Connect with us
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

More Videos

Published

on

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.

Facebook 0 Twitter 0 LinkedIn WhatsApp 0Shares
Continue Reading
Click to comment

Leave a ReplyCancel reply

Sports

Aston Villa Complete Alejandro Garnacho Signing from Chelsea on Season-Long Loan with Mandatory Buy Clause

Published

on

Aston Villa Complete Alejandro Garnacho Signing from Chelsea on Season-Long Loan with Mandatory Buy Clause—-Unai Emery has landed one of his top transfer targets after Aston Villa reached an agreement with Chelsea for Alejandro Garnacho to join on a season-long loan, with a conditional obligation to make the move permanent.

Aston Villa have reached an agreement with Chelsea to sign Argentina international Alejandro Garnacho on a season-long loan, with a buy clause that will become mandatory if certain conditions are met. The move is expected to be finalized after the 22-year-old completes the remaining formalities following his medical in Birmingham.

The deal represents a significant show of faith from Villa manager Unai Emery, who has long admired Garnacho and had attempted to sign the winger before his move from Manchester United to Chelsea last summer. Emery is understood to have personally pushed for the transfer, believing he can help the Argentine rediscover the form that made him one of the Premier League’s brightest young talents.

Although structured initially as a loan until the end of the 2026-27 season, the agreement includes a conditional obligation to buy. The exact conditions have not been disclosed publicly, but reports indicate they are linked to performance or appearance targets and are widely expected to be met. Garnacho has already agreed personal terms on a four-year contract that will take effect once the permanent transfer is triggered.

Garnacho’s departure comes just one year after Chelsea signed him from Manchester United on a long-term contract. Despite arriving at Stamford Bridge with high expectations, the winger struggled to establish himself as a regular starter, managing only limited league starts as competition for places intensified under new manager Xabi Alonso. Chelsea’s recent club-record £117 million signing of Morgan Rogers further reduced Garnacho’s prospects of regular first-team football, making a move away increasingly likely.

For Aston Villa, the signing is another statement of intent as the club prepares for a campaign that includes UEFA Champions League football. Emery has built a reputation for revitalizing players whose careers have stalled, and Villa believe Garnacho’s pace, direct running and attacking flair can add a new dimension to their frontline. Club officials are confident the Argentine international still possesses the potential to develop into one of the Premier League’s top wingers under Emery’s guidance.

The transfer also continues a busy summer of business between Aston Villa and Chelsea. It follows Chelsea’s acquisition of Morgan Rogers in a British-record £117 million deal, with Garnacho now heading in the opposite direction as both clubs reshape their squads ahead of the new season. While the financial details of the future permanent transfer remain undisclosed, all parties are confident the move will become permanent once the agreed conditions are fulfilled.

Facebook 0 Twitter 0 LinkedIn WhatsApp 0Shares
Continue Reading

Sports

BREAKING: Ferran Torres the Hero as Spain Beat Argentina to Capture 2026 FIFA World Cup

Published

on

BREAKING: Ferran Torres the Hero as Spain Beat Argentina to Capture 2026 FIFA World Cup—-Substitute Ferran Torres struck the decisive extra-time winner as Spain edged defending champions Argentina 1-0 to lift their second FIFA World Cup title and complete a historic double as reigning men’s European and world champions.

Spain were crowned 2026 FIFA World Cup champions after defeating defending champions Argentina 1-0 following extra time in a tense and tactical final at New York New Jersey Stadium on Sunday.

After 90 minutes of relentless intensity failed to separate the two footballing giants, substitute Ferran Torres emerged as Spain’s hero, scoring the only goal of the match in the 106th minute to hand La Roja their second World Cup crown, 16 years after their maiden triumph in South Africa.

Luis de la Fuente’s side controlled much of the contest from the outset, dominating possession and creating the better opportunities against an Argentina team chasing back-to-back World Cup titles. Spain finished the match with 15 attempts on goal and won nine corners, while Lionel Scaloni’s men struggled to impose themselves in attack, failing to register a shot on target for long periods of the encounter.

Spain’s patient approach was finally rewarded early in extra time. Following sustained pressure around Argentina’s penalty area, Ferran Torres collected the ball inside the box before unleashing a powerful left-footed strike beneath the crossbar, leaving goalkeeper Emiliano Martínez with no chance and sending the Spanish supporters into wild celebrations.

Argentina’s task became even more difficult after midfielder Enzo Fernández was shown a second yellow card in stoppage time of normal time, forcing the reigning champions to play the remainder of the contest with ten men. Despite the numerical disadvantage, Argentina fought until the final whistle but were unable to break down Spain’s disciplined defence.

Goalkeeper Unai Simón produced another assured performance behind a well-organised back line marshalled by Pau Cubarsí and Aymeric Laporte, while Rodri once again dictated the tempo in midfield. Teenager Lamine Yamal also impressed throughout the tournament, capping a breakthrough World Cup campaign by helping Spain reach the summit of world football.

The victory crowns a remarkable era for Spanish football under Luis de la Fuente. Having already won UEFA Euro 2024 and the UEFA Nations League, Spain now add the FIFA World Cup to their growing list of honours, becoming world champions for the first time since 2010. The triumph also makes Spain the first nation to simultaneously hold both the men’s and women’s FIFA World Cup titles.

For Argentina, the defeat brought an end to their bid to retain the trophy they lifted in Qatar four years earlier. Lionel Messi and his teammates had reached the final after dramatic victories over England and Switzerland in the knockout rounds, but they were ultimately denied by a composed Spanish side whose consistency and tactical discipline proved decisive on football’s biggest stage.

Facebook 0 Twitter 0 LinkedIn WhatsApp 0Shares
Continue Reading

Trending

Facebook 0 Twitter 0 LinkedIn WhatsApp 0Shares