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Tag: First Bank

Whiteplains British School urge FG to prosecute First Bank over alleged forgery of property documents
By Joyce Remi-Babayeju
The Whiteplains British Schools Limited, has called on the Ministry of Justice and Office of the Attorney General of the Federation to quickly intervene, continue the investigation and bring to book the First Bank Nigeria, it’s managing director and three others over an alleged case of forgery of Tripartite documents and criminal breach of trust.
In a press briefing in Abuja, the Whiteplains British School, Chief Executive Director , Dr. Francis Chukwuwuma Nwufoh said,” l urge the office of the Attorney General of the Federation and the Ministry of Justice to continue the good work in the Court so that First Bank will be brought to book.”
He said that the First Bank Nigeria had allegedly forged the Tripartite Legal Documents without his consent as the proprietor of the school, with the believe that the fraud is done with the intent and purpose to dispossess him of his property.
Nwufoh said that although the school is happy with the Justice ministry for charging all accused to the FCT High Court before Justice Jude Onwuegbuzie but lamented that all accused comprising the First Bank Nigeria Managing Director and three others arraigned on the 27th April , 2023 , did not appear in Court, adding that due to their absence, the Court fixed 8th May , 2023.
He also lamented that instead of continuing the case in the Court, the Director of Public Persecution, DPP , interrupted procedures and asked that the case be discontinued.
He said, “While we were expecting the defendants to be prosecuted, the Director of Public Prosecution,.DPP, intervened and applied that his office has asked for further investigation that the matter should be discontinued.”
In appeal for intervention and justice, Dr Nwufoh , called on the justice ministry not to discontinue the suit, but to take an adjournment for a period as the facts of the matter are handy and can be provided at all times.
The Whiteplans School also emphatically called on the Ministry of Justice not to discontinue the matter but to proceed with the suit because they have all legal documents, and facts on the matter are available and shall be provided at all times.
Dr. Francis said, ” I proudly volunteer to provide all relevant information to the DPP or any other panel set up to further investigate the heinous crime committed by First Bank against Whiteplains British School.”
According to the complainant , the Inspector General of the Federal Investigation Bureau IG- FBl . has also investigated the forgery case but when the First bank Officers were instructed to bring the original Tripartite Legal Documents for forensic analysis they refused vehemently .
The First Bank Nigeria directors could not identify their directors who signed the Tripartite documents, claiming they signatures were alien to them.
The school complained that while staff of Whiteplain’s officially submitted their signatures for forensic analysis, First bank for more than two years refused to sign anything or bring the original documents for the forensics.
Inspector General of Police, IG(LR), and and the National. Assembly after careful hearing of the matter from concerned people had found First Bank culpable of the offense.
I urge the office of the Attorney General of the Federation and the Minister of Justice to continue the good.work.by allowing the matter to continue in the Court so that First Bank will be brought to book, Dr. Nwufoh appealed.
May 13, 2023
Bello Seals Off First Bank branches Over N411m tax defaults In Kogi
From Noah Ocheni, Lokoja
Kogi State Government has sealed off all First Bank Nigeria PLC branches operating in the state following the inability of the bank to liquidate its outstanding tax liabilities of over N411.12 million to Kogi State Government.
The seal was effected on Monday by Kogi State Internal Revenue Service (KGIRS) on the order of a Kogi High Court sitting in Lokoja.
The presiding judge, Justice Rukkayat Ayoola in her ruling granted all the reliefs sought in the Motion Ex-parte supported by an eight-paragraph affidavit and deposed by Mohammed Ibrahim, a civil servant.
“The Order for the defendant’s failure and or refusal to liquidate her debt to Kogi State Government in the sum of N411,120,966.77 being the outstanding tax liabilities owed the Kogi State Government for the years 2015 to 2020 is hereby granted”, Ayoola said.
Barr Saidu Okino, Director, Legal Services at the KGIRS, while speaking with newsmen on the seal off said the amount represented outstanding withholding tax from the bank’s mobile banking agents from 2015 to 2022.
