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
IGP launches Zulum’s distribution of 110 vehicles, 280 houses to police, others

IGP launches Zulum’s distribution of 110 vehicles, 280 houses to police, others
By: Our Reporter
Borno State Governor Babagana Umara Zulum has distributed 110 brand new operational vehicles, 500 motorcycles and 280 houses to the Nigeria Police Force and other security agencies.
The distribution was flagged off by the Inspector-General of Police, Kayode Egbetokun, who commended the initiative and described the governor as a “performing governor” in the fight against insecurity in the North East.

The ceremony, held at the Government House in Maiduguri, was attended by top security officials, including the theatre commander of Operation Hadin Kai, Major General Waidi Shuibu; Deputy and Assistant Inspectors-General of Police and others.
According to the distribution formula, 60 vehicles will be allocated to the Nigerian Police and 50 vehicles and 500 motorcycles to the Nigerian military.
Similarly, the police will be allocated 220 houses at Mai Mala Buni Estate, 20 at Kashim Shertima Estate and another 40 at Wulari, all in Maiduguri.

In his address, Governor Zulum emphasised the importance of supporting security forces with the necessary tools which, he said, would enhance their efficiency and dedication to duty.
“Today marks a significant step in our unwavering commitment to strengthening the security architecture of Borno State; we are gathered here to present 100 operational vehicles, 500 motorcycles and housing quarters to members of the Nigerian Police Force and military, as the case may be, who tirelessly serve and sacrifice to safeguard our communities.
“This modest gesture continues our government’s commitment to the security agencies, which are the cornerstones for achieving peace, progress, and development in our state.
“These vehicles will enhance their mobility, improve their response times, and bolster their operational capabilities in the fight against insecurity and social vices,” Zulum states.
The governor commended President Bola Ahmed Tinubu for his leadership in supporting the security agencies.
Governor Zulum also expressed his commitment to rendering his services to the security organisations.

He said: “We are grateful to the Federal Government of Nigeria, under the distinguished leadership of President Bola Ahmed Tinubu, GCFR, for providing strategic leadership and unalloyed support to our security agencies as they work assiduously to safeguard the life and property of our citizens.
“Under my watch, the Borno State Government has maintained a cordial relationship with our security forces. We realised that without security, the recovery of our state from insecurity, Insurgency and decadence would not yield the desired result.
“By supporting our security forces, we are investing in force multiplier, speed of action and timely response of the armed forces and security agencies to our daunting security challenges. We are committed to working together to address the insecurity issues and build a safer and more prosperous future for our people.”
In his remarks, the IGP expressed gratitude to Governor Zulum for what he described as massive support.
Egbetokun said: “These operational assets, including 110 vehicles and 500 motorcycles, will, no doubt, enhance our operational capacity. They will enable us to respond more effectively to emergencies in the state. They will also enable us to patrol our communities more efficiently, ultimately improving the delivery of services to the people of Borno State.
“I thank you, your Excellency, once again, for this gesture; I also want to assure you, Your Excellency, that these operational assets are going to be put to immediate operational use to enhance the security of the people of Borno State tate.”
IGP launches Zulum’s distribution of 110 vehicles, 280 houses to police, others
News
FG Insists Christians are Not Targeted for Killings in Nigeria

FG Insists Christians are Not Targeted for Killings in Nigeria
By: Michael Mike
The federal government has moved to counter the narrative that Christians are targeted for killings in part of Nigeria, stating that it is the work of fifth columnists aiming that the country should be designated a Country of Particular Concern (CPC) by the international community.
A statement on Friday by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa read: “The Ministry of Foreign Affairs wishes to express strong concern over the recent wave of misinformation and misleading reports regarding the supposed targeted killings of Christians in Nigeria. The unfortunate development is intended to influence foreign governments, especially the United States Government, to designate Nigeria a Country of Particular Concern (CPC), due to the violence against Christians.
“While the Federal Government acknowledges the security challenges confronting the nation, it is imperative to clarify that these negative activities are not driven by religious bias, nor targeted against any particular religious group. It should be noted that the majority of incidents relating to insurgency and banditry that occur in the predominantly Muslim northern part of Nigeria are not targeted at followers of a particular faith or religion. Any narrative that seeks to give such incidents a coloration of religious persecution is erroneous and misleading.
“Nigeria is a multi-ethnic and multi-religious nation and the government remains committed to protecting the lives and properties of all citizens, irrespective of faith, ethnicity, or gender. The security issues in Nigeria are complex and multifaceted and manifest as criminality, terrorism and communal clashes – including farmer/herder confrontation, that do not have any religious connotation.”
The statement added that: “The government of Nigeria, under the leadership of President Bola Ahmed Tinubu, has taken significant steps to address these security concerns, including the deployment of security forces, intelligence gathering and community engagement initiatives. Indeed, the military has recorded substantial gains in curtailing the activities of bandits and insurgents. To bring an end to such security challenges, both the Federal and State authorities have embarked on kinetic and non-kinetic methods and expedited the implementation of the national livestock plan.
“To this end, a Ministry of Livestock Development has been established while a Special Adviser and Coordinator of Livestock Reforms, has been appointed to find sustainable solutions to pastoral farming, with a view to end contestations over land, between farmers and pastoral herders.
“The Ministry of Foreign Affairs, therefore, urges the international community to exercise caution and verify information before drawing conclusions or making statements that could exacerbate tensions within Nigeria. We call on all stakeholders, including the media, civil society organizations and foreign partners, to refrain from spreading unverified claims that could undermine national unity and stability.
“Nigeria remains a beacon of religious tolerance and coexistence in Africa and is committed to preserving this heritage. We welcome constructive dialogue and support from the international community in addressing our security challenges. However, we strongly reject any attempts to wrongly designate the country, distort the narrative, or sow seeds of discord among our people.”
FG Insists Christians are Not Targeted for Killings in Nigeria
Crime
Troops Foil Bandit Attack in Dabai Town, Kebbi

Troops Foil Bandit Attack in Dabai Town, Kebbi
By: Zagazola Makama
A swift response by the Nigerian troops in Kebbi has foiled a bandit attack on Dabai Town, forcing the assailants to flee after a gun battle with security operatives.
Intelligence sources told Zagazola Makama that the attack occurred around 2 a.m. when suspected bandits attempted to invade the town.
“Security forces were immediately dispatched to intercept the assailants and engaged them in a fierce exchange of gunfire,” the source said. “Overwhelmed by superior firepower, the bandits abandoned their mission and escaped.”
While no casualties were reported, security operatives have intensified patrols in the area to prevent further attacks.
Troops Foil Bandit Attack in Dabai Town, Kebbi
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