The Corporate Affairs Commission (CAC) has taken action amid the crisis rocking the board of First Bank of Nigeria (FBN) Holdings by placing its records on caveat pending the resolution of the ongoing disputes. The turmoil within the bank’s board has been fueled by multiple court cases filed by aggrieved directors, leading to protests by shareholders against the bank’s internal governance and shareholding structure.
The current court case adds to the four other cases pending at the Federal High Court in Lagos and Abuja, all challenging the internal governance of FBN Limited. Additionally, existing court injunctions have restrained the bank from holding its last two Annual General Meetings, despite the bank proceeding with them.
In response to these litigations, the Corporate Affairs Commission issued a letter addressing the pendency of a specific suit against FBN Holdings PLC, highlighting the existing interim orders restraining the bank from holding or proceeding with its annual general meeting.
Shareholders, like Mr. Olalekan Babalola, stress the urgency of finding a solution to the crisis to avoid further destabilization, emphasizing the importance of preserving the stability of Nigeria’s banking sector, particularly during this critical time.
Source: Daily Trust