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
Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire
By: Zagazola Makama
Troops have repelled an attempted kidnapping along the Makurdi–Kura road in Benue State, but a driver was killed during a crossfire between soldiers and suspected bandits on Wednesday evening.
Zagazola gathered that the incident occurred at about 6:30 p.m. when a group of engineers travelling from Kura to Makurdi encountered armed men who had blocked the road, intending to abduct passengers in a bus ahead of them.
According to a local source, soldiers on routine patrol were behind the engineers’ vehicle and immediately engaged the attackers in a gun duel, forcing the assailants to flee into the bush.
During the exchange of fire, Ochoche Otokolo Ekwu, the driver of the engineers’ vehicle, was hit by a stray bullet and died on the spot.
The source said the Divisional Police Officer of ‘D’ Division mobilised a patrol team alongside tactical units to the scene, where the corpse was evacuated and deposited at a mortuary in Makurdi.
The source added that security operatives are currently combing nearby bushes to track the fleeing suspects and prevent further attacks along the route.
Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire
Police Officer goes missing after signing out rifle in Katsina
By: Zagazola Makama
A police officer has been declared missing in Katsina State after signing out a service rifle for duty and disappearing without a trace.
Zagazola gathered that the incident occurred on Nov. 23 when PC Ahmed Tukur attached to the Danmusa Division, reported for duty at about 6 p.m. and signed out an AK-47 rifle with breech number 13492 for standby duty.
Shortly after collecting the weapon, the officer left the station for an unknown location and has not been seen since.
A source told Zagazola that all efforts to contact him, including visits to his residence and reaching out to relatives, have yielded no clues about his whereabouts.
The source said the command has launched sustained efforts to trace the officer and recover the missing rifle, describing the situation as “a serious operational and security concern.”
Police Officer goes missing after signing out rifle in Katsina
News
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
By: Yahaya Wakili
Yobe State Governor Hon. Dr. Mai Mala Buni CON has said that the security challenges in the nation need to involve community leaders and individuals for intelligence gathering so as to cut off sources of illegal arms supply in the country.
He said by involving the community leaders and individuals for intelligence gathering, it will arrest the sponsors in order to restore peace and stability to Nigerians.
Governor Buni disclosed this today when he received members of the forest guards training and evaluation committee at the Government House, Damaturu.
Ably represented by his Deputy, Hon. Idi Barde Gubana (Wazirin Fune). He urged Nigerians to emulate the sacrifices made by our forefathers to end security challenges and build a better Nigeria.
The governor assured that recently the service chiefs have given assurance that they will do everything possible within their reach to bring to an end the current insecurity, especially in Northern Nigeria.
He informed the delegation that the Yobe state government has been working tirelessly to improve the security situation in the state.
Speaking earlier, the leader of the delegation, Major General H. I. Mabeokwu, told the governor that they were in Yobe State to brief the governor on the ongoing training of 865 forest guards in the state.
According to Major General Mabeokwu, the committee had earlier visited the Yobe state camp to monitor the ongoing training and inquired about the needs of the trainees and the standards set for the training.
“Your Excellency, we have made significant strides in not only training those forest guards but also raising their awareness about the importance of forest conservation.” Major General Mabeokwu said.
He commended the governor for his generosity in terms of welfare for the instructors and trainees as well as relocation and renovation of the training camp and facilities used to enhance the training.
The committee members comprise the Nigerian Army, Navy, DSS, NNSBS, and NPS across the security agencies.
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire
Police Officer goes missing after signing out rifle in Katsina
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
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