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Places Caveat On FBN Holdings Records Over Court Case

More Troubles For First Bank As CAC Places Caveat On FBN Holdings Records Over Court Case

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More Troubles For First Bank As CAC Places Caveat On FBN Holdings Records Over Court Case—-The Corporate Affairs Commission (CAC) has placed a caveat on the affairs of FBN Holdings PLC pending the conclusion of a case filed by aggrieved shareholders of the firm.

The CAC made the disclosure in a letter signed by Chidinma Maureen Nwite for the CAC Registra-General, dated September 20, 2023.

The letter addressed to the Principal Partner, Adebayo & Gbadamosi Legal Practitioners. 19, Ebitu Ukiwe Street, Jabi, Abuja read “Dear Sir, 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 15TH DAY OF AUGUST, 2023

“This is to acknowledge receipt of your letter dated 28th August, 2023 in respect of the above subject matter.

“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.

“Please be guided accordingly.

“Chidimma Maureen Nwite FOR: REGISTRAR-GENERAL.”

FBN Holdings has since 2022 been the subject of several court cases challenging its internal governance and shareholding structure, with different shareholders taking the battle to the courtroom.

One of the cases is that of Olusegun Samuel Onagoruwa v. FBN Holdings Plc. (Suit No. FHC/L/CP/1271/2022).

Speaking on the multiple crises rocking the foundation of First Bank, a former Chairman of Asset Management Corporation of Nigeria, AMCON and Senior Advocate of Nigeria, Dr. Muiz Banire accused the first generation financial institution of promoting illegality and flagrant disobedience of court orders, a development shareholders fear poses major threat to the bid by the bank 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.

Banire who is involved in one of the court cases said “the Bank seems to now have a reputation of defying court orders. What I just read is similar to the case Iam handling also. The Bank appears to be building a reputation of lawlessness and by the time it boomerangs, the bank and by extension the shareholders will bear the brunt. I am sure the plaintiffs will not allow them to get away with the illegality. The case of the bank is becoming a bubble.”

He further said “I also believe the CBN is aiding and abetting the Board of Directors the apex bank imposed. Everything the Board is doing is beyond their mandate. The Apex Bank needs to dissolve the Board and allow the shareholders to choose their Directors. It is one illegality after another.”

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.

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BREAKING: After Historic Osun Victory, Adeleke Backs Tinubu for 2027 Re-Election

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BREAKING: After Historic Osun Victory, Adeleke Backs Tinubu for 2027 Re-Election—-Fresh from securing a second term as Osun governor under the Accord Party, Ademola Adeleke has reaffirmed his support for President Bola Tinubu’s bid for another term in 2027.

Osun State Governor Ademola Adeleke has reaffirmed his support for President Bola Ahmed Tinubu’s bid for re-election in 2027, shortly after securing another four-year term as governor of the state.

Adeleke made the declaration in his victory speech following his successful re-election in the August 15 governorship election, where he contested under the Accord Party after leaving the Peoples Democratic Party (PDP).

The governor’s renewed endorsement of Tinubu adds another significant dimension to his remarkable political journey. Adeleke won his first term as governor in 2022 on the PDP platform but subsequently moved to Accord ahead of the 2026 election, successfully defending his seat as an incumbent under his new party.

Adeleke Praises Tinubu After Election Victory

In his post-election remarks, Adeleke expressed appreciation to President Tinubu, who had called to congratulate him on his victory.

The Osun governor praised the President for what he described as his role in ensuring that democracy continued to thrive, while acknowledging Tinubu’s congratulatory gesture following the election.

Adeleke’s comments represent a notable development given the political rivalry and tensions that characterized the build-up to the Osun election.

Before the poll, the governor had repeatedly called on the Federal Government and security agencies to ensure a free, fair and peaceful election. His campaign also exchanged accusations with the APC over the conduct of the electoral process and the role of federal authorities.

Renewed Support for Tinubu’s 2027 Ambition

Adeleke’s endorsement of Tinubu for 2027 is not entirely new.

The governor had previously declared his support for Tinubu’s re-election campaign before the Osun governorship election. In June, while formally launching his Accord Party re-election campaign, Adeleke described his support for the President as “unshaken and total.”

