Connect with us

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.

0Shares
Continue Reading
Click to comment

Leave a Reply

Sports

#ASTCHE: Watch Free Livestream Match Between FC Astana Vs Chelsea Here

Published

on

#ASTCHE

#ASTCHE: Watch Free Livestream Match Between FC Astana Vs Chelsea Here—-Thecloudngr reports that free UEFA Conference League match between FC Astana and Chelsea has emerged.

Watch the livestream match below:

CLICK HERE TO WATCH

0Shares
Continue Reading

News

NIVEA Educates Nigerian Students on Personal Hygiene with SABI Campaign

Published

on

NIVEA Educates Nigerian Students on Personal Hygiene with SABI Campaign

NIVEA Educates Nigerian Students on Personal Hygiene with SABI Campaign—-Leading personal care brand, NIVEA has rounded off the SABI Personal Hygiene Drive, an initiative designed to educate high school students on the importance of personal hygiene, and specifically focused on underarm care and the use of deodorants.

This impactful campaign which ran between September 13 and November 28, with the target of reaching at least 190,000 students, was aimed at empowering teenagers aged 13-18 with the knowledge and tools to maintain proper hygiene while promoting NIVEA’s Dry Impact and Dry Comfort Roll-on products as an effective solution for daily care.

With over 500 schools across Lagos, Port Harcourt, and Abuja participating in the programme, the NIVEA SABI Personal Hygiene Drive campaign was focused on hygiene education, with child educators and the trained team visiting schools to deliver engaging lessons using the SABI Workbook, a tool designed to teach students the science behind body odour, effective hygiene practices, and the role of deodorants in everyday personal care.

Speaking on the campaign, Marketing Activation Manager, Oluwadamilola Adeyemi, said that the transition into adolescence can be a challenging period, especially when it comes to understanding the importance of personal hygiene. “Puberty brings about changes in the body that can cause discomfort and confusion. This is why NIVEA is committed to providing accurate, age-appropriate information that resonates with young people, many of whom are navigating these changes for the first time,” she said.

She disclosed that the SABI initiative emphasizes the need for proper underarm hygiene, a critical, yet often overlooked aspect of personal care. Through engaging discussions, Q and A sessions, and fun games, students were encouraged to incorporate deodorants into their daily routines as a simple and effective solution to eliminating body odour.

Aware of the financial limitations of teenagers, especially in the face of the current economic challenges in the country, the brand introduced NIVEA Dry Impact Roll-on, and NIVEA Dry Comfort Roll-on in a new format (25 ml) Nicknamed the SABI roll-on, an affordable option, and the perfect product for this demographic. “By tapping into the lives of adolescents at this crucial stage of their hygiene journey, NIVEA aims to build long-lasting relationships with young consumers. The SABI Personal Hygiene Drive not only positions NIVEA as a trusted brand for personal care but also strengthens its credibility as a company that understands and addresses the unique hygiene needs of young people,” she said.

Additionally, the drive featured visibility items such as stickers, mirrors, and notice boards to keep the conversation going in school environments. As part of the activation, NIVEA presented the neatest students with the “SABI Star Award” and rewarded the most engaging students in each school. These rewards, he/she said, are aimed at encouraging students to consistently maintain high hygiene standards while also reinforcing the connection between cleanliness and self-esteem.

Commenting on the initiative, the Brand Manager Central East & West African Region CEWA, Nnenna Onoh, “By involving students, teachers, and school administrators in the campaign, the SABI Personal Hygiene Drive will create a ripple effect, fostering a culture of good hygiene practices that extends beyond the classroom,” she said.

“The NIVEA SABI Personal Hygiene Drive is more than just a campaign. It is an investment in the health, confidence, and well-being of tomorrow’s leaders. By providing teenagers with the education, tools, and affordable solutions they need, NIVEA is setting the stage for a future where personal hygiene is embraced as a fundamental part of everyday life,” she said.

0Shares
Continue Reading

Trending

0Shares