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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: Super Falcons Miss Out on 2027 World Cup After 2–1 Defeat to Banyana Banyana

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BREAKING: Super Falcons Miss Out on 2027 World Cup After 2–1 Defeat to Banyana Banyana—-Super Falcons hopes of reaching the Women’s World Cup in Brazil have been shattered after South Africa struck twice in Casablanca to end the Super Falcons’ remarkable qualification streak.

Nigeria’s Super Falcons will miss the 2027 FIFA Women’s World Cup for the first time in their history after suffering a 2–1 defeat to South Africa’s Banyana Banyana in a decisive qualification play-off in Casablanca.

The defeat brings an end to Nigeria’s remarkable record of appearing at every previous edition of the Women’s World Cup since the tournament began in 1991. The Super Falcons had been handed another opportunity to keep their qualification hopes alive after their disappointing quarter-final exit at the 2026 Women’s Africa Cup of Nations.

Nigeria entered the contest needing victory to keep their World Cup dream alive, while South Africa faced the same all-or-nothing scenario after also falling at the quarter-final stage of the WAFCON.

The two sides battled through a goalless first half, with neither able to find the breakthrough in a tense encounter at the Moulay Rachid Stadium.

South Africa eventually broke the deadlock after the interval when Thembi Kgatlana found the net in the 56th minute, giving Desiree Ellis’ side a crucial advantage.

The goal forced Nigeria to chase the game, but the Super Falcons struggled to produce a sustained response. South Africa remained dangerous and eventually doubled their advantage through captain Refiloe Jane, who struck in the 77th minute to put Banyana Banyana firmly in control.

Nigeria managed to pull a goal back late in the contest when Christy Ucheibe converted from the penalty spot, giving the Super Falcons renewed hope of completing a dramatic comeback.

However, the equaliser never arrived.

South Africa held on to secure a historic 2–1 victory and, in doing so, ended Nigeria’s extraordinary run of World Cup appearances.

The result is particularly painful for the Super Falcons because the 2026 WAFCON served as part of Africa’s qualification pathway for the 2027 World Cup. The four semi-finalists earned automatic qualification, while the teams eliminated in the quarter-finals were given another opportunity through continental play-offs.

Nigeria had already surrendered their automatic qualification opportunity after losing 1–0 to Cameroon in the WAFCON quarter-finals. That defeat sent the 10-time African champions into the play-off route alongside South Africa, Ghana and Côte d’Ivoire.

But the Super Falcons have now suffered another defeat when it mattered most.

For South Africa, the victory represents a major breakthrough in their own qualification campaign. Banyana Banyana will now progress to the inter-confederation play-offs, keeping their hopes of appearing at a third consecutive Women’s World Cup alive.

For Nigeria, however, the consequences are historic.

The Super Falcons had previously never failed to qualify for a Women’s World Cup. Their uninterrupted presence at the tournament had made them the only African women’s national team to achieve such a record.

That run has now come to an abrupt end.

The defeat also caps a hugely disappointing WAFCON campaign for Nigeria. Despite being the defending African champions and the continent’s most successful women’s national team, the Falcons exited the tournament at the quarter-final stage before falling to South Africa in their final World Cup qualification opportunity.

Nigeria’s elimination will inevitably lead to questions surrounding the team’s preparation, tactical approach and performance during the tournament. Coach Justin Madugu had acknowledged before the South Africa clash that his side had another opportunity to rescue their World Cup campaign and promised that the players would give everything to secure victory.

Instead, it was South Africa who delivered when the pressure was greatest.

The Super Falcons’ historic World Cup streak is over, while Banyana Banyana march on with their hopes of reaching Brazil 2027 still alive.

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Romelu Lukaku Joins Fenerbahçe from Napoli in €6m Transfer

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Romelu Lukaku Joins Fenerbahçe from Napoli in €6m Transfer—-The Belgian striker has completed his move to Turkey after Napoli agreed to sell him to Fenerbahçe for a reported €6 million plus bonuses, bringing his two-year spell in Italy to an end.

Romelu Lukaku has completed his transfer from Napoli to Turkish giants Fenerbahçe, ending his time in Serie A after the two clubs reached an agreement for the Belgian striker.

The 33-year-old has joined the Istanbul club in a permanent transfer, with Italian media reporting that Fenerbahçe will pay around €6 million, with additional performance-related bonuses potentially increasing the value of the deal. Neither club formally disclosed the financial details of the transfer.

Lukaku’s departure brings an end to a two-year spell with Napoli, where he played an important role in the club’s domestic success. The Belgian joined the Italian side from Chelsea in 2024 and went on to help Napoli secure the Serie A title during the 2024–25 campaign.

His time in Naples was ultimately disrupted by fitness problems during his final season. Lukaku made only seven appearances during the injury-affected campaign, limiting his opportunities before the decision was eventually taken to move him on.

Despite those difficulties, Lukaku leaves Napoli with a league title on his résumé and a reputation as one of Europe’s most experienced centre-forwards. His physical presence, finishing ability and extensive experience at the highest level made him an attractive target for Fenerbahçe as the Turkish club looked to strengthen its attack.

The move also represents a return to Turkey for Lukaku, who has a personal connection to the country. His father, former professional footballer Roger Lukaku, played for Gençlerbirliği in Ankara, meaning the Belgian spent part of his childhood in Turkey. Lukaku described his return as an emotional moment as he begins a new chapter with Fenerbahçe.

Fenerbahçe finished second in the Turkish league last season and are looking to close the gap on their rivals while competing for major honours. Lukaku’s arrival gives the club an experienced attacking option capable of leading the line and providing a significant presence in the final third.

The Belgian international also arrives after featuring at the 2026 FIFA World Cup. Despite Belgium’s eventual exit in the quarter-finals, Lukaku scored three goals during the tournament, demonstrating that he remains capable of making an impact on the international stage.

Before joining Napoli, Lukaku enjoyed successful spells at clubs including Everton, Manchester United, Inter Milan and Chelsea. His most productive period came at Inter, where he helped the Italian side win the Serie A title in 2020–21 before returning to Chelsea.

His move to Fenerbahçe now gives the veteran striker another opportunity to write a new chapter in his career. For Napoli, the transfer allows the club to move on from a player whose final season was heavily affected by injuries, while Fenerbahçe gain an experienced forward as they pursue domestic and European ambitions.

Lukaku’s arrival is expected to generate significant excitement among Fenerbahçe supporters, who will hope the Belgian can rediscover his best form and provide the goals needed to challenge for silverware in Turkey.

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