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
FG Condemns Stabbing of 14 Years Old Nigerian Student in East London
FG Condemns Stabbing of 14 Years Old Nigerian Student in East London
By: Michael Mike
The Federal Government has condemned the killing of 14 years old Nigerian, Daniel Anjorin at school in Hainault, East London, United Kingdom.
Daniel Anjorin was stabbed to death even while dressed in his school uniform in Hainault, East London, on Tuesday by a man who went on rampage with knife leaving four others injured.
The Chairman/ CEO, Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri- Erewa while condoling with the family of the 14 years old Daniel Anjorin on his murder, in a statement by Head of Media, Abdur-Rahman Balogun, described the incident as very unfortunate, sad and gruesome
She condoled with the family of the deceased and the Nigerian communities in the United Kingdom (UK), praying for the repose of the soul of the deceased, whose life was cut short on Tuesday.
Dabiri-Erewa said she is optimistic that drastic measures will be used to make sure that the culprit who is already in police custody will be punished accordingly.
FG Condemns Stabbing of 14 Years Old Nigerian Student in East London
News
Vice Principal leads AI training for teachers in Northern Cross River
Vice Principal leads AI training for teachers in Northern Cross River
By: Michael Mike
Vice principal of Government Secondary school, Adagom, and Microsoft Certified Educator, Mike Udam, has taken the lead in introducing an Artificial Intelligence (AI) training programme for educators in Northern Cross River.
The programme aims to equip teachers with the necessary skills to effectively utilize AI tools in teaching and learning, receiving enthusiastic feedback and appreciation from its participants.
Driven by his fervor for advancing education through technology, Mr. Udam highlighted the transformative potential of AI in the classroom.
Through practical demonstrations and discussions, he showcased diverse AI applications, enlightening fellow teachers on the myriad possibilities AI offers in education.
In a statement, Mr. Udam articulated that his initiative stemmed from a desire to contribute positively to his colleagues’ professional growth.
“Empowering teachers with AI knowledge can greatly enhance educational quality and impact students’ lives,” he emphasized, underscoring his commitment to fostering educational excellence.
Attendees commended Mr. Udam for his dedication and forward-thinking approach, recognizing the training as a vital step in their professional development.
Many expressed gratitude, acknowledging the initiative’s role in bridging crucial gaps in their skill sets, while some remarked on the absence of similar governmental efforts.
The ripple effects of this AI training endeavor are anticipated to reverberate throughout Northern Cross River’s educational sphere, as teachers embrace innovative tools and methodologies to enrich student learning experiences.
Under Mr. Udam’s guidance, AI’s potential to revolutionize education in the region has been ignited, promising a brighter future for educators and learners alike.
Vice Principal leads AI training for teachers in Northern Cross River
News
French Government to Continue Supporting Fight Against Human Trafficking in Nigeria, Others
French Government to Continue Supporting Fight Against Human Trafficking in Nigeria, Others
By: Michael Mike
The French Government may likely continue in sponsoring the programme to end human trafficking in Nigeria and five other West Africa State.
This was disclosed on Thursday in Abuja at the closing workshop for the European Union (EU)-funded project to support the fight against human trafficking in the States of Gulf of Guinea.
Speaking at the occasion, Alessandra Bianca, the Protection Expert, Expertise France, the French agency for international technical expertise whose mission is part of France’s policy of cooperation, development aid, influence and economic diplomacy, said a lot has been achieved during the four years span of the programme and that is ongoing plan to keep the programme running.
She said: “In 2019, Expertise France obtained funding from the European Union and France for the implementation of the Regional Project to Support the Fight against Trafficking in Persons in six Gulf of Guinea Countries for a period of four years (2019-2023).
“The project aims to support the six partner countries (Togo, Benin, Côte d’Ivoire, Guinea, Ghana and Nigeria) in strengthening their actions and capacities for a targeted and effective fight against human trafficking, according to the priorities set by the stakeholders and partners.
“The project focuses on four components, namely (i) institutional, operational and
preventive action consolidation, (ii) law enforcement, (iii) victim protection and (iv) regional cooperation. Through these four components, the project aimed to strengthen the capacities of the institutional systems and mechanisms to combat trafficking in persons.
“The fourth component, on regional cooperation, aimed to boost cross-border
cooperation and implement cooperation measures in accordance with existing bilateral and regional agreements, in partnership with ECOWAS.
“Our strategy of regional intervention fostered a unified approach, allowing us to tailor our responses to the unique needs of each country while fostering collaboration and knowledge sharing.
“Together, we bolstered institutional systems, enhanced law enforcement capabilities, and provided vital protection services to victims of trafficking.
“In Nigeria, our efforts have yielded tangible results. We provided care and support to 660 VoTs and Potential victims of trafficking while sensitizing over 40,000 migrants or potential migrants on the risk of irregular migration (through NACTAL and NGOs).
“Furthermore, critical infrastructure, such as the reception centre for victims of trafficking in Ondo state and the renovated NAPTIP office in Akure, has been revitalized to better serve our communities.
“In addition, a Data management system to store and analyze trafficking-related data was upgraded and Digital travel declaration platform was set up.”
She added that: “As we reflect on our accomplishments, let us also look to the future with optimism. Together, we will continue our efforts to build a world free from the scourge of human trafficking.
Bianca said with great things achieved and many more things to achieve, there is ongoing move to introduce the Phase 2 of the project to continue the good work.
Speaking at the occasion, the Director General, National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Prof. Fatima Waziri-Azu said: “While we celebrate our accomplishments today, let us also recommit ourselves to the ongoing fight against human trafficking. Our work is far from being over, and it is only through sustained collaboration and collective actions that we can create a world where exploitation and trafficking become relics of the past.”
Waziri-Azu who was represented by the Director of Intelligence (Research and Programme Development), Josiah Emerole, said: “Even as this project comes to an end, it is important to note that a lot still needs to be done, as such, we must continue to unite in seeking ways and means of strengthening our anti-human trafficking strategies and support for the survivors of the crime.
“To the Expertise France team, thank you for actively engaging with us in colaborative efforts to address the root causes of trafficking, and enhance victim protection. To the EU, thank you for the role you continue to play in ensuring human trafficking is curbed across the world.”
French Government to Continue Supporting Fight Against Human Trafficking in Nigeria, Others
-
News2 months ago
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
News1 month ago
EYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 months ago
A History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 months ago
Army University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years ago
THE PLIGHT OF FARIDA
-
Opinions3 months ago
Tinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Opinions1 month ago
UMTH:…and the testimonies of patients and patient relations
-
National News2 months ago
Fraud and Mismanagement Rock INGO’s IDP Cash Assistance Effort in Bama