ways to eliminate all threats to peace and security in the area.

The meeting which was attended by council Chairman, Amalau Samuel and his Management Team, as well as Community/Religious Leaders, Youth/Women Leaders, and Security Help Groups arrived at silent resolutions for the peace to remain intact during the yuletide period.

A statement from the police spokesman Alfred Alabo stated that during the meeting, discussions focused on salient issues such as the incessant attacks, farmer/herder clashes, and cattle/animal rustling in the council area.

The release noted that the stakeholders expressed their concerns over the rising levels of insecurity within the area even as they pleaded with the Commissioner of Police to help them ensure peace and calmness within the area.

The stake holders also pledged their support and cooperation to the Police in their efforts to enhance security and ensure the safety of residents in Bokkos area.

“They also agreed to work together through intelligence sharing, to identify and address the root causes of the security challenges facing some communities in the LGA.

“CP Adesina assured the stakeholders of his Command’s commitment to addressing the security challenges in Bokkos council area emphasizing the need for collaboration and information sharing between the Police and the community, to effectively combat crime and maintain peace in the area.

“He further assured them that efforts are being made to deploy additional manpower and logistics to major flashpoints within the area, to forestall any future threats.

“Chairman, Amalau Samuel while responding thanked the CP for his unflinching commitment towards attending to their needs and ensuring that Bokkos council area is peaceful and safe for all to live in.

“He assured the CP that the council Area under his watch will continue to support the Police, untill all criminal elements are flushed out.

“The chair warned all those who intend to cause mayhem especially during this festive period, to desist from such plans, as his administration will not fold it’s hand and watch them destroy the fragile peace currently being enjoyed.

“The Plateau State Police Command remains dedicated to its mandate of protecting lives and property in the state.” Noted the release.

CP Plateau engage stakeholders in Bokkos council area to address recent threats to the peace

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