How Hon. Chidi Duru Lied On Premium Pension’s Shareholding Structure

.Resigned Over Alleged Indictment –
 
Contrary to claims by a former Member of the House of Representatives and erstwhile Vice Chairman, Board of Directors of the First Guarantee Pension Limited, FGPL, Hon. Nze Chidi Duru, that the family of the Director-General (DG) of the National Pension Commission, PENCOM, Mrs. Chinelo Anohu-Amazu holds controlling shares at the Premium Pension, a PFA, investigations by this paper show that the PFA is owned by 48 persons and corporate entities, with Victor Anohu holding a paltry 1.61 percent of the shares.
 
Hon. Duru had severally alleged in petitions and interviews that the sack of the Board of FGPL by PENCOM in 2011 and institution of an Interim Management Committee (IMC), which still runs the PFA, was a ploy by the DG of PENCOM to transfer the PFA to Premium Pension, another PFA, where he claims the Anohu family holds a controlling share.
 
However, the most recent Shareholding Structure of Premium Pension dated 2012 and obtained from the Corporate Affairs Commission, CAC, show that the leading shareholder is Zaina Nigeria Ltd, a corporate entity, which holds 59,654,966 shares worth the same amount in naira and representing 9.08 percent of the shares.
 
Others also include Arc. Yunisa Yakubu with 49,929,307 representing 7.60 percent of the shareholding; Aliko Dikko with 47,981,215 representing 7.30 percent; Inuwa Yahaya with 41,184,338 representing 6.27 percent; and Canes Consultancy Services Ltd with 32,943,166 shares representing 5.01 percent of shareholding.
 
A lawyer at the CAC, who interpreted the shareholding structure, but does not want his name in print, said that no law precludes relatives of a member or staff of the PENCOM from holding shares or serving as a Director on the Board of any PFA, so long as he or she satisfies the ‘Fit and Proper Person Test’ by the National Deposit Insurance Company (NDIC). He also maintained that all shareholding taken together, 1.61 percent shares does not represent a controlling share by any stretch of imagination.
Importantly, findings from the file of the PFA at CAC showed that the 1.61 percent shares was  purchased during the setting up of the PFA in 2005.

Further revelations from the file show that latest ownership or shareholding structure of the PFA dated 2012 predates Mrs. Anohu-Amazu’s appointment as the Acting DG of PENCOM in December 2012 and later a substantive DG in 2014. In other words, the latest shareholding structure predates her appointment.

See The Premium Pension Shareholding Structure Below;
premium-pension-shareholding-structure-pg-1

premium-pension-shareholding-structure-pg-2-1
 
Meanwhile, stakeholders have dismissed Hon. Duru’s claims of plans to transfer First Guarantee Pension Ltd to Premium Pension.
 
They maintain that Sections 24(h)&(i) and 98(2)(a) of Pension Reform Act 2014 clearly spell out the circumstances under which PENCOM could transfer pension assets under the management of any licensed PFA to another PFA. The major ground is when there are clear signs that pension assets (pension savings of those who have their Retirement Savings Account, RSA with the PFA) are endangered.
 
Investigations by our team reveal that whereas the FGPL was in deficit or red to the tune of N422 Million when Duru and others were sacked from the Board of Directors of the PFA in August 2011, the Interim Management Committee (IMC) instituted by PenCom to run the affairs of the PFA pending the resolution of a floodgate of litigations and shareholders’ wrangling, had turned around the fortunes of the PFA. Documents cited by our team of investigators show that FGPL under the IMC recorded a profit of N1.922,390,000 as at April 2016.
 
Furthermore, its value of Retirement Savings Account (RSA) between August 2011 and April 2016 has increased from N32.7 Billion to N93.9 Billion. The Retirement Fund managed by the PFA has also risen from N8.5 Billion to N18.5 Billion, while its book has appreciated from N42.1 Billion to N115.2 Billion within the same time frame.
 
In the meantime, the Chairman of FGPL Board and a founding member of the PFA, Kashim Imam, has accused Hon. Duru of deliberate attempt to misinform the public on the regulatory intervention of PENCOM to save the FGPL.
 
