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
Scores killed in Boko Haram/ISWAP renewedclashes in Mandara Mountains and Sambisa Forest
Scores killed in Boko Haram/ISWAP renewed
clashes in Mandara Mountains and Sambisa Forest
By: Zagazola Makama
Scores of fighters were reportedly killed in a week-long surge of violent infighting between rival factions of Boko Haram and the Islamic State West Africa Province (ISWAP) across the Sambisa Forest axis of Borno State.
Security sources told Zagazola Makama that the renewed hostilities erupted on Jan. 3, following a coordinated ISWAP raid led by two commanders, identified as Jundullah and Ibn Hataf, targeting camps loyal to the Boko Haram faction around the Ali Ngulde axis of the Mandara Mountains.
The offensive, according to the sources, was met with stiff resistance as Boko Haram elements mounted a counter-ambush under the coordination of a field commander known as Abu-Rijal, also called Ba-Sulhu. Dozens of ISWAP fighters were reportedly killed in the encounter, while many captured alive, with weapons seized by the defending faction.
Footage that resurfaced during the week and said to have been obtained by Zagazola Makama, showed captured ISWAP fighters being executed before other combatants, amid claims of victory by the Boko Haram faction.
While the video reflects the brutality that has characterised inter-group rivalries in the forested enclaves of the Lake Chad in Borno State. Heavy weapons including AK-47 rifles, a general-purpose machine gun (GPMG), an anti-aircraft gun and assorted ammunition, were
recovered during the initial clashes.
However, the balance of power appeared to shift days later. On Jan. 6, ISWAP fighters were said to have launched a retaliatory assault on a Boko Haram stronghold in the Sabil Huda axis, triggering a prolonged exchange of heavy gunfire that lasted several hours.
Sources said ISWAP forces eventually overran the position, killing at least 12 Boko Haram fighters and seizing additional weapons.
The aftermath of the fighting reportedly forced the relocation of Boko Haram families, women and children from contested camps to perceived safe havens around the Yale General axis.
Night operations were also said to have been conducted to track fleeing fighters, though no further confirmed engagements were recorded as of Wednesday.
The renewed clashes are consistent with a long-running rivalry rooted in ideological differences, leadership disputes and competition over territory, resources and fighters. Both factions, according to sources, are re-arming and repositioning for possible further attacks.
Scores killed in Boko Haram/ISWAP renewed
clashes in Mandara Mountains and Sambisa Forest
News
Zulum begins construction of 2 mega schools in Hawul
Zulum begins construction of 2 mega schools in Hawul
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has commenced the construction of two new mega schools in Hawul Local Government Area on Wednesday.
A 48-classroom High Islamic College is located in Shafa. It will operate under the accredited curriculum of the National Board for Arabic and Islamic Studies (NBAIS), designed to provide a holistic and modern Islamic education.

Zulum explained that the construction of High Islamic Colleges is part of his campaign promise, which will blend formal education with the study of authentic Islamic knowledge and allow learners to study digital knowledge, numeracy, literacy, and vocational skills.
The second mega school project launched by the Governor is situated in Marama and is aimed at expanding access to quality educational facilities across the LGAs by the Zulum administration.
During his visit, Governor Zulum also announced a plan for the recruitment of additional teachers, stating, “I am happy to lay the foundation of a mega school in Marama town. We are going to support you in all ramifications. In line with my campaign promises to deliver and transform the education sector, this government will construct a befitting two-storey building with 36 classrooms, in addition to other facilities.
“Due to a shortage of teachers, we must recruit competent teachers who are indigenes of Marama to teach in this school,” Zulum stated.

Zulum was assisted with the foundation-laying by the Commissioner of Education, Science, Technology and Innovation, Engr. Lawan Abba Wakilbe.
Similarly, Governor Babagana Umara Zulum visited the National Orthopaedic Hospital, Azare, also in Hawul Local Government Area, a facility that was rehabilitated and donated by the State Government to fast-track the take-off of the hospital.
Governor Zulum also commissioned projects executed by Hawul Local Government, including a shopping complex and market stalls.
The Governor was accompanied by Senator Mohammed Ali Ndume (Borno South); former Deputy Governors, Usman Mamman Durkwa and Ali Abubakar Jatau; Hon. Bukar Talba (House of Representatives); the Deputy Speaker, Hon. Abdullahi Musa Askira; members of the State Assembly; commissioners; local government chairmen; and other stakeholders from Southern Borno.
End
News
BORNO MECHANICS’ ASSOCIATION APPOINTS PCC COMMISSIONER AS PATRON
BORNO MECHANICS’ ASSOCIATION APPOINTS PCC COMMISSIONER AS PATRON
By: Our Reporter
The Borno State Motorcycle, Tricycle and Generator Mechanics Association has paid a courtesy visit to the Honourable Federal Commissioner, Public Complaints Commission (PCC), Borno State Hon. Yusuf Adamu in his Office, during which he was formally appointed as the Patron of the Association.
The visit provided an opportunity for a robust and interactive engagement between the leadership of the Association and the Honourable Federal Commissioner. In his remarks, the Commissioner expressed appreciation for the visit and the confidence reposed in him by the Association. He used the occasion to urge members to, with immediate effect, take advantage of the Mechanic Village allocated to them by the Borno State Government by relocating their operations accordingly. He emphasized that the initiative was aimed at enhancing orderliness, professionalism, and safety within the sector.

The Honourable Federal Commissioner further admonished the Association to remain law-abiding and loyal to constituted authority, stressing that peace and progress can only thrive in an atmosphere of respect for the rule of law. He also charged members to uphold the principles of justice, equity, and fair play in the discharge of their duties, and to desist from any form of sharp practices, particularly cheating unsuspecting members of the public.

Responding on behalf of the delegation, the leader of the Association expressed profound gratitude to the Honourable Federal Commissioner for his warm reception, fatherly advice, and willingness to serve as their Patron. He assured the Commissioner that the Association would adhere strictly to his counsel, particularly on relocating to the Mechanic Village and maintaining high ethical standards in their operations.

The courtesy visit was rounded off with special prayers for peace, progress, and prosperity for the Patron, the Public Complaints Commission, and the Federal Republic of Nigeria. The event concluded with the taking of group photographs to commemorate the occasion.
BORNO MECHANICS’ ASSOCIATION APPOINTS PCC COMMISSIONER AS PATRON
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