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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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NANS Throws Weight Behind NDLEA Drug War, Endorses Tinubu’s Renewed Hope Agenda

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NANS Throws Weight Behind NDLEA Drug War, Endorses Tinubu’s Renewed Hope Agenda

By: Michael Mike

The National Association of Nigerian Students (NANS) has declared full support for Nigeria’s intensifying war against substance abuse, aligning with the efforts of the National Drug Law Enforcement Agency (NDLEA) to combat the growing threat of illicit drug use among young people.

The position was made known when NANS leaders, led by their National President, Sola Oladoja, paid a strategic visit to the NDLEA Chairman and Chief Executive Officer, Mohamed Marwa at the agency’s national headquarters in Abuja.

In a meeting that underscored rising concerns over drug abuse in tertiary institutions, the student leaders commended the NDLEA’s sustained crackdown on drug trafficking networks and its preventive campaigns targeting campuses.

Oladoja described the agency’s War Against Drug Abuse (WADA) initiative as a transformative intervention that has significantly increased awareness among students about the dangers of substance misuse.

He said the association’s support for the NDLEA is rooted in a shared responsibility to safeguard the future of Nigerian youths, noting that drug abuse continues to threaten academic performance, mental health, and societal stability.

The NANS leadership also used the occasion to reaffirm its backing of President Bola Tinubu and his Renewed Hope Agenda, pointing to policies they believe have directly impacted students and young people. Oladoja cited the rollout of the student loan scheme, improved stability in the academic calendar following the resolution of strikes, and expanded youth-focused programmes as evidence of the administration’s commitment.

According to him, these measures have strengthened confidence among students in the current government and informed their willingness to support its continuity beyond the current term.

Responding, Marwa welcomed the endorsement, describing Nigerian students as a critical constituency in the national effort to curb drug abuse. He noted that meaningful progress in the anti-drug campaign would require active collaboration with young people, particularly those in higher institutions where vulnerability to substance use remains high.

Marwa warned that drug abuse poses far-reaching consequences, from deteriorating health and disrupted education to increased crime and long-term social instability. He called on student leaders to take ownership of the campaign within their campuses by promoting awareness and discouraging peer influence toward drug use.

Addressing concerns over the Federal Government’s newly introduced drug integrity test policy for students, the NDLEA boss clarified that the initiative is not designed to punish but to protect. He explained that early identification of drug use allows for timely counselling, treatment, and rehabilitation, thereby preventing long-term damage.

The engagement ended with both NANS and NDLEA agreeing to deepen collaboration, signalling a more coordinated approach to tackling substance abuse within Nigeria’s academic environment.

NANS Throws Weight Behind NDLEA Drug War, Endorses Tinubu’s Renewed Hope Agenda

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Troops Recover 225 Rustled Cattle, Repel Bandits in Katsina

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Troops Recover 225 Rustled Cattle, Repel Bandits in Katsina

By: Zagazola Makama

Troops of Operation FANSAN YANMA have recovered no fewer than 225 rustled cattle after engaging suspected bandits in Katsina State.

Security sources told Zagazola that the operation was carried out at about 8:00 a.m. on April 20 by troops of 17 Brigade following credible intelligence on the movement of a notorious bandit leader, identified as Muhammad Filani, and his group.

The sources said the suspects were tracked to Kauri village in Kankia Local Government Area, where troops made contact and engaged them in a firefight.

“Upon contact, the troops engaged the bandits effectively, forcing them to flee and abandon the rustled cattle,” the source said.

The troops subsequently recovered a total of 225 cattle, which were handed over to relevant local authorities for identification and return to their rightful owners.

Military authorities noted that the operation has dealt a significant blow to cattle rustling networks operating within the area.

They added that troops have sustained aggressive patrols and intelligence-driven operations to deny bandits freedom of action across the state.

Meanwhile, under Operation Savannah Shield, troops continued offensive operations and routine security activities within their areas of responsibility.

Sources, however, confirmed that there was no major incident recorded during the period under review.

The Nigerian Army reaffirmed its commitment to protecting lives and property while intensifying efforts to combat banditry and related crimes in the North West.

Troops Recover 225 Rustled Cattle, Repel Bandits in Katsina

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Troops Foil Kidnap Attempt, Rescue Two Victims in Kaduna

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Troops Foil Kidnap Attempt, Rescue Two Victims in Kaduna

By: Zagazola Makama

Troops of the Nigerian Army have foiled a kidnap attempt and rescued two victims following a swift response to a distress call in Kaduna State.

Security sources said that the incident occurred at about 1:00 a.m. on April 21, when troops deployed under Operation Enduring Peace at Ungwan Gora checkpoint received reports of gunshots suspected to be from kidnappers.

The sources said the attack took place along the axis between Ungwan Dariya and Rafin Tagwi Bridge in Sanga Local Government Area.

“On receipt of the report, troops responded immediately and moved to the location, where they made contact with the suspected kidnappers,” a source said.

According to the source, the troops engaged the attackers, forcing them to flee into nearby bushes and abandon their victims.

During the operation, two persons who sustained gunshot wounds were rescued by the troops and promptly evacuated to a medical facility for treatment.

Military authorities said the swift intervention of the troops prevented what could have escalated into a successful abduction.

They added that patrols have been intensified within the area to track down the fleeing suspects and forestall further criminal activities.

The Nigerian Army reaffirmed its commitment to safeguarding lives and property, urging residents to continue providing timely information to security agencies.

Troops Foil Kidnap Attempt, Rescue Two Victims in Kaduna

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