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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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Manchester City Found Guilty of 114 Financial Charges as Sanctions Remain Undecided

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Manchester City Found Guilty of 114 Financial Charges as Sanctions Remain Undecided—-An independent commission has reportedly ruled against Manchester City on all but one of the Premier League’s financial charges, but sanctions are yet to be decided as the club prepares to appeal.

Manchester City have reportedly been found guilty on 114 of the 115 financial charges brought against them by the Premier League, according to reports from The Athletic and The Times, in a major development that could have significant consequences for English football.

The verdict comes more than three years after the Premier League formally charged Manchester City following a lengthy investigation into the club’s finances.

An independent commission is understood to have reached its decisions on the allegations, which cover several seasons dating back to the 2009-10 campaign. City have consistently denied wrongdoing throughout the case.

However, no sanction has yet been decided.

Reports indicate that Manchester City are expected to appeal the findings, meaning the long-running case is now moving into another stage. Sky Sports reports that the process is moving towards an appeal, while the Premier League has declined to comment because the proceedings remain private and confidential.

What Were Manchester City Accused Of?

The Premier League’s original case against City included allegations that the club failed to provide accurate financial information over a nine-year period.

The charges included alleged failures to accurately report revenue, operating costs and sponsorship income, as well as allegations concerning payments made to players and managers.

The Premier League also accused City of breaches relating to UEFA’s Financial Fair Play regulations and its own Profitability and Sustainability Rules.

A separate set of allegations concerned the club’s alleged failure to cooperate with the Premier League’s investigation.

The case was formally referred to an independent commission in February 2023 after a Premier League investigation that lasted several years.

City Maintain Their Position

Manchester City have repeatedly rejected the allegations and continue to maintain their position that the process has not yet been completed.

Following reports of the verdict, a City spokesperson said the Premier League process remains ongoing, with significant elements still to be completed and subject to strict confidentiality. The club also reiterated its previous position from February 2023.

The Premier League has also refused to publicly confirm the reported findings.

A league spokesperson told Reuters: “It’s a confidential process, we’re not commenting at all.”

Sanctions Yet to Be Decided

Despite the reported guilty findings, Manchester City have not been punished at this stage.

The exact sanctions, if any, will depend on the next stage of the proceedings. Possible punishments discussed during the case have included financial penalties and sporting sanctions, but no specific punishment has been confirmed.

That means there is currently no confirmed points deduction, relegation, expulsion or stripping of previous titles.

Any such outcome would have to come through the formal disciplinary process and could also be affected by City’s expected appeal.

Appeal Could Extend the Case

The reported verdict is therefore not necessarily the final word on the matter.

Manchester City are expected to challenge the findings, with Sky Sports reporting that the inquiry is moving towards the appeal stage.

The original hearing lasted 12 weeks, concluding in December 2024, after which the independent commission spent considerable time considering the extensive evidence.

The case has become one of the most significant financial disputes in Premier League history, with the outcome potentially affecting the club’s sporting and financial standing.

For now, the key development is the reported 114 guilty findings from 115 charges.

But with sanctions still undecided, the verdict not publicly released by the Premier League and an appeal expected, Manchester City’s lengthy financial case is far from over.

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Unlocking Website Potential: How Emdash Theme Can Transform Your Online Presence

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In today’s digital landscape, a strong online presence is no longer optional – it’s essential for success. Your website serves as the virtual storefront of your business, and first impressions matter. A poorly designed or outdated website can deter potential customers and damage your credibility. This is where selecting the right WordPress theme becomes crucial, and I’ve found Emdash to be a particularly powerful and versatile option.

Emdash theme stands out for its clean design, user-friendly interface, and extensive customization options. Whether you’re a seasoned developer or a novice user, Emdash makes it easy to create a professional-looking website that reflects your brand identity. Its responsive design ensures that your website looks great on any device, from desktops and laptops to tablets and smartphones. In a world where mobile browsing is increasingly prevalent, this is a non-negotiable feature.

One of the most significant advantages of Emdash is its flexibility. It offers a wide range of pre-built templates and layouts, which can be easily adapted to suit your specific needs. Whether you’re building a blog, an e-commerce store, or a portfolio website, Emdash provides the tools you need to get the job done. The theme is also highly customizable, allowing you to change colors, fonts, and other design elements to match your brand aesthetic.

Beyond its aesthetic appeal, Emdash is also designed with performance in mind. It’s optimized for speed and SEO, ensuring that your website loads quickly and ranks well in search engine results. This is crucial for attracting organic traffic and improving your online visibility. A slow-loading website can frustrate visitors and lead to high bounce rates, which can negatively impact your search engine rankings.

Furthermore, Emdash boasts excellent documentation and customer support. If you ever run into any issues or have questions about the theme, you can rely on their comprehensive documentation or reach out to their support team for assistance. This is a valuable asset, especially for those who are new to WordPress or website development.

In my experience, Emdash has been a game-changer for many of my clients. It has allowed them to create stunning websites that effectively showcase their products and services. It’s a theme that strikes the perfect balance between design, functionality, and ease of use. If you’re looking for a WordPress theme that can help you transform your online presence, I highly recommend giving Emdash a try. You can find more information about the this theme at https://emdashtheme.org.

In today’s digital landscape, a strong online presence is no longer optional – it’s essential for success. Your website serves as the virtual storefront of your business, and first impressions matter. A poorly designed or outdated website can deter potential customers and damage your credibility. This is where selecting the right WordPress theme becomes crucial, and I’ve found Emdash to be a particularly powerful and versatile option. Emdash theme stands out for its clean design, user-friendly interface, and extensive customization options. Whether you’re a seasoned developer or a novice user, Emdash makes it easy to create a professional-looking website that reflects your brand identity. Its responsive design ensures that your website looks great on any device, from desktops and laptops to tablets and smartphones. In a world where mobile browsing is increasingly prevalent, this is a non-negotiable feature. One of the most significant advantages of Emdash is its flexibility. It offers a wide range of pre-built templates and layouts, which can be easily adapted to suit your specific needs. Whether you’re building a blog, an e-commerce store, or a portfolio website, Emdash provides the tools you need to get the job done. The theme is also highly customizable, allowing you to change colors, fonts, and other design elements to match your brand aesthetic. Beyond its aesthetic appeal, Emdash is also designed with performance in mind.

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