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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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Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect

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Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect

By: Michael Mike

The European Union (EU) Ambassador to Nigeria and ECOWAS, Gautier Mignot has described the ties between the continents of Europe and Africa as destined and rest on long-term impact, sustainability and mutual respect.

Speaking at a reception organized for African Union and European Union in Abuja, Mignot said “the ties between both continents as a “community of destiny,” adding that Africa’s and Europe’s wellbeing are deeply interconnected.

He emphasized that the partnership rests on long-term impact, sustainability and mutual respect—principles he believes will continue to guide cooperation in the coming years.

The reception which marked the successful conclusion of the 7th African Union–European Union Summit and the 25th anniversary of the AU–EU partnership hosted by the European Union Delegation to Nigeria and ECOWAS, in collaboration with the Embassy of Angola, had in attendance envoys from both European and African countries.

The reception was jointly led by the EU Ambassador and the Ambassador of Angola, José Bamóquina Zau, whose country hosted the summit in Luanda at the end of November.

In his remarks, the EU Ambassador praised Angola for its hospitality, noting that the summit’s success was anchored largely on the commitment and support of the host government and people. He extended the appreciation of all participating delegations to Ambassador Zau and commended Angola for facilitating what he described as “a real sense of community” among nations.

Although President Bola Ahmed Tinubu was unable to attend the summit in Angola due to domestic engagements, Nigeria was represented by Vice-President Kashim Shettima.

The ambassador noted that the strong representation from both African and European sides underscored the significance attached to the partnership. According to him, the joint statement endorsed in Luanda by countries representing about 40 percent of the global community demonstrated unity and shared resolve.

He said the summit reaffirmed a shared commitment to a more inclusive global order and a fairer international financial system capable of addressing the needs of citizens across the two regions. Over the past 25 years, he added, the AU–EU partnership has matured into a platform that drives concrete results across critical areas including peace and security, economic transformation, green and digital transitions, education and regional integration.

Highlighting the Global Gateway Investment Strategy, Mignot noted that more than half of its 264 flagship projects are focused on Africa, with investment commitments of at least €150 billion.

He also cited major initiatives aligned with the AU Agenda 2063, including the €1.2 billion Team Europe programme supporting the African Continental Free Trade Area, and the Africa-Europe Green Energy Initiative targeting the delivery of 50 GW of renewable energy and electricity access for 100 million Africans by 2030.

He noted that despite occasional misconceptions about the strength of the relationship, but stressed that the EU remains Africa’s largest trading partner, leading investor, top provider of development and humanitarian assistance, and the biggest contributor to the African Peace and Security Architecture.

He highlighted youth mobility and women’s empowerment as areas of particular pride for the partnership.

On his part, Ambassador of Angola, José Bamóquina Zau on the event hosted in Angola, said: “Luanda stood up as a platform of hope and a symbol of the African desire to establish continuous relations with Europe in search of benefits of both sides.”

He said hope must be anchored on building channels of dialogue and cooperation in the areas of peace and security, trade and investment, governance, education and health, climate action, and digital transformation.

The envoy said: “We must guide our actions with a spirit of pragmatism, free from the prejudice and bureaucracy that so often hinder the implementation of important decisions taken together.”

He however stated that Africa cannot continue to be dominated by poverty while remaining a major supplier of essential raw materials to the world.

He added that: “We must to build a new, solid, and effective vision between Africa and European financial institutions, with investments in development. This is the most assertive way to avoid the suffocation caused by excessive debt burdens.”

He however said: “Our strategic partnership will only be strong and resilient if it aligns with the African Union’s Agenda 2063, and capable of responding to current global and local geopolitical challenges.”

Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect

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Syrian national dies in suspected suicide in Sokoto

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Syrian national dies in suspected suicide in Sokoto

By: Zagazola Makama

A Syrian national resident in Sokoto for more than 40 years has died in a suspected case of suicide after allegedly consuming insecticide, the Sokoto State Police Command has confirmed.

Zagazola report that the incident occurred on Wednesday at about 9:30 p.m. at Gawon Nama Zaga Road.

Police said the Divisional Police Officer (DPO) received a distress call from one Tukur Registrer, who reported that a 16-year-old boy, Ahmad Aliyu of Gagi area, rushed into a nearby mosque to alert worshippers that his employer, identified as Abdulrahman Badenjki, had been found ingesting mosquito insecticide.

Upon receiving the information, the DPO and operatives immediately mobilised to the residence. The victim was found unconscious, lying on his bed. A container of Executor mosquito insecticide was reportedly found on a blue plastic chair beside him.

Police said the scene was photographed and secured for further investigation, while the victim was rushed to the Usmanu Danfodiyo University Teaching Hospital (UDUTH), Sokoto, where a medical doctor confirmed him dead on arrival.

The corpse has since been deposited at the hospital mortuary for autopsy.

According to a source from the Command, the Deputy Commissioner of Police, Criminal Investigation Department (DC CID), has visited the scene and taken over the case for discreet investigation to determine the circumstances surrounding the incident.
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Vigilante rescue attempt turns fatal in Yobe, one killed, another injured

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Vigilante rescue attempt turns fatal in Yobe, one killed, another injured

By: Zagazola Makama

A rescue attempt by vigilante operatives in the early hours of Thursday turned tragic in Sandi Village, Gulani Local Government Area of Yobe State, leaving one person dead and another injured.

According to local sources, a group of vigilante members from Damaturu, led by Danshuwa and Umar Birnigadam, arrived in Sandi Village at about 4:30 a.m. to rescue alleged kidnapped victims. The team, acting independently, reportedly proceeded straight to the scene of the suspected abduction.

During the operation, the vigilantes allegedly shot Ahmed Shuwa, 37, and Muhammad Bello, 27, both residents of the area. The operatives also arrested one Alhaji Lawan and took away a motorcycle and a bicycle.

Community members rushed the injured victims to the hospital in Bara for medical attention. However, Ahmed Shuwa later died from the gunshot wounds sustained during the incident.

Reacting to the incident, the Police in Yobe Command said that the vigilantes proceeded to the scene without notifying police operatives in Bara Division. During which they allegedly shot Ahmed Shuwa and Muhammad Bello.

Upon receiving the report, a police team visited the scene and evacuated the victims to Bara Hospital for treatment.

Sources from the Command confirmed that an investigation has commenced to determine the circumstances leading to the shooting and to ensure that the persons responsible are identified and apprehended.

The Police assured residents that decisive action will be taken to address the incident and prevent a recurrence.

Vigilante rescue attempt turns fatal in Yobe, one killed, another injured

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