He said that the action of the board was as a result of the refusal of the bank to liquidate the liability despite several demand notices to that effect.
Okino said that approaching the court was as a last resort as all other measures to make the bank pay up proved abortive.
“We made several attempts, sent them a notice of the intention of the service to take warrant of distrain so that we can do whatever is needful on 25th day of February, 2022 but was ignored.”
“On the 25th of August, 2022 Notice of Refusal to amend their liability was served on them. We did not on our own roll out our machineries to go and seal.”
He said that the service (claimant) had to approach the court through a Motion Ex-parte number HC/457M/202, dated August 29 and filed August 30th, 2022.
The Service, he said, prayed for an Order of the Court to execute Warrant of Distrain against the defendant by her goods, chattels, bonds, security or any other property.
It also sought distrain upon the land, office, business premises or place of management of the defendant (First Bank Nigeria Limited)’s offices in Lokoja, Okene, Kabba, Ajaokuta and any other movable property of the defendant found Within the jurisdiction of Kogi State.
The Board also sought an order that “the defendant bears the cost of executing the distrain in pursuance of section 104(5) of PITA and section 51(5) of the Kogi State Harmonized Tax Law, 2017, as accessed in the sum of N250,000 per site each day.
Justice Rukkayat Ayoola in her ruling therefore granted all the reliefs sought in the Motion Ex-parte supported by an eight-paragraph affidavit.
September 13, 2022
Group gives First Bank 48hrs Ultimatum to Obey Court Order
By Achadu Gabriel, Kaduna
Group under the umbrella of Eleme petrochemicals co-operation Investment and credit society has issued First Bank Nigeria Plc 48hrs utimmatum to Obey Court Order or dragged to court for fragrantly disobeying court order.
The lawyer for Eleme Petro- Chemical co-operative Investment and Credit society , Ibrahim Atadoga ( SAN) stated this as the position of the law as it regards to restriction on customers account in the letter addressed to the First Bank.
The SAN sited the case of Union Bank PLC vs N.M Okpara Chimaeze (2014) 9 NWLR (PT.1411) page 166, as per Ariwoola JSC, adding that supreme Court held that “It is the duty of banker to it’s customer to honor and pay cheques drawn on it by the customer as long as it has in its possession at the material time sufficient and available funds for the purpose”.
May 24, 2021
First Bank under pressure to Release Petrochemical Society Shareholders account
By Gabriel Udeh, Kaduna
Fist Bank of Nigeria (FBN) Plc is under intense pressure to release the account of Shareholders of Eleme Petrochemical Co-operatives Investment and Credit Society (EPCICS) limited in line with Court order.
The EPCICS is accusing the FBN and Economic Financial Crimes Commission (EFCC) of total diregard to court order which granted them access to their account with the First Bank.
The Society, in a document obtained in kaduna, is also acccued EFCC of harassment, intimidation and infringement on the rights of the members of the society by denying them access to their funds trapped in FBN, describing the commission’s action as contrary to the subsisting court order.
Justice Evelyn Maha of federal high court Abuja, had on January 15, 2021 ordered that the restriction placed on the account of the co-operatives society with first bank be lifted but the Bank refused to obey the order, citing counter-directive from the EFCC.
Despite the court order, the bank is demanding that the society signed an indemnity against claims by the EFCC before oblidging the cooperatives society an honour to access her account, an action adjuged to be contrary to the contract between a bank and its customer and against all extant rules of banking.
The co-operatives society said it had written the First Bank seeking explanation on whether there was any superior court order served on the bank by the EFCC, restricting it from honouring its obligations to the cooperatives society.
According to the Society, the bank has not produced any such order but was only referring to a counter-directive and alleged mere harassment from EFCC, with Impunity.
The society also alleged that EFCC had sort to pervert the course of justice from the beginning, having supported by joining the co-operatives society in a suit to enforce the fundamental rights of the shareholders of the group.
“But EFCC surreptitiously went behind to another court of co-ordinate jurisdiction to obtained an order freezing the account of the society, an attempt that however failed as the court granted an order lifting the interim restriction on the said account after it discovered that EFCC obtained the order in error.
