Tribunal Orders Removal of Directors at Premium Pension Limited

An arbitral tribunal has ordered the removal of four directors from Premium Pension Limited, classifying them as politically exposed persons (PEPs) under a 2017 shareholder agreement. The ruling, delivered on May 25, 2026, by the tribunal chaired by Olusola Adegbonmire, alongside Bayo Ojo and Chikwendu Madumer, stems from a bitter shareholder dispute involving businessman Muhammad Jibrin, who invested $35 million to acquire about 40% equity in the company, becoming its largest shareholder.

The tribunal found that the directors, including former Bauchi State Governor Mohammadu Abdullahi Abubakar, violated the shareholder agreement by refusing to honor contractual rights. The tribunal ruled that their continued service on the board contravened the agreement's clauses.

The decision has broader implications for corporate governance standards in Nigeria's financial services sector, particularly regarding the interpretation of PEP status and its impact on regulatory compliance.