{"id":18234,"date":"2024-04-04T07:00:06","date_gmt":"2024-04-04T07:00:06","guid":{"rendered":"https:\/\/theblogonline.com\/?p=18234"},"modified":"2024-04-04T07:03:10","modified_gmt":"2024-04-04T07:03:10","slug":"first-bank-of-nigeria-board-in-crisis-as-shareholders-sound-alarm-over-threat-to-capital-base","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=18234","title":{"rendered":"First Bank Of Nigeria Board In Crisis As Shareholders Sound Alarm Over Threat To Capital Base"},"content":{"rendered":"<p class=\"p1\">A new wave of disagreements is currently causing turmoil within the board of <a href=\"https:\/\/www.firstbanknigeria.com\/\" rel=\"nofollow noopener\" target=\"_blank\">First Bank of Nigeria<\/a>, which shareholders fear could jeopardize the bank&#8217;s efforts to strengthen its capital base in compliance with the <a href=\"https:\/\/www.cbn.gov.ng\/\" rel=\"nofollow noopener\" target=\"_blank\">Central Bank of Nigeria<\/a>&#8216;s directive for all banks to recapitalize.<\/p>\n<p class=\"p1\"><span class=\"s1\">The ongoing crisis at the bank is fueled by protests from shareholders who are unhappy with the bank&#8217;s internal governance and shareholding structure, leading some to take legal action. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">One such case is Olusegun Samuel Onagoruwa v. <a href=\"https:\/\/www.fbnholdings.com\/\" rel=\"nofollow noopener\" target=\"_blank\">FBN Holdings Plc<\/a>, challenging the Board of Directors&#8217; authority to appoint new members. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The lawsuit seeks to invalidate recent appointments and restrain the appointed non-executive directors from acting.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This court case is one of several challenging the bank&#8217;s governance, with existing injunctions preventing the bank from holding Annual General Meetings. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Concerns about mismanagement and manipulation of shares have also been raised, heightening fears of the bank&#8217;s potential collapse.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A union leader within the bank highlighted the risk of prolonged litigation and board disputes leading to the bank&#8217;s downfall, while a shareholder emphasized the need for swift resolution to prevent further harm to depositors, shareholders, and stakeholders. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Urgent action is urged to address the crisis and ensure compliance with regulatory requirements to safeguard the future of Nigeria&#8217;s oldest bank.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new wave of disagreements is currently causing turmoil within the board of First Bank of Nigeria, which shareholders fear could jeopardize the bank&#8217;s efforts to strengthen its capital base in compliance with the Central Bank of Nigeria&#8217;s directive for all banks to recapitalize.<\/p>\n","protected":false},"author":1,"featured_media":18235,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2538,8685,131,1305,8684,1632,8042],"class_list":["post-18234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-board","tag-capital-base","tag-cbn","tag-crisis","tag-first-bank-of-nigeria","tag-shareholders","tag-threat"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18234"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18234"}],"version-history":[{"count":3,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18234\/revisions"}],"predecessor-version":[{"id":18238,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18234\/revisions\/18238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/18235"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}