According to the society the First Bank continues ignominy is in flagrant disregard to the court order as EFCC had filed an appeal against the order lifting the restriction placed on the shareholders’ bank account even without an order on stay of execution granted EFCC.
EFCC noted from reports and judgments that the court confirmed that the initial members of staff of Indoroma Eleme Petrochemicals Ltd, Port Harcourt, Rivers State before its privatisation are the members of the cooperatives society.
Recalled that in 2009, the federal government through the National Council on Privatisation had approved the sale of 10% of its equity shares in Indorama Eleme Petrochemicals Ltd to the host community and interested staff of the company.
“The 10% equity shares was shared as 7.5% allotted to the host community while the remaining 2.5% was allotted to the staff of Indoroma Eleme Petrochemicals, who came together under Eleme Petrochemical Co-operatives Society in compliance with the federal government’s directive that a special purpose vehicle be formed where all members will belong to enable them buy the shares at the time.
“Problem started in 2013 when 10 members of staff who initially subscribed to the purchase of the 2.5% equity shares had their jobs terminated from the employment of the company.
“Indoroma Petrochemicals since then began a legal battle as to whether the laid-off staff can continue to enjoy dividends since they are not longer staff in the company and in so doing sought to replace the laid-off staff with new recruited staff.
“When the shareholding claims became an issue, the laid-of staff approached the River State Ministry of Commerce and Industry to arbitrate between them and the company, and the Ministry gave an arbitral award in favour of the former members of staff and consequently the exited staff of the co-operatives society approached the Federal High Court to enforce the arbitral award and as required by law it was granted and the award became a judgment of the court.
“But the newly recruited staff being allegedly instigated by the company, approached the National Industrial Court, stating that the arbitral award was illegally procured but the industrial court in striking out the case stated that it can not sit on an appeal over a matter that has been decided by a court of co-ordinate jurisdiction.
“But according to court documents, the EFCC despite the subsisting judgment of the Federal High Court Abuja, which affirmed the shareholding of the exited staff, has continued to freeze the account in contravention of an earlier order of Justice Taiwo .O. Taiwo of the Federal High Court Abuja in suit: FHC/ABJ/SC/1222/2020, granting an order stopping the EFCC from arresting, inviting, detaining and prosecuting or inquiring into the acquisition of shares of Indoroma Petrochemicals Ltd.
First Bank under pressure to Relaese Petrochemical Society Shareholders account
By Gabriel Udeh, Kaduna
Fist Bank of Nigeria (FBN) Plc is under intense pressure to release the account of Shareholders of Eleme Petrochemical Co-operatives Investment and Credit Society (EPCICS) limited in line with Court order.
The EPCICS is accusing the FBN and Economic Financial Crimes Commission (EFCC) of total disregard to court order which granted them access to their account with the First Bank.
The Society, in a document obtained in kaduna, is also accused EFCC of harassment, intimidation and infringement on the rights of the members of the society by denying them access to their funds trapped in FBN, describing the commission’s action as contrary to the subsisting court order.
Justice Evelyn Maha of federal high court Abuja, had on January 15, 2021 ordered that the restriction placed on the account of the co-operatives society with first bank be lifted but the Bank refused to obey the order, citing counter-directive from the EFCC.
Despite the court order, the bank is demanding that the society signed an indemnity against claims by the EFCC before obliging the cooperatives society an honour to access her account, an action adjudged to be contrary to the contract between a bank and its customer and against all extant rules of banking.
The co-operatives society said it had written the First Bank seeking explanation on whether there was any superior court order served on the bank by the EFCC, restricting it from honouring its obligations to the cooperatives society.
According to the Society, the bank has not produced any such order but was only referring to a counter-directive and alleged mere harassment from EFCC, with Impunity.
The society also alleged that EFCC had sort to pervert the course of justice from the beginning, having supported by joining the co-operatives society in a suit to enforce the fundamental rights of the shareholders of the group.
