Business
Court stops First Bank’s AGM
Justice Akintayo Aluko of the Federal High Court, Lagos, has restrained First Bank Nigeria (FBN) Holdings Plc from holding, conducting or hosting its 12th Annual General Meeting (AGM) scheduled for August 22, 2024, whether virtually or otherwise, pending the determination of a motion for interlocutory injunction filed by a shareholder, Tohir Folorunsho Ismaila.
He adjourned the case to August 23, 2024.
The court gave the order on August 13, after hearing a motion ex parte filed and moved by Prof Taiwo Osipitan (SAN), with Mrs Olayemi Badewole (SAN) and Adetola Ogunlewe for Ismaila, the petitioner/applicant.
FBN Holdings is the sole respondent in the suit, marked: FHC/L/CP/1428/2024. Justice Aluko held that, “An order of interim injunction restraining the respondent/respondent by itself, its directors, secretary or agents, assigns, servants, privies or any person acting on its behalf from holding/conducting/hosting the 12th Annual General Meeting of the respondent scheduled for 22nd August, 2024, via a virtual medium or howsoever pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted. “
An order of interim injunction restraining the respondent, its agents, servants, privies and/or assigns from taking any steps to pass any special and/or ordinary resolutions at its Annual General Meeting slated for the 22nd of August, 2024, pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted.
“An order of interim injunction restraining the respondent, its directors, secretary, agents, privies or person(s) acting on its behalf from sending out any notice of general meeting of the respondent otherwise howsoever conveying any general meeting of the respondent/respondent pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction is hereby granted.”
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 403
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1, 585 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,372.41
GREAT BRITISH POUND (GBP) ₦1,821.73
EURO (EUR) ₦1,565.37
SWISS FRANC (CHF) ₦1,695.42
JAPANESE YEN (JPN) ₦8.45
CHINESE YUAN (CNY) ₦201.98
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31
SAUDI RIYAL (SAR) ₦365.45
SOUTH AFRICAN RAND (ZAR) ₦83.80
Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
FG Inaugurates Nigeria Anti-Doping Centres Board
Team Nigeria Targets 20 Golds at Commonwealth Games
Burna Boy Overtakes Tyla as Africa’s Most Streamed Artist on Spotify
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business2 days agoBUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club
-
Business3 days agoNaira Exchange Rates Tuesday, 30 June 2026
-
Business3 days agoNigeria’s oil minister orders marketers to reduce fuel price
-
News3 days ago16-Year-Old Osasere Okundaye Becomes Nigeria’s Youngest Chartered Accountant
-
News2 days agoInsecurity: NSCIA fumes “Enough is Enough” over attacks on Islam and Muslims in Nigeria
-
Business2 days agoBOI names Kuramo Capital Fund Manager for $170.6m iDICE
-
Crime2 days agoBREAKING: Court Grants Sowore N200 Million Bail, With Fresh Conditions
-
News3 days agoNYSC to be headed by civilians under new reforms