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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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Borno State Councillors endorse Tinubu/Kashim for a second term

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Borno State Councillors endorse Tinubu/Kashim for a second term

By: Bodunrin Kayode

The forum of Councillors in Borno State have endorsed the enthronement of President Bola Tinubu for a second term

The Councillors all from the All Progressive Congress (APC) gave the endorsement during a news conference in Maiduguri on Friday led by their Chairman of the Forum Kellum Geshehu.

While endorsing the Tinubu-Shettima Ticket for 2027, they said that they were pleased with the developmental projects of President Bola Tinubu and their son Senator Kashim Shetima who they say equally deserves a second term for pleasing the masses with basic dividends.

They maintained that as grassroot politicians who understood the pains of the masses especially when the subsidies were removed, it was clear that the economic policies applied by the party at the National level has given rise to massive production of foodstuffs and the reduction of prices of basic staples which before now were beyond the reach of a lot of people.

“We also express our profound satisfaction with the progress of the Government under the leadership of His Excellency, President Bola Tinubu. We see the Renewed Hope Initiative gradually yielding fruits for Nigerians.

“We specifically thank Mr. President for the confidence and trust in our son, His Excellency, Vice President Sen. KashimShettima, who has proven to be a dedicated, loyal, and capable partner in development.

“Therefore, the Borno State Supervisory Councillors Forum unanimously endorse the Tinubu-Shettima ticket for the 2027 Presidential election. We strongly support the President to retain Vice President Sen. KashimShettima as mate for the 2027 Presidential ticket, ensuring continuity and socio-economic gains currently being achieved in our great country.”

The councillors gave the endorsement based on the fact that the APC party under Professor Babagana Zulum has been doing well in his second term in Borno state following in the footsteps of the party at the national level.

They named sectors like Agriculture, education and the health sector as major areas of achievement of the academic turned politician Governor Babagana Zulum who has been a trailblazer in developmental projects in the state.

Borno State Councillors endorse Tinubu/Kashim for a second term

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Boko Haram, ISWAP reconcile with Bakoura Doro faction in North-East, forge alliance

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Boko Haram, ISWAP reconcile with Bakoura Doro faction in North-East, forge alliance

By: Zagazola Makama

In a major development that could reshape the security landscape in the North-East, Boko Haram and the Islamic State of the West African Province (ISWAP) have reconciled with the Bakoura Doro faction after years of bloody rivalry.

Zagazola Makama gathered that the reconciliation, according to credible intelligence marks a significant shift in the dynamics of the insurgency that has ravaged Borno and neighbouring states for over a decade.

Boko Haram, officially known as Jama’at Ahl al-Sunna li al-Da’wa wa al-Jihad (JAS), and ISWAP reportedly reached a truce with the Bakoura Doro group on Thursday, after weeks of internal negotiations aimed at consolidating their fighting strength and realigning their operational commands.

However, ISWAP leaders maintained their position of hostility toward the Abubakar Shekau faction, now under the command of Ali Ngulde, whose loyalists are entrenched in the Mandara Mountains along the Nigeria–Cameroon border.

According to field sources, ISWAP commanders used the meeting to warn their fighters against indiscriminate killings of local residents, citing the incident in Kirawa where innocent civilians were executed in error.

The group reiterated that attacks should only target government-backed militias and members of the Civilian Joint Task Force (CJTF), whom they accused of bearing arms against them.

Despite this rhetoric of restraint, both ISWAP and Boko Haram factions vowed to intensify their campaign of violence, with Boko Haram operatives under Bakoura Doro reportedly planning a renewed wave of kidnappings-for-ransom and bloodletting in vulnerable communities across Borno, Yobe, and Adamawa states.

Security analysts view this reconciliation as a troubling development that could embolden the insurgents to regroup, and coordinate large-scale attacks against both military and civilian targets.

“The reconciliation between ISWAP and Bakoura Doro’s faction effectively closes one of the key internal cracks that previously weakened the insurgency. It allows them to pool resources, fighters, and logistics, which may translate to renewed offensives, particularly in border areas and ungoverned spaces.

Meanwhile, the Nigerian military continues to sustain pressure on terrorist enclaves through coordinated land and air operations, with the goal of preventing the insurgents from re-establishing control over liberated territories.

As the insurgents’ alliance solidifies, analysts caution that Nigeria and its regional partners must strengthen intelligence sharing, border control, and community engagement to mitigate the security risks posed by this new wave of jihadist consolidation.

Boko Haram, ISWAP reconcile with Bakoura Doro faction in North-East, forge alliance

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Troops humiliate ISWAP in Ngamdu, kill 15 terrorists in ngamdu battle

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Troops humiliate ISWAP in Ngamdu, kill 15 terrorists in ngamdu battle

By: Zagazola Makama

In yet another demonstration of tactical superiority and resilience, troops of Operation Hadin Kai have repelled a coordinated attack by Islamic State West Africa Province (ISWAP) terrorists on Ngamdu in Kaga Local Government Area of Borno State, killing 15 insurgents and uncovering their mass grave.

Zagazola Makama learnt that the attack, which occurred in the early hours of Friday, was described by military sources as “one of the most daring but costly misadventures” by ISWAP fighters, who launched simultaneous assaults on troops from three different flanks.

According to reliable sources, the terrorists began the offensive from the Gonori axis around 3 a.m., apparently to divert troops’ attention from their main objective. The diversionary assault was swiftly contained by the gallant troops, forcing the attackers to retreat with casualties.

The second wave of attack, launched along the Maiduguri–Damaturu highway, involved the use of command Improvised Explosive Devices (IEDs), rocket-propelled grenades.

Despite the intensity of the assault, troops advancing from Benisheikh managed to charge through the ambush position, though one Mine-Resistant Ambush Protected (MRAP) vehicle sustained damage to its engine and tyres.

The third flank of the attack targeted Alpha Company’s defensive location near the main supply route, but despite minor infiltration into their outer perimeter, the soldiers held their ground firmly and neutralized several of the attackers in close-quarter combat.

The sources said four soldiers paid the supreme price while three were wounded in action during the encounter.

Subsequent intelligence gathered from local sources revealed that ISWAP fighters conducted a mass burial for 15 of their slain members at Bula Wura village near Wasaram, less than 24 hours after the failed operation.

“The attack was well-coordinated but the response was even more professional. The terrorists came in waves, using multiple tactics, but our men held their ground and made them pay heavily,” said one military sources.

The military has also intensified clearance operations along the Maiduguri–Damaturu highway after terrorists planted IEDs to delay reinforcements. The road was temporarily closed for demining operations to ensure the safety of commuters.

As the military continues to dominate the theatre of operations, local communities are beginning to express renewed confidence in the ongoing counter-terrorism efforts, which have seen a steady decline in insurgent activities across major highways and rural settlements in recent months.

Troops humiliate ISWAP in Ngamdu, kill 15 terrorists in ngamdu battle

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