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
NTAC DG Commends CIFCFIN for Giant Strides on 2nd Founders’ Day
NTAC DG Commends CIFCFIN for Giant Strides on 2nd Founders’ Day
By: Michael Mike
The Director General of the Nigerian Technical Aid Corps, Rt. Hon. Yusuf Buba Yakub, has commended the Chartered Institute of Forensics and Fraud Investigators of Nigeria (CIFCFIN) for its remarkable achievements since its establishment, describing the Institute’s progress as “giant strides”.
The commendation was made during CIFCFIN’s 2nd Founders’ Day celebration, which took place,Thursday,in Abuja,and also featured the induction of new members, professional practitioners, and Fellows of the Institute; in addition to a few Awards to some deserving individuals.

The event,which was chaired by Hon. Justice Moore Abraham Aseimo of the Supreme Court of Nigeria,had in attendance several dignitaries,including the CIFCIN Founder and Pioneer President,
Dr. Iliyasu Buba Gashinbaki;Alh. Mairiga Aliyu Katuga,Chairman of the Securities and Exchange Commission (SEC) as well as Dr. Isa Egah Salifu, Registrar/CEO and Secretary to the Council of CIFCFIN.
Others included the
former EFCC Chairman, Mr. Ibrahim Magu; representative of the Development Bank of Nigeria;representative of the Inspector General of Police as well as the representative of the Corps Marshall of the Federal Roads Safety Corps (FRSC),among many other senior officials of Government and stakeholders of the Institute.
In his remarks,Rt.Hon. Buba expressed pride in the milestones attained by CIFCFIN, noting that the Institute’s growth reflects a strong commitment to professionalism in forensics and fraud investigation,both of which are critical to Nigeria’s fight against corruption and economic crime.
Among those honoured at the event were the NTAC DG,whose role as the sponsor of the Bill for the establishment of the Institute was applauded by all.
The ceremony concluded with an official photo session with the Institute’s leadership and invited guests.
End
News
Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria
Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria
By: Michael Mike
The Minister of Information and National Orientation, Mohammed Idris, has appealed to Civil Society Organisations to help correct the misrepresentations of Nigeria as a violator of religious freedom.
The Minister made the appeal at the 25th Anniversary of ActionAid in Abuja.
He said there is an urgent need for CSOs in the country to counter the narratives by applying evidence-based insights into the Nigerian situation.
Idris while addressing the misconceptions about Nigeria abroad, insisted that the country is not a violator of religious freedom and reaffirmed that such freedoms are clearly guaranteed in the constitution.
The minister who acknowledged security challenges even as he emphasized that government efforts are yielding progress, cautioned against narratives that mischaracterise Nigeria and strain its relations with its partners, particularly the United States.
He admitted lthe government’s responsibility to protect citizens, especially children, stating that “our children must be safe in their schools, safe in their communities, and safe in their homes” and highlighted President Tinubu’s recent declaration of a national emergency on security.
He revealed that the emergency measures include new recruitment into security agencies, support for state-level security outfits, and a push for legislative action towards establishing state police.
He described the declaration as a turning point in the fight against terrorism and banditry.
He called on CSOs to deepen their support for open governance, media freedom, digital literacy, and community development, and affirmed that ActionAid’s contributions in these areas remain “complementary and invaluable” to national progress.
The Minister who was the Chairman of ActionAid Nigeria 25 years anniversary celebration commended AAN for its action, service, and transformative work across the country.
He said, “For a quarter of a century, ActionAid has taken development to the frontlines, empowering women and girls, strengthening education, improving healthcare, advocating for governance reforms, supporting communities during crises, and amplifying the voices of the most vulnerable.”
He noted that ActionAid must be praised for its innumerable responses to challenging humanitarian situations and grassroots empowerment work that have shaped policy and community development in profound and measurable ways in Nigeria. “Today, we gather to honour this legacy and to look toward the next chapter.”
The Minister said: “I am equally pleased to unveil the ActionAid building prototype, a strong signal of organisational growth and long-term presence in Nigeria. This forward-looking investment reflects ActionAid’s commitment to deepening its contribution to our nation over the next 25 years and beyond. These milestones deserve our collective applause.”
In his remarks, Country Director, ActionAid Nigeria, Andrew Mamedu, said the struggle of AAN in the last 25 years is to help contain poverty, a struggle he said has not been of convenience but of conviction.
He said: “25 years ago, ActionAid Nigeria began with a simple but radical proposition that poverty is not natural.
And that exclusion is not a condition to be managed by the system. But we have to dismantle it. The true development does not happen when charity is displaced.
“Charity may be rights, give things, that’s charity. But when power is shifted from privilege to the marginalised, from silence to participation, from oppression to agency, our journey has never been one of convenience, it has been one of conviction.
“We have chosen to take sides with women denied their rights, with youth denied their voices, and with communities denied access to opportunities they deserve.
“Because we know that to end poverty, we must confront the structural injustice that creates it. “So for the past 25 years, we have stood shoulder to shoulder with people living in poverty and exclusion. Not as saviours, we don’t see ourselves as saviours, but as allies who are working together.”
Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria
News
Sheikh Dahiru Bauchi: VP Shettima Charges Young Scholars To Preserve His Message Of Tolerance
Sheikh Dahiru Bauchi: VP Shettima Charges Young Scholars To Preserve His Message Of Tolerance
By: Michael Mike
Says nation has lost one of the last great titans of Islamic scholarship
Vice President Kashim Shettima has charged emerging Islamic scholars across Nigeria and Africa to preserve and propagate the enduring message of tolerance, dialogue, and inclusivity exemplified by the late renowned Islamic cleric, Sheikh Dahiru Usman Bauchi.
He specifically said that the late Tijjaniyya leader’s commitment to dialogue and inclusivity represents the true heritage of Islam that must guide future generations.
The Vice President gave the charge on Friday after attending the burial ceremony of the late Sheikh Dahiru Usman Bauchi in Bauchi, Bauchi State, where he described the passage of the cleric as a monumental loss not only to Nigeria but to the global Muslim Ummah.

