Premium Pension Faces Governance Challenge After Tribunal Ruling

Premium Pension Limited is undergoing a governance test as it awaits the enforcement of an arbitral award delivered on May 25, 2026, by a tribunal chaired by Olusola Adegbonmire, alongside co-arbitrators Bayo Ojo and Chikwendu Madumer. The award mandates the removal of four directors deemed politically exposed persons, including former Bauchi State Governor Moham Abdullahi Abubakar and retired Major General Bitru V T Kwaji.

The tribunal ruled that these individuals are ineligible to remain on the board, violating the 2017 shareholders' agreement. The case, initiated by investor Muhammad Jibrin, who holds approximately 40% equity in Premium Pension, highlights significant corporate governance disputes within Nigeria's financial services industry.

The tribunal also dismissed counterclaims against the claimant and emphasized the need for compliance with anti-money laundering standards. The award's implications extend beyond the company, influencing governance practices across Nigeria's regulatory financial institutions.