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CAC Places First Bank Records On Caveat Over Litigation

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The Corporate Affairs Commission, CAC, has placed the records of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the crisis rocking…

The Corporate Affairs Commission, CAC, has placed the records of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved directors.

The crisis rocking the bank stemmed from protests by shareholders who were 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.

In a new twist to the crisis, the Corporate Affairs Commission in a letter entitled.

“Re: notification of pendency of suit no. fhc/l/cp/1575/23 against FBN holdings plc, and subsisting interim orders of the Federal High Court made on the 9th day of August 2023 restraining FBN holdings plc from holding or proceeding with its annual general meeting purportedly held on the 13th day of August 2023”, weighed in on litigations threatening to tear the old generation bank apart.

Signed on behalf of the Registrar General of CAC by Chidimma Maureen Nwite, the Commission in a letter to lawyers to some of the parties in court against FBN Holdings said: “This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.”

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

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.

 

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Reps ask Keyamo to revoke Bishop Oyedepo’s Living Faith Church airstrip licence….

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The House of Representatives on Wednesday called on the Ministry of Aviation and Aerospace to stop the issuance of airstrip licences to private individuals and organisations while calling for the withdrawal of already approved ones granted to Living Faith Church and private individuals and organizations, to safeguard national security.

 

 

This followed the adoption of an urgent motion titled “Need to stop issuance of airstrip licence to private individuals and organizations in the country” by Sulaiman Abubakar Gumi during plenary in Abuja.

 

 

Moving the motion, Gumi noted that the Federal Government through the Minister of Aviation and Aerospace, Festus Keyamo, confirmed the approval of an airstrip for Living Faith Church situated on Canaanland in Ota, Ogun State.

 

He also explained that on Sunday, 6th October 2024, the Founder of Living Faith Church, also known as Winners Chapel, Bishop David Oyedepo during the Tehillah Night Special edition at Covenant University Chapel, Canaanland, Ota, Ogun State informed his congregation of the approval of an airstrip granted by the Federal Government to his Church.

 

 

Recall that in September 2014, a prominent religious leader was linked with a private jet used to convey $9.3m in cash to South Africa for the purchase of arms. The private jet which was seized by the South African authorities had two Nigerians and an Israeli on board, (Sahara Reporters, 16th September 2014);

 

 

The country currently experiences security challenges through illegal importation/proliferation of firearms and ammunition, importation of illicit/hard drugs, coupled with the inability of our security agencies to pinpoint the source of supply of weapons to insurgents, kidnappers and separatists that have massacred thousands of Nigerians across the country;

 

 

“Granting airstrip to private individuals and organizations will aid illegal importation of firearms and hard drugs into the country, thus heightening insurgency, kidnapping, banditry and other vices that are seriously affecting the socio-economic development of the country.

 

The House however urged the Committees on Aviation and Legislative Compliance to ensure compliance.

 

 

 

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Tinubu Appoints General Oluyede as Acting Chief of Army Staff

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Major General Olufemi Olatubosun Oluyede has been appointed by President Bola Tinubu as the acting Chief of Army Staff (COAS).

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday night said Mr Oluyede would occupy the position until “the return of the indisposed substantive Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja.”

Mr Lagbaja has not been seen in public for a while. He was not seen during the October 1, 2024, Independence Day anniversary.

His absence generated reactions a few weeks ago, prompting speculations that he may be receiving medical attention outside the country.

Mr Onanuga in the statement today said the acting COAS and Mr Lagbaja were coursemates and members of the 39th Regular Course.

Until his appointment, the 56-year-old acting COAS served as the 56th Commander of the elite Infantry Corps of the Nigerian Army, based in Jaji, Kaduna.

He was commissioned a second lieutenant in 1992, effective from 1987. He rose to Major-General in September 2020.

The army chief has held many commands since his commissioning as an officer. He was Platoon Commander and adjutant at 65 Battalion, Company Commander at 177 Guards Battalion, Staff Officer Guards Brigade, Commandant Amphibious Training School.

Mr Oluyede participated in several operations, including the Economic Community of West African States Monitoring Group (ECOMOG) Mission in Liberia, Operation HARMONY IV in Bakassi, and Operation HADIN KAI in the North East theatre of operations, where he commanded 27 Task Force Brigade.

He has earned many honours for his meritorious service in various fields of operations. These include the Corps Medal of Honour, the Grand Service Star, Passing the Staff Course, and Membership in the National Institute.

Others are the Field Command Medal, the Field Command Medal of Honour, and the Field Training Medal. He also received the coveted Chief of Army Staff Commendation Award.

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RULE OF LAW: POLICE PROSECUTES HON ALEXANDER IKWECHEGH FOR ASSAULT. ……Court grants him N500,000 bail

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The police have confirmed that the legal process against House of Representatives member Alex Ikwechegh, accused of assaulting Bolt driver Stephen Abuwatseya, is moving forward.

A post on X by Force Police Public Relations Officer Muyiwa Adejobi read, “RULE OF LAW: POLICE PROSECUTES HON ALEXANDER IKWEGH FOR ASSAULT.. Details soon.”

Ikwechegh’s problem began when in a viral video was seen assaulting Stephen Abuwatseya, an e-hailing driver three times before also issuing threats to make him “disappear.”

The Bolt driver’s offense, according to video of the incident on X, was asking the lawmaker to come out of his premises to collect his parcel. The lawmaker felt slighted and started to physically and mentally assault Abuwatseya.

According to Abuwatseya, the police orderly attached to the lawmaker later bundled him to the Maitama police station where the case was twisted against him. The twist was because the lawmaker alleged that Abuwatseya came to his home to attack him. But the tide later changed when Abuwatseya released a video of the incident on social media.

….Court grants him N500,000 bail

A Kuje Magistrate Court on Wednesday granted bail to a House of Representatives member for Aba North and South, Alex Ikwechegh, in the sum of N500,000.

Ikwechegh was arraigned for allegedly assaulting a Bolt driver, Stephen Abuwatseya, outside his Abuja residence.

The Counsel to the bolt driver, Deji Adeyanju, confirmed to us, that Ikwechegh, the defendant in the matter will be arraigned Wednesday by noon time before the court.

The lawmaker went viral in a video on social media for allegedly assaulting the bolt driver.

In the video, the lawmaker could be heard threatening the driver and assuring him that he could make him disappear without a trace.

Details later…

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