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
Zulum Approves ₦1 Billion for New Agric University’s Take Off
Zulum Approves ₦1 Billion for New Agric University’s Take Off
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has approved ₦1 billion for the immediate commencement of the Federal University of Agriculture and Entrepreneurship in Bama.
Governor Zulum announced the donation on Monday while receiving an inter-ministerial delegation on an assessment visit to the Government House.
The team included officials from the Federal Ministry of Education, the National Universities Commission, the Budget Office, and the Office of the Head of Service.
The institution was established after a bill sponsored by Senator Kaka Shehu Lawan was signed into law by the President on May 22, 2025.


Governor Zulum had previously handed over the existing Umar Ibn Ibrahim Elkanemi College of Education, Science and Technology in Bama to the federal government to facilitate a quick start of academic activities.
“I want to announce the donation of ₦1 billion for the take off of the University,” Zulum stated. “I hereby direct the Commissioner for Education to facilitate the process and identify the immediate priority areas and gaps to channel the resources.”
He explained the state’s proactive role, saying, “The federal government announced the establishment of the university, but the state has to provide the enabling environment for the immediate take off of the institution.”
“Although the institution belongs to the federal government, the services that would be rendered is for the good people of Borno State,” he added. “For me, every federal institution, especially the tertiary institutions belong to Borno State government.”
The governor also promised to construct staff quarters and provide additional support.
He commended President Bola Tinubu, Vice President Kashim Shettima, sponsor of the bill, Senator Kaka Shehu Lawan, minister of education for ensuring that the university becomes a reality.

Leader of the federal delegation, who is also the Director of University Education at the Federal Ministry of Education, Hajiya Rakiya Gambo Iliyasu, reported that the team was impressed after inspecting the Bama facility.
“Your Excellency, the team went round the institution this morning and what we saw was quite encouraging,” Rakiya said. “We can tell His Excellency that the institution has everything it needs to take off.”
She confirmed that the institution is ready to begin operations and that the team would proceed with staff verification.
The event was attended by the Deputy Governor, Hon. Umar Usman Kadafur; Senator representing Borno Central, Senator Kaka Shehu Lawan, SAN; Member representing Monguno, Marte and Nganzai federal constituency, Hon. Bukar Talba; Acting Chief of Staff, Dr Babagana Malumbe; other members of the State Executive Council as well as Special Advisers.
Zulum Approves ₦1 Billion for New Agric University’s Take Off
News
45 kidnapped victims regain freedom under peace accord in Katsina
45 kidnapped victims regain freedom under peace accord in Katsina
By: Zagazola Makama
Forty-five kidnapped persons have been released from captivity in Bakori Local Government Area of Katsina State following engagements under the Operation Safe Corridor peace accord.
The victims, comprising men and women abducted from Guga in Doguwar Dorawa Fulani settlement camp and Gidan Danmayaki villages, were freed on Monday through a negotiation channel linked to a bandit leader identified as Isiya Kwashen Garwa.
Zagazola Makama report that the victims regained freedom at about 1400hrs and were immediately received by the member representing Bakori Constituency in the Katsina State House of Assembly.
The lawmaker transferred the victims to the Comprehensive Health Centre, Bakori, where medical personnel conducted evaluations to ascertain their physical condition after prolonged captivity.
Authorities said the freed hostages have since been reunited with their families.
Security personnel and community leaders are maintaining close monitoring as part of efforts to consolidate the peace process and prevent further attacks.
45 kidnapped victims regain freedom under peace accord in Katsina
News
Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector
Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector
The UK Government, through its climate-smart agriculture programme, Propcom+ in collaboration with Welcome2Africa International, is spearheading a Strategic Agribusiness Deal Room designed to mobilise private capital into Nigeria’s agricultural value chains while supporting inclusive, market-led economic transformation.
This initiative underscores the UK’s commitment to strengthening agribusiness value chains, fostering sustainable partnerships, and driving inclusive economic growth across Nigeria.
Positioned as a high-impact investment marketplace, the Deal Room, which will be held from November 18 to 19, 2025, in Lagos, is expected to unlock over £5 million in potential investment and trade commitments, featuring more than 20 pre-vetted, investment-ready agribusinesses.
These enterprises operate across priority sectors, including grains, cassava and starch derivatives, livestock, bioethanol, food processing, mechanisation, agri-tech, and renewable energy, all demonstrating clear growth pathways, commercial traction, and scalability.
“The Deal Room represents a strategic opportunity to accelerate private investment into Nigeria’s agrifood sector and deepen the pipeline of climate-smart, inclusive enterprises,” Olumide Ojo, Propcom+’s Strategy Director, noted.
“By connecting high-potential SMEs with investors, we aim to drive capital mobilisation that strengthens market systems, improves resilience, and expands economic opportunities for farmers, women, and rural communities.”
Echoing the investment rationale, Welcome2Africa International CEO, Bamidele Seun Owoola, reinforced the platform’s role in facilitating cross-border capital flows.
“At Welcome2Africa International, our focus is to catalyse sustainable investment into Africa’s agrifood sector. Co-hosting the Deal Room with Propcom+ presents a unique opportunity to position Nigeria’s most promising agribusinesses before global investors. This platform is fundamentally about unlocking capital and forging long-term investment partnerships that deliver shared prosperity.”
The Deal Room forms part of Propcom+’s broader mandate to strengthen Nigeria’s agricultural markets, empower SMEs, and drive low-carbon, climate-smart growth. Following the event, Propcom+ will continue to support participating enterprises through technical assistance, investor engagement, due diligence, and transaction facilitation, advancing businesses toward investment closure.
Propcom+, Welcome2Africa International target £5 million investments into Nigeria’s agricultural sector
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