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
NIMC Unveils WhatsApp, Live Chat Platforms to Revolutionise NIN Customer Support
NIMC Unveils WhatsApp, Live Chat Platforms to Revolutionise NIN Customer Support
By: Michael Mike
The National Identity Management Commission (NIMC) has launched new WhatsApp and live chat support channels to improve customer service and ease access to National Identification Number (NIN) enquiries for Nigerians and legal residents.
In a statement issued on Monday, the Commission said the initiative forms part of its ongoing digital transformation and service reform agenda under the leadership of Director-General and Chief Executive Officer, Abisoye Coker-Odusote.
According to NIMC, the newly introduced platforms are designed to provide faster, more convenient and real-time support services to the public, while reducing the need for physical visits to its offices.
The Commission stated that users can now access support through the live chat feature on its official website, NIMC Official Website, as well as through its official WhatsApp support line at +234 701 566 6971.
NIMC noted that the move aligns with the Renewed Hope Agenda of President Bola Tinubu, which seeks to improve efficiency in public service delivery through technology-driven solutions.
The Commission explained that the platforms would offer prompt responses to enquiries, real-time guidance, and verified information relating to NIN services and identity management matters.
It added that the reforms being championed by Coker-Odusote are aimed at expanding access to identity services, strengthening public confidence, and enhancing operational efficiency across the Commission’s activities.
NIMC also urged Nigerians and legal residents to utilise only its official communication channels and remain vigilant against misinformation and fraudulent activities.
NIMC Unveils WhatsApp, Live Chat Platforms to Revolutionise NIN Customer Support
News
Troops Neutralised Over 250 Terrorists, Recovered 150 Weapons in Sector 2 Operations — Commander
Troops Neutralised Over 250 Terrorists, Recovered 150 Weapons in Sector 2 Operations — Commander
By: Zagazola Makama
The Commander of Sector 2, Operation HADIN KAI, Brig.-Gen. Beyidi Martins, says troops operating within the sector have neutralised more than 250 Boko Haram and ISWAP fighters during sustained offensive and defensive operations across Yobe and parts of southern Borno.
Martins disclosed this on Tuesday during a media briefing in Damaturu, where he highlighted major operational achievements recorded within the sector’s Area of Responsibility (AOR).
He said the achievements were made through a combination of kinetic and non-kinetic operations aimed at degrading the operational capability of terrorists and restoring security across critical locations.
According to him, troops carried out deep penetration and clearance operations into previously inaccessible terrorist enclaves within the Timbuktu Triangle, including Buk, Chileria, Kafa, Abbagajiri and Maisani.
He stated that over 50 terrorists were neutralised during offensive operations conducted within the Timbuktu Triangle, Bulabulin Forest and other identified hideouts.
Martins further disclosed that troops also foiled coordinated attacks on military formations at Kukareta, Forward Operating Base (FOB) Azir, Gonori, Buni Gari and Katarko, among other locations.
He said the failed attacks resulted in more than 200 terrorist casualties.
“In the course of these operations, troops recovered over 150 assorted weapons and large quantities of ammunition from the terrorists,” he said.
The commander listed some of the recovered items to include AK-47 rifles, PKT machine guns, Rocket Propelled Grenade (RPG) tubes, hand grenades, mortar bombs, motorcycles, communication gadgets and Improvised Explosive Device (IED) materials.
He added that troops also discovered and destroyed terrorist life-support structures, detention facilities, IED fabrication sites and Vehicle-Borne Improvised Explosive Devices (VBIEDs) in Chileria, Buk and other identified locations.
Martins said intelligence-driven operations had equally disrupted terrorist logistics networks, leading to the arrest of more than 30 suspected logistics suppliers, couriers and collaborators.
According to him, troops intercepted drugs, Premium Motor Spirit (PMS) and medical supplies suspected to be destined for insurgent groups.
The commander attributed the successes to sustained offensive pressure, improved intelligence gathering and stronger collaboration between troops and local communities.
He reaffirmed the commitment of Sector 2 troops to sustaining operations aimed at eliminating remaining terrorist threats within the North-East theatre.
Troops Neutralised Over 250 Terrorists, Recovered 150 Weapons in Sector 2 Operations — Commander
News
Sector 2 Repairs 30 Battle-Damaged Vehicles, Expands Surveillance in Anti-Terror War
Sector 2 Repairs 30 Battle-Damaged Vehicles, Expands Surveillance in Anti-Terror War
By: Zagazola Makama
The Commander of Sector 2, Operation HADIN KAI, Brig.-Gen. Beyidi Martins, says the Nigerian military has significantly enhanced operational mobility and surveillance capacity in the North-East through the repair of battle-damaged equipment and deployment of modern combat enablers.
Martins stated this on Tuesday during a media briefing in Damaturu while outlining operational and non-kinetic achievements recorded by the sector.
He said the sector successfully overhauled and repaired 30 battle-damaged and burnt armoured and tactical vehicles previously considered beyond economic repair.
According to him, the refurbishment programme has improved operational lift capability and increased firepower available to troops operating across the sector.
The commander said the initiative was part of efforts to sustain combat operations without waiting for prolonged procurement processes for new platforms.
He explained that the sector also procured critical operational equipment within available resources to improve troop effectiveness and communication.
The items, he said, included Night Vision Goggles (NVGs), surveillance cameras, tactical drones, Starlink communication systems, radios, repeaters, floodlights and inverters.
Martins noted that the equipment had enhanced surveillance capability, troop coordination and operational response within difficult terrains across the Area of Responsibility.
He added that troops also sustained Counter-IED and shoulder-clearance operations along major highways, particularly the Maiduguri-Damboa and Biu-Damboa routes, to improve troop mobility and reduce ambushes and roadside bomb attacks.
On non-kinetic operations, the commander said the sector intensified stakeholder engagements with community leaders, traditional rulers, youth groups and religious leaders to strengthen civil-military relations and improve intelligence sharing.
He said troops also provided armed escorts for commuters and humanitarian organisations along vulnerable corridors, including the Maiduguri-Damboa, Damaturu-Maiduguri and Biu-Damboa roads.
According to him, Sector 2 conducted regular farm patrols to protect farmers during cultivation activities and supported reconciliation efforts between farmers and herders in flashpoint communities.
Martins said the sector further collaborated with the International Committee of the Red Cross (ICRC), NGOs and Civil Society Organisations (CSOs) on humanitarian support, sensitisation campaigns and training on international humanitarian law.
He also commended vigilantes and Hybrid Forces for their contributions to intelligence gathering and deep insertion operations within difficult terrains.
The commander assured that troops would continue to sustain offensive operations and strengthen collaboration with communities to consolidate gains recorded in the fight against insurgency.
Sector 2 Repairs 30 Battle-Damaged Vehicles, Expands Surveillance in Anti-Terror War
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