Connect with us

News

Fresh squabbles rock First Bank’s board, threaten recapitilisation

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Borno Flood: Kashim Imam Begins Distribution of Cooked Meals to Victims

Published

on

Borno Flood: Kashim Imam Begins Distribution of Cooked Meals to Victims

By: Michael Mike

Former President Olusegun Obasanjo’s Parliamentary Liaison Officer, Alhaji Kashim Imam has volunteered to provide meals to large number of people displaced by recent flood the submerge more than half of Maiduguri, the Borno State Capital and its environs.

Imam, who is also a former Chairman of the Board of Trustees (BOT) of the Tertiary Education Trust Fund (TETFund), under President Muhammadu Buhari’s administration on Wednesday said the gesture became imperative in order to present many residents of the state who had been thrown into discomfort as result of the devastating flood, which has resulted in unprecedented devastation, with over 30 lives lost, 23,000 residential houses destroyed, and 414,000 people displaced, critical infrastructure, including bridges, roads, electricity systems, healthcare facilities, and schools, severely damaged, including approximately one million people losing their source of livelihood.

Imam. who is known for his philanthropic acts have had to relocate to Maiduguri to supervise the distribution to internally displaced persons camps accommodating the victims of the disaster in Maiduguri and its environs.

According to Imam who spoke during a brief press conference, “We are saddened by the shared numbers of lives lost, by our account, it’s running into hundreds and sadly their bodies are being discovered daily as water recedes. The carnage, the loss of lives, the loss of properties and unimaginable displacements.

“The immediate emphasis is on food, I have seen people crying they haven’t eaten in two days and this is an immediate concern of everybody, as water recedes and we count our losses then these other challenges will also come to the fore.

“In line with the appeal of Governor Zulum, we elected to focus on alleviating the suffering of those affected by providing food and water with immediate effect so I am happy to inform you that I am providing a total of 200,000 food packs we have already commenced with an average of 6,000 a day and we wish to scale to 10,000 packs every day,” Imam said.

Imam, who was at different times the gubernatorial candidate of the People’s Democratic Party (PDP) in the state before joining the All Progressives Congress (APC) said the food distribution is only the first step in his intervention pointing out that “ there are short, medium and long time plans of assisting the flood victims “.

He lamented that: “Almost every indigene of Borno is sad and saddened by the devastation that has befallen my home town Maiduguri . We are saddened by the sheer number of lives lost, which by all accounts running into hundreds. Nobody can give you exact accurate figures. Still and sadly there are bodies that are being discovered daily as the water recedes. Sadly nobody has the most accurate figures. It is very factual that it runs into hundreds of lives lost.

“Thousands of people are homeless. All there homes have been destroyed by the floods; nobody was prepared for this; our poele were caught unawares in the middle of the night. The floods came in the middle of the night and all accounts points at between midnight and half past midnight. Most people were already home in bed and most were asleep. All were caught unawares. Nobody saw this coming and nobody was prepared for this. The carnage, the lost of life, the loss of properties is enormous. Those that were rescued managed to escape with the cloths that they were wearing. And if you go round the metropolis, out of the 15 wards in Maiduguri, only four were not affected. Eleven were badly affected. In some of these wards, more than a week after people are still trapped they cannot come out.

Fatima Imam, one of the daughters of Imam who was part of the group that oversee the food packaging, revealed that members of her family have continued to work round the clock to ensure cooked food reaches all the victims.

She said: “We try to feed as many people as possible every day- sometimes we cook rice, stew and beef while other times Jollof rice. We cook at least 20 bags of rice every day – we sleep by 4 am and wake up by 6 am just to make sure we get food across to the flood victims.”

Borno Flood: Kashim Imam Begins Distribution of Cooked Meals to Victims

Continue Reading

News

NA BURIES LATE BRIG GEN BB TETE IN HIS HOME TOWN WITH FULL MILITARY HONOURS

Published

on

NA BURIES LATE BRIG GEN BB TETE IN HIS HOME TOWN WITH FULL MILITARY HONOURS

By Our Reporter

In line with the rich military customs, ethics and tradition, the Nigerian Army (NA) buried one of its finest senior officer late Brig Gen BB Tete who died recently after a protected illness in a solemn ceremony held on 18 September 2024 in his home town of Bakin Kogi-Kanikon in Jemma’a Local Government Area of Kaduna State. The funeral afforded senior military officers both serving and retired the opportunity to pay their last respect to one of their distinguished and finest colleagues.
The funeral brings together military elites and dignitaries from across the country.

In the late senior officer’s funeral oration read by the representative of the Chief of Army Staff, Brigadier General MT Jinadu who stood in for the General Officer Commanding 1 Division Nigerian Army Major General Mayirenso Lander David Saraso. The COAS described the late senior officer as a highly resourceful, disciplined, regimented and hardworking gentleman whose integrity was beyond reproach. “He was a man of impeccable character and unwavering dedication,” he remarked. He also highlighted the late senior officer’s ability to leave a mark of excellence in every assignment he undertook. He further emphasized that late Gen Tete’s patriotism and moral standards were exemplary, earning him the respect and admiration of both his peers, superiors and subordinates alikes.

The COAS further mentioned that late senior officer’s demise will be deeply felt not only by his immediate family but the entire Nigerian Army and the nation at large adding that his legacy of forthrightness and vast experience in the military will be greatly missed. He prayed to the Almighty God to grant him eternal rest and give the family the fortitude to bear the irreparable loss.

The funeral ceremony witnessed an impressive turnout of very senior military officers serving and retired including the former Chief of Defence Staff Gen ML Agwai and coursemate of the deceased senior officer as well as serving and retired senior officers of the Nigerian military. Together, they all gathered to honour and paid their last respect to a man whose life was defined by service, commitment and an unwavering sense of duty to humanity and his country.

NA BURIES LATE BRIG GEN BB TETE IN HIS HOME TOWN WITH FULL MILITARY HONOURS

Continue Reading

News

Former Deputy Governor Sympathizes with Yobe Govt

Published

on

Former Deputy Governor Sympathizes with Yobe Govt

By: Mamman Mohammed

The Executive Governor of Yobe state Hon. Mai Mala Buni CON today received in audience former Deputy Governor of the state Engr. Abubakar D. Aliyu CON, who paid a sympathy visit on the Governor at Government House Damaturu.

Engr. Aliyu , who is also a former Minister of Power described the Mafa attack as senseless and grossly insane, and prayed to Allah to grant the victims eternal rest in Aljannatu Firdaus.

He also condoled with the families of the deceased and prayed quick recovery for those who sustained injuries in the attack.

Governor Buni commended the former Deputy Governor for finding time to visit him to commiserate with the government and people of the state.

“It is a collective loss for all of us. I sincerely appreciate your concern and sympathy to the government and families of the victims of the attack” Buni said.

He assured the commitment of government to providing security to the people of the state, especially those in the border communities who are vulnerable to cross border crimes.

Former Deputy Governor Sympathizes with Yobe Govt

Continue Reading

Trending

Verified by MonsterInsights