He again reaffirmed that position after winning the Osun election, emphasizing his continued backing for the President’s second-term ambition. Vanguard and Punch both reported the governor’s renewed endorsement following his victory.

Adeleke also described Tinubu as a son of Osun, further highlighting the personal and political connection he says exists between the President and the state.

Adeleke’s Historic Political Switch

The endorsement comes just days after Adeleke achieved a major political feat by retaining the Osun governorship despite switching parties.

The governor was elected in 2022 as a PDP candidate but later abandoned the party following a prolonged internal crisis. He subsequently joined Accord and secured the party’s ticket to contest the 2026 election.

His decision created considerable political uncertainty because he was defending his position as an incumbent governor without the PDP structure that had originally brought him to power.

Adeleke ultimately overcame the challenge, winning another term under Accord and strengthening his position as one of the country’s most prominent politicians outside the traditional major-party platforms.

Tinubu Congratulates Adeleke

President Tinubu has also congratulated Adeleke on his re-election, describing the result as a reflection of the will of the people.

The President said the outcome demonstrated that democracy continues to flourish in Nigeria and urged the governor to use his renewed mandate to serve the people of Osun State.

The development creates an interesting political dynamic ahead of 2027, with Adeleke now firmly positioned as an Accord governor who is publicly supporting the incumbent President’s re-election bid.

For Adeleke, the immediate priority will be delivering on the mandate he has just received from Osun voters. But his decision to publicly back Tinubu also signals that his political calculations extend beyond the state and into the increasingly important national contest ahead of the 2027 presidential election.

After securing a historic second term under Accord, Adeleke has now turned his attention toward the next political battle — throwing his weight behind Tinubu’s bid to remain President beyond 2027.

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JUST IN: From PDP to Accord, Adeleke Makes History as Incumbent Governor Wins Re-Election in Osun

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JUST IN: From PDP to Accord, Adeleke Makes History as Incumbent Governor Wins Re-Election in Osun—-The Accord Party candidate defeated APC challenger Bola Oyebamiji by 66,252 votes after winning 19 of Osun State’s 30 local government areas.

Jubilation has erupted across Osun State after the Independent National Electoral Commission (INEC) declared incumbent Governor Ademola Adeleke the winner of the 2026 governorship election, securing another four-year term in office.

Adeleke, the candidate of the Accord Party, polled 511,067 votes to defeat his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), who recorded 444,815 votes. The result gave Adeleke a winning margin of 66,252 votes.

The governor’s victory was formally announced early Sunday at the INEC collation centre in Osogbo by the Returning Officer, Professor Joshua Ogunwole, following the collation of results from the state’s 30 local government areas.

Adeleke won 19 of the 30 local government areas, while Oyebamiji secured victory in the remaining 11, highlighting the closely fought nature of the contest despite the eventual margin in the overall vote tally.

The African Democratic Congress candidate, Najeem Salaam, finished a distant third with 17,180 votes, while the other candidates shared the remaining votes.

Celebrations Break Out

News of Adeleke’s victory triggered celebrations among his supporters across the state, with party loyalists and residents taking to the streets to celebrate his return to the Osun Government House.

One of the most prominent reactions came from Afrobeats superstar Davido, Adeleke’s nephew, who had played an active role in his uncle’s campaign. Shortly after INEC announced the result, Davido posted “WE DID IT UNC!!!” on X alongside a video of himself celebrating the victory.

Davido had served as chairman of the Imole Youth Mobilisation Campaign Council and had been heavily involved in mobilising young voters for his uncle during the campaign.

Adeleke Extends His Stay in Government House

Adeleke’s re-election gives him another four years to pursue his administration’s agenda after first winning the Osun governorship election in 2022.

His victory also represents a significant political achievement for the Accord Party, as the governor successfully defended his position against a strong challenge from the APC.

The election was held across Osun’s 30 local government areas on Saturday, with the final results collated into the early hours of Sunday before INEC made the declaration.

With his victory now officially announced, Adeleke is set to begin another four-year tenure as governor of Osun State, while supporters who gathered to celebrate his success hailed the result as a fresh mandate from the people.

For the opposition APC, the defeat means another setback in its attempt to regain control of the South-West state.

The outcome also brings an end to an intensely contested election that attracted significant attention across Nigeria, with Adeleke ultimately emerging victorious and securing his place at the helm of Osun State for another term.

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