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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
Nine injured in farmers–herders clash in Nasarawa
By: Zagazola Makama
No fewer than nine persons were injured on Monday following a clash between farmers and herders in Loko community, Nasarawa State.
Zagazola report that the incident occurred at about noon on Dec. 15 in Bakono village, Loko area, after a dispute over alleged damage to farmland.
The source said the farmland involved belonged to one Bako Usman.
According to the source, the clash resulted in injuries to five farmers and four herders.
Security forces stormed the scene to restore order, while the injured persons were rushed to the General Hospital, Loko, where they were admitted and are responding to treatment.
Sources said that a stakeholders’ meeting had been convened in the community to prevent further escalation of the crisis.
According to the sources, confidence-building patrols are ongoing, the situation is being closely monitored and the area remains relatively calm.
Nine injured in farmers–herders clash in Nasarawa
Soldier killed as troops clash with suspected militia in Taraba
By: Zagazola Makama
A soldier has been killed, while two others are missing following an attack on troops escorting farmers in Takum Local Government Area of Taraba State.
Zagazola gathered that the incident occurred on Monday during a security operation in a bush area of Takum, which has been prone to clashes involving militia elements.
The source said soldiers from a special forces unit along with police, NSCDC were deployed to provide security for Tiv farmers harvesting their farm produce when they were attacked by hoodlums suspected to be local militia in Taraba state.
According to the source, one soldiers was killed during the attack.
The source further disclosed that following the incident, soldiers cordoned off the venue of the Miyetti Allah executives’ election at the FGR Samsokwa Hall, in Takum, and arrested male executives of the association present at the venue. Though it was yet to establish if they were involved in the attack.
Another sources pointed accusing finger at the Taraba state special adviser on security allegedly to be behind the Militia. Though, Zagazola cannot independently verify the claim.
Meanwhile, security forces have arrested a group of suspected armed bandits in Ifelodun Local Government Area of Kwara State. The suspects were caught with AK-47 rifles during an operation carried out on Friday.
After their arrest, the suspects were taken into custody. In a video that later surfaced online, the men were seen lying face down with their hands tied while security operatives questioned them about where they got the weapons.
One of the suspects alleged that some officials of the Kwara State government gave them both the vehicle and the rifles. He claimed they had been operating in the area under the cover of patrol duties.
According to him, the weapons did not belong to them personally. He said their leader collected the rifles and that they often went on patrol together with some individuals he mentioned by name. He insisted that the guns belonged to those officials.
Soldier killed as troops clash with suspected militia in Taraba
Gunmen abduct five workers at construction site in Kwara
By: Zagazola Makama
Gunmen suspected to be bandits have abducted five workers at a construction site along the Sabaja/Owa-Onire Road in Kwara State.
Zagazola report that the incident was reported at about 4:30 p.m. on Monday by Alhaji Suleiman Abdullah Olanrewaju, manager of Fix Contracting Engineering Company.
The source said Olanrewaju reported that the abduction occurred earlier in the day at about 11:40 a.m. while the workers were on site when the gunmen attacked and whisked them away.
Those abducted were identified as Engr. Ademola Afolabi, Engr. Umar Lade, Fatai and Akin, both labourers, as well as a driver identified as Yusuf.
According to the source, the complainant said he had earlier reported the incident to the military before notifying the police.
Upon receipt of the report, the Divisional Police Officer (DPO) in Oreke mobilised a team of police operatives who linked up with the military and local vigilantes to comb the surrounding bushes in a bid to rescue the victims and arrest the perpetrators.
Investigation into the incident is ongoing, while security agencies said further developments would be communicated.
End
Gunmen abduct five workers at construction site in Kwara
Nine injured in farmers–herders clash in Nasarawa
Soldier killed as troops clash with suspected militia in Taraba
Gunmen abduct five workers at construction site in Kwara
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