- Tribunal Orders Removal Of Ex-Bauchi Governor, Three Others From Premium Pension Board
- Panel ruled affected directors qualified as politically exposed persons officially.
- Arbitration decision followed major governance dispute within pension company operations.
An arbitration tribunal has ordered the removal of former Bauchi State governor, Mohammed Abubakar, and three other directors from the board of Premium Pension Limited over their status as politically exposed persons.
EDITOR’S PICKS
- Tinubu Meets Anyim, Abiodun, Other APC Leaders After Primary Election
- Fresh Details Emerge In Tragic Death Of Three Sisters Found In UK Sea
- Tinubu Orders 50% Reduction in Train Fares for Eid-el-Kabir Travellers
EKO HOT BLOG reports that the tribunal held that the affected directors violated the company’s 2017 shareholders’ agreement, which restricts politically exposed persons from serving on the board.
The final ruling was delivered on May 25, 2026, in a case instituted by Premium Pension co-founder, Muhammed Barde, alongside Fendo Investments and Properties Limited, Olive Lime Limited and Afric Capital Limited.
According to reports, the arbitration panel was chaired by Olusola Adegbonmire, with Bayo Ojo and Chikwendu Madumere serving as co-arbitrators.
In its ruling, the tribunal held that Sale Yunusa, Mohammed Abubakar, Bitrus Kwaji and Bappayo Yahaya qualified as politically exposed persons under the shareholders’ agreement.
The panel ruled that their nomination, appointment and continued stay on the board of Premium Pension Limited breached clause 5.1 of the agreement and were therefore invalid.
“It is hereby ordered that The Respondents shall, within 30 days of the date of this Award, take all steps necessary to procure the resignation, withdrawal, or removal of Are. Sale M. Yunusa, H.E. M.A. Abubakar, SAN, Major-General V.T. Kwaji (Rtd.), Bappayo Yahaya from the Board of Directors of Premium Pension Limited,” the tribunal ruled.
The tribunal also affirmed that the claimants had the legal standing and jurisdiction to institute the matter.
However, the panel held that the claimants failed to establish that the 2014 shareholders’ agreement remained the only valid agreement governing the company.
“The Respondents’ claim for general damages against the Claimants is refused,” the tribunal added.
The affected directors are all former public officeholders.
Abubakar served as governor of Bauchi State between 2015 and 2019 and recently joined the race for the 2027 governorship election in the state.
Yunusa previously served as general manager and chief executive of the Bauchi State Housing Authority, while Yahaya was a former Head of Service in Gombe State.
Kwaji also served as Managing Director of Nigerian Military Pension.
The dispute has been described as one of the major corporate governance battles in Nigeria’s pension industry, centring on disagreements over shareholding structure, governance and contractual rights within the company.
Barde, who reportedly co-founded Premium Pension in 2006, was said to have acquired about 40 per cent shares in the firm for more than $35 million, making him the single largest shareholder.
Reports indicated that some shareholders who earlier agreed to sell their shares allegedly failed to transfer them despite his claimed right of first refusal.
Following the ruling, solicitors to the claimants reportedly wrote to the company secretary of Premium Pension Limited and copied the National Pension Commission, demanding immediate compliance with the tribunal’s order.
The tribunal relied on provisions of the Money Laundering (Prevention and Prohibition) Act 2022, Financial Action Task Force guidelines, international anti-money laundering standards and global banking practices in determining the status of politically exposed persons.
Panel ruled affected directors qualified as politically exposed persons officially.
The panel further held that politically exposed person status is not limited to serving public officials, but can also extend to former officeholders where governance and influence concerns still exist.