“This nation has lost a colossus—an institution and one of the last great titans of Islamic scholarship. We call on our emerging scholars to embrace the path of dialogue, moderation, accommodation, and inclusivity, because this is the true heritage of Islam—not fanaticism, not extremism,” VP Shetimma said.
Praying for the repose of the late cleric’s soul, the Vice President said, “May Allah grant his soul eternal rest and reward him with Aljannatul Firdaus. May Allah grant his family and millions of followers the fortitude to bear this irreparable loss.”
Also speaking at the burial, the Governor of Bauchi State, Senator Bala Mohammed, described Sheikh Dahiru Bauchi as a towering figure whose legacy transformed Islamic education and uplifted countless families.

“He made remarkable contributions to development and established a strong tradition of Qur’anic research and scholarship. He mentored so many people. We have lost a father, a guardian, a teacher, and a colossus,” the governor said.
Similarly, the Governor of Kano State, Abba Yusuf, described the day as deeply sorrowful, not only for the family of the cleric but for all Nigerians and the entire Muslim Ummah across the world.
Yusuf said Sheikh Bauchi was widely known as an exceptional Islamic scholar who taught Qur’an and Hadith to hundreds of millions of people, especially his family and members of the Tijjaniyya order.

“May God grant his soul eternal rest and give the nation the fortitude to bear this irreparable loss,” he added.
Also speaking, the Governor of Niger State, Mohammed Umar, expressed gratitude to God for the cleric’s life, describing it as well spent. He said the late scholar would be remembered as a distinguished scholar and leader.
Sheikh Dahiru Bauchi: VP Shettima Charges Young Scholars To Preserve His Message Of Tolerance
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