“But EFCC surreptitiously went behind to another court of co-ordinate jurisdiction to obtained an order freezing the account of the society, an attempt that however failed as the court granted an order lifting the interim restriction on the said account after it discovered that EFCC obtained the order in error.
According to the society the First Bank continues ignominy is in flagrant disregard to the court order as EFCC had filed an appeal against the order lifting the restriction placed on the shareholders’ bank account even without an order on stay of execution granted EFCC.
EFCC noted from reports and judgments that the court confirmed that the initial members of staff of Indoroma Eleme Petrochemicals Ltd, Port Harcourt, Rivers State before its privatisation are the members of the cooperatives society.
Recalled that in 2009, the federal government through the National Council on Privatisation had approved the sale of 10% of its equity shares in Indorama Eleme Petrochemicals Ltd to the host community and interested staff of the company.
“The 10% equity shares was shared as 7.5% allotted to the host community while the remaining 2.5% was allotted to the staff of Indoroma Eleme Petrochemicals, who came together under Eleme Petrochemical Co-operatives Society in compliance with the federal government’s directive that a special purpose vehicle be formed where all members will belong to enable them buy the shares at the time.
“Problem started in 2013 when 10 members of staff who initially subscribed to the purchase of the 2.5% equity shares had their jobs terminated from the employment of the company.
“Indoroma Petrochemicals since then began a legal battle as to whether the laid-off staff can continue to enjoy dividends since they are not longer staff in the company and in so doing sought to replace the laid-off staff with new recruited staff.
“When the shareholding claims became an issue, the laid-of staff approached the River State Ministry of Commerce and Industry to arbitrate between them and the company, and the Ministry gave an arbitral award in favour of the former members of staff and consequently the exited staff of the co-operatives society approached the Federal High Court to enforce the arbitral award and as required by law it was granted and the award became a judgment of the court.
“But the newly recruited staff being allegedly instigated by the company, approached the National Industrial Court, stating that the arbitral award was illegally procured but the industrial court in striking out the case stated that it can not sit on an appeal over a matter that has been decided by a court of co-ordinate jurisdiction.
“But according to court documents, the EFCC despite the subsisting judgment of the Federal High Court Abuja, which affirmed the shareholding of the exited staff, has continued to freeze the account in contravention of an earlier order of Justice Taiwo .O. Taiwo of the Federal High Court Abuja in suit: FHC/ABJ/SC/1222/2020, granting an order stopping the EFCC from arresting, inviting, detaining and prosecuting or inquiring into the acquisition of shares of Indoroma Petrochemicals Ltd.
May 15, 2021
CBN fires First Bank Directors, Reinstates Adeduntan as MD
The Central Bank of Nigeria (CBN) has sacked all board members/directors of First Bank Holding and First Bank Nigeria Limited.
CBN Governor, Godwin Emefiele, announced their query on Thursday when he addressed the media.
Emefiele further announced the reinstatement of Adesola Adeduntan as First Bank Managing Director.
The apex bank declared that the appointment of Gbenga Shobo was done without its approval.
Emefiele said CBN has been involved in management changes involving First Bank in the last 5 years to stem the slide regarding the status of the bank.
The Governor expressed surprise that First Bank effected sweeping changes in executive management without engagement and/or prior notice to the authorities.
He noted that the action sends a negative signal to the market on the stability of leadership on the board and management.
The CBN confirmed First Bank has over 31 million customers, with a deposit base of N4.2trillion, shareholders funds of N618billion and NIBSS instant payment (NIP) processing capacity of 22% of the industry.
Emefiele said the bank maintained healthy operations up until 2016 when the CBN’s target examination revealed grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.
The problems, according to him, were caused by bad credit decisions, significant and non-performing insider loans and poor corporate governance practices.
Emefiele added that the shareholders of the bank and FBN Holding Plc lacked the capacity to recapitalize the bank to minimum requirements.
The CBN chief recalled the steps that were taken to stabilize the bank in its quest to maintain financial stability.
“Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Office in January 2016;
“Grant of the regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years;
“Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions;
“Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures.”
Emefiele lamented that despite the significant improvement in First Bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic.
He disclosed how insiders who took loans, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state.
The CBN’s recent target examination as at December 31, 2020 revealed insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders.
After a review of the situation, the CBN, with powers under BOFIA 2020, ordered the immediate removal of all directors of FBN Ltd and FBN Holdings Plc.
The apex bank announced the appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc:
For First Bank: Chairman – Tunde Hassan-Odukale; Tokunbo Martins; Uche Nwokedi; Adekunle Sonola; Isioma Ogodazi; Ebenezer Olufowose; Ishaya Elijah Dodo; Sola Adeduntan – Managing Director; Gbenga Shobo – Deputy MD; Remi Oni – ED; Abdullahi Ibrahim – ED.
For FBN Holdings: Chairman – Remi Babalola; Dr. Fatade Abiodun Oluwole; Kofo Dosekun; Remi Lasaki; Dr Alimi Abdulrasaq; Ahmed Modibbo; Khalifa Imam; Sir Peter Aliogo, Urum Kalu ‘UK’ Eke – Managing Director.
Emefiele assured the depositors, creditors, other stakeholders of the bank and all Nigerians its commitment to ensure the stability of the financial system.
April 29, 2021
FirstBank will continue to support FG’s diversification drive to create jobs – Awosika
First Bank of Nigeria Ltd. on Monday said it would remain committed to the Federal Government’s diversification drive with the development of agricultural value chain to boost employment.
Mrs Ibukun Awosika, Chairman, FirstBank, stated this at the bank’s 2019 edition of ‘Food Souk’ in partnership with Eventful Limited, an events management company, held in Lagos.
Awosika said the bank would continue to support the entire agricultural value chain from production to consumption to create opportunities for Small and Medium Enterprises (SMEs) in the food sector to create job opportunities.
“As you have noticed, we have been doing a chain of Souks with Eventful, it is critical for the economy of the nation that we encourage the SMEs sector across different industries,” she said.
According to her, the Food Souk was introduced to diversify the economy agressively through agricultural development.
“When we have 200 million people, food is big business because everybody will eat. So, what we are trying to do is in support of the nation’s building.
“We are seeking to encourage small medium and big enterprises in different sectors of the economy.
“One is to help create jobs because if we think that 65 per cent of our population is made up of people under 40 years and the highest unemployment rate is within the segment that is between 20 and 35, so you need to create jobs.
“But you will only create jobs when you create entrepreneurs, as we create more businesses you are creating job opportunities,” Awosika said.
She added that the bank’s focused on supporting the growth of the economy and hoped to in turn benefit from it as a provider of financial services to the economy.
“As we grow the economy, as we build lives of Nigerians, as we support the government’s investment in the diversification of the economy and help to create jobs through the enterprises we will ultimately benefit,” Awosika stated.
The chairman said FirstBank, the largest retail bank in the country would continue to support growth and development of SMEs.
“A lot of big businesses of today that grew in Nigeria are businesses we supported from scratch.
“We are starting with different generations of new businesses and events like this help you to see the trends, it helps you to see the companies that need nurturing.
“It helps you to see the companies that you can support.
“It also gives you information about how you can best support them and engage them in their terrain to see businesses and understand their feelings to create the kind of product that will support their businesses,” Awosika said.
A food vendor, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together.
Ebeneme said she was at the fair to make profit, meet new clients and as well as create the needed publicity for her brand.
Food Souk, formerly known as Fiesta of Flavours, is a food and wine fair, that holds annually at Harbour Point in Victoria Island Lagos, since its premier edition in 2015.
The fun food and beverage fair hosted by Eventful, provides an avenue for attendees to fully experience the entertainment, art and business of food.
It showcases the best in local and international cuisine, cutting edge food technology and cooking techniques, and the best beverages, wines and spirits the world has to offer.
It also provides management and training seminars alongside competitions, food demonstrations and performances and a live band. (NAN)
December 24, 2019