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Oba Otudeko Sets First Bank On Fire

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By Michael Effiong

These are not the best of times for one of Nigeria’s financial powerhouses, First Bank Nigeria Plc. The bank is on fire and has ran into troubled waters with the Central Bank of Nigeria (CBN).

The CBN is unhappy with First Bank over the financial machination of its one-time Chairman, Dr. Oba Otudeko who incidentally is the current Group Chairman of First Bank Holding Company. That is not all, the nation’s apex bank has also frowned at the sudden announcement Mr Gbenga Shobo as the new GMD/CEO of the bank without due process.

In a letter dated April 26, 2021 with serial No: BSD/GBB/CON/FBN/01/028 titled RE: AUDITED IFRS ACCOUNTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2020, the CBN expressed its concern that First Bank has not complied with regulatory directives to divest its interest in Honey Well Flour Mills despite several reminders.

The strongly-worded letter signed by Haruna B. Mustapha, Director of Banking Operations and copied to all Board members and Major Shareholders continued “We further noted that after 4 years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdco which collaterized the restructured credit facilities for Honey Well Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.

“Given the bank’s failure to perfect the pledge and satisfy condition for regulatory approval, the restructuring has thus been invalidated and the credit facilities now payable immediately.

“Consequently, the company is required to fully repay its obligations to the bank within 48 hours failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.

“Furthermore, the Bank notes the untenable delay in resolving the long standing divestment from Barti Airtel Nigeria Limited in line with extant regulations of CBN”

The CBN also instructed that it must divest from all non permissible entities such as Honey Well and Barti Airtel within 90 days.

In addition, First Bank was instructed to provide evidence of compliance in accordance with the timelines stated above to the Director of Banking Supervision.

When it rains it pours and the heat is seriously on First Bank as the CBN has also written another letter titled “Purported  Management Change At First Bank Nigeria Limited”.

Also signed by Haruna B. Mustafa, this particular letter noted that CBN’s attention has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr. Sola Adeduntan and appointed a successor.

The apex bank stated that it was concerned that this action was taken without due consultation with the regulatory authorities especially given the systemic importance of First Bank Ltd.

The Bank noted that since Adeduntan’s tenure was yet to expire and there was no report from the Board of any infraction, there therefore appears to be no apparent justification for the removal.

The CBN said it was particularly concerned because the purported removal of Adeduntan was coming at a time the CBN has provided various liquidity support to reposition the bank.

Adding “It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure which is due on December 31, 2021.

“The removal of a sitting MD/CEO of a systematically important bank that has been under regulatory forbearance  for 5 to 6 years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.

It has instructed First Bank to explain why disciplinary measures should not be taken against the Board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change to the media.

The bank is expected to respond on or before 5pm on Thursday, April 29, 2021.

There is no doubt that these are trying times for Nigeria’s oldest bank, we would keep you posted on how this drama unfolds in the next couple of days.

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2027: Obi Warns Against Rigging, Urges Voters to Be Vigilant

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A former Governor of Anambra State, Peter Obi, has issued a stern warning to election officials and stakeholders, urging Nigerians to ensure that every vote counts in the 2027 general election.

Obi stressed that anyone who attempts to manipulate or obstruct the counting of votes will be held accountable for undermining the country’s democracy.

“Unlike in the past, in 2027 our votes MUST count, and all those who are there not to count the votes will be counted among those destroying Nigeria,” he wrote on X on Monday, February 16, 2026.

Obi, who has declared that he will contest the 2027 presidential election, advised voters to stay at polling units after casting their ballots to observe the counting and transmission of results, emphasising that preventing the proper tallying of votes would attract legal consequences.

The former Labour Party presidential candidate said: “I encourage everyone to remain at the polling units after voting to count and witness the counting and transmission of results. Those who refuse to allow the votes count will be made to count the full weight of the law against rigging.

“Let me reiterate: if you do not count our votes, we will count you among those who destroy our democracy, thereby destroying our future, and you must answer to the law.”

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APC National Secretary Basiru Demands Wike’s Resignation As FCT Minister

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The National Secretary of All Progressives Congress (APC), Senator Ajibola Basiru, has called on the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to resign from President Bola Tinubu’s cabinet, accusing him of undue interference in the ruling party’s internal affairs.