He said that but for PENCOM, Chidi Duru’s management team would have liquidated FGPL.
 
In an elaborate interview published by major national dailies, Imam said that contrary to impressions being peddled by Hon. Duru, the previous administration of PENCOM under M. K. Ahmad, not the current DG, sacked the Board of FGPL and set up an Interim Management Committee (IMC) pursuant to Sections 88 (2), 20(i), and 21(j) of the Pension Reform Act 2004 (as it was then).
 
He said the step became inevitable after findings of the various routine and special examinations carried out on FGPL in the years 2007, 2008, 2009, 2010 and 2011, exposed persistent infractions and unhealthy corporate governance practices that put FGPL at serious risk.

.See Hon. Chidi Duru’s Resignation Letter Below;
chidi-duru-resignation-letter
 
He maintained that the PENCOM reports indicted Chief Orlando O. Ojo, the former Chairman of the PFA; Nze Chidi Duru, former Vice Chairman of the PFA; and one Mr. Derrick Roper (representing the interest of Novare Holdings (Pty) Ltd of South Africa) over violations of the Code of Ethics and Business Practices issued by PenCom, the Code of Corporate Governance for Licensed Operators issued by PenCom, the provisions of the Pension Reform Act (PRA) 2004 (at it was at the time) as well as other laws of Nigeria.
 
Imam alleged: “Chidi issued three different cheques, of N10million each, of Guardian Express Bank, with nos: 221 and 227 and another Diamond bank cheque. Similarly, his friend, Mr. Nnamdi Anammah, who was MD of Springlife Bank, also claimed to have invested N32million for his shares, issuing the following dude cheques- UBA Plc No.3, Reliance Bank Ltd No.194, Zenith Bank Plc No. 23 and UBA Plc No. 18833. Interestingly, Chidi came to my house one day and told me that his friend, Mr. Anammah, did not invest a dime in our company.
 
“Hon. Chidi Duru subsequently attempted to appropriate to his company, BP Outsourcing Ltd, the N30 million shares in his name, and the N32million shares in the name of Mr. Anammah. Mr. Anammah has since gone to court, also claiming that Chidi did not invest a dime in the First Guarantee Pension Limited.  Again, when two shareholders pulled out, Olisa Metuh and Nick Opara Ndudu, he issued cheques from the account of the company, to refund their money to them, yet he fraudulently appropriated their shares, as his own. Instructively, Metuh, asked for a refund of his money, upon realization that Chidi had fraudulent intentions”.
 
He continued: “Following his indictment, Chidi, at the stakeholders’ meeting summoned by PENCOM, in May 2011, pleaded with the Agency, to give him a soft-landing and he offered to resign with immediate effect. His letter of resignation to PenCom was dated July 21, 2011. After the resignation, he subsequently got his lawyers to write, withdrawing the letter of resignation, and since then he has been going about dishing out lies to the public”.
 
He insisted the lawsuits were responsible for the continued running of the PFA by the IMC, contrary to the claims by Duru that PENCOM DG wants to transfer it to Premium Pension.
 
Imam accused Duru of waging media war against PENCOM and its DG to have her sacked because it is a new government making changes here and there.
 
“Ironically, here is a lady, sitting on over N5 Trillion, without any hint of scandal. If anything, the DG has helped to save FGPL and grew its Assets, from N38 billion to about N120 billion and made a profit of about N3billion in four years, from the red, in debt of N400 million deficit, when Chidi held sway, more like a Sole Administrator  for eight years”, he added.
 
He maintained that FGPL was doing so well under the IMC and that allegations plot to transfer the PFA to Premium Pension was a mere conjecture of Duru’s about PENCOM’s powers under PRA 2014 to transfer pension assets from a PFA whenever there is a threat to the pension assets.
 
He insisted Hon. Duru must have heard how well the PFA he almost ruined was no doing and the growing interest of foreign investors in it that he wants to come back to sell shares he did not pay for in the first place.
 
“Funny enough, he is dishing out his tissues of lies from a hideout. He is on the run. The EFCC has been looking for him to arraign him in court for stealing and forgery. But I understand they can’t find him” he alleged.


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