The nominating shareholders and board of Premium Pension Limited has been ordered by an abitration tribunal to procure the resignation or removal of four directors from its board whom it considers to be politically exposed individuals.
The company has 30 days to comply with the order of the tribunal which ruled on Monday May 25, 2026.
The Tribunal was chaired by Olusola Adegbonmire, FCIArb, with Bayo Ojo, SAN, CON, FCIArb, and Chikwendu Madumere, FCIArb, as co-arbitrators. Madumere issued a minority opinion dissenting from parts of the majority findings.
Following the award, solicitors of the complainants have formally written to the Company Secretary of Premium Pension Limited and also served the National Pension Commission (PENCOM) and Corporate Affairs Commission, demanding immediate compliance with the Arbitration Tribunal’s orders removing the affected directors from office.
Specifically, the Tribunal held that Mohammed Abdullahi Abubakar, SAN (former Governor of Bauchi State and APC gubernatorial candidate), Bitrus V.T. Kwaji, a retired General, Sale M. Yunusa (former managing Director of Urban Development Bank), and Bappayo Yahaya (Former Gombe State Head of Service) are Politically Exposed Persons (PEPs), and that their nomination, appointment, and continued service as directors of Premium Pension Limited contravene Clause 5.1 of the applicable Shareholders’ Agreement.