Basiru’s demand followed Wike’s warning earlier on Monday, in which the former Rivers State governor cautioned the APC scribe to “leave Rivers State alone” and refrain from meddling in its politics. Wike, while addressing supporters during a thank-you visit to Oyigbo Local Government Area of Rivers State, described Rivers as a “no-go area,” warning that those who interfere “may burn their hands.”

But, responding to the FCT Minister’s warning in a statement issued from Osogbo, Osun State, Senator Basiru fired back, describing Wike’s remarks as a “tirade” and “uncouth.”

“My attention has been drawn to the tirade of the Minister of the FCT against my person and my office as National Secretary of the APC,” Basiru said. “It is shocking that such an innocuous statement could elicit such uncouth responses from no less than a member of the Federal Executive Council.”

The APC National Secretary defended his earlier remarks, insisting he merely reaffirmed that governors, regardless of political differences, deserve respect as leaders of the party in their respective states.

“For the avoidance of doubt, our records indicate that Minister Nyesom Wike is not a member of our party, the APC. He therefore lacks the locus to dabble into the affairs of our party,” he declared.

“As National Secretary of the APC, I am imbued with the responsibility to protect the interests of the party and all its members. My activities cannot be confined to my home state, Osun State.”

Basiru also dismissed Wike’s allegation that he and other APC leaders were scrambling for a N600 billion “largesse” in Rivers State’s coffers, describing it as “cheap blackmail.”

“My background and track record are of unquestionable integrity,” Basiru stated. “I challenge him to prove his allegations or we may meet in court.”

The APC chieftain further warned Wike against issuing threats, saying he would not be intimidated.

“Wike is not God and may be overplaying his political card,” Basiru cautioned. “My faith is in God, and I will not succumb to cheap threats such as the one from him.”

He maintained that Wike’s support for President Tinubu does not make him an APC member.

“Millions of non-APC Nigerians also support the President, and Wike’s case is no different,” Basiru said. “He cannot bring the spirit of the PDP into the APC or destabilize our structures in Rivers State.”

Concluding his statement, Basiru said Wike must make a choice between serving as a non-party technocrat or interfering in APC matters.

“He cannot be in the Federal Executive Council of an APC government and be causing confusion within our party. The honourable thing to do is to resign his appointment as Minister,” he declared.

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Alleged N432bn Fraud: El-Rufai Spends Monday Night in EFCC Custody

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Former Kaduna State Governor, Nasir El-Rufai, spent Monday night in the custody of the EFCC following hours of interrogation over alleged financial misappropriation amounting to N432 billion.

El-Rufai arrived at the EFCC headquarters in Jabi, Abuja, around 11:00 a.m. on Monday, February 16, 2026, in response to an invitation reportedly issued in December.

Although he presented himself voluntarily, sources within the anti-graft agency disclosed late Monday that he would remain in custody until investigators reached what they described as “advanced stages” of their questioning.

The probe is said to stem from a 2024 report by the Kaduna State House of Assembly, which accused El-Rufai’s administration between 2015 and 2023 of diverting public funds through multiple state channels.

A senior EFCC official confirmed that investigators are reviewing contracts and financial transactions executed during his eight-year tenure.

Tension flared at the EFCC premises as hundreds of supporters and critics gathered shortly after news of his appearance broke.

Supporters accused the Federal Government of political persecution, chanting solidarity slogans, while a group identified as the Mega National Movement for Good Governance demanded accountability, insisting that no public official is above the law.

Security operatives deployed teargas to disperse the crowd after clashes reportedly broke out between the opposing groups.

In a related development, the Department of State Services (DSS) filed a three-count charge against El-Rufai at the Federal High Court in Abuja.

The charges, marked FHC/ABJ/CR/99/2026, reportedly concern the alleged unlawful interception of telephone communications belonging to the National Security Adviser, Nuhu Ribadu.

The filing followed a recent interview in which the former governor claimed he had listened to conversations in which Ribadu allegedly directed security operatives to arrest him upon his return from Egypt last week.

El-Rufai’s legal team, led by Ubong Akpan, has described the investigations as arbitrary and a violation of his constitutional rights.

Meanwhile, indications emerged that the Independent Corrupt Practices Commission (ICPC) has also scheduled him for questioning on Wednesday, February 18.

As of Tuesday morning, it remained unclear whether the EFCC would seek a court order to extend his detention or proceed with formal charges. Several of his former aides are reportedly already in custody as investigations continue.

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