An arbitration tribunal has ordered the removal of Mohammed Abubakar, ex-Bauchi governor, and three directors from the board of Premium Pension Limited after ruling that they qualify as politically exposed persons under the company’s shareholders’ agreement.
The tribunal delivered the final ruling on May 25, 2026, in a case instituted by Muhammed Barde, PPL’s co-founder, and three companies: Fendo Investments and Properties Limited, Olive Lime Limited, and Afric Capital Limited.
Sale M. Yunusa, ex-managing director (MD) of Urban Development Bank; Ibrahim Saleh Hassan, Mohammed M. Abdullahi, Yunusa Yakubu, Ibrahim Alhassan Babayo, Dauda Jabani Kwaji, Ali Saidu, Sirajo Abubakar Argungu, Farida K. Usa Kwaji, and Adama Inuwa were listed as the respondents in the legal dispute.
Other respondents include Mohammed Inuwa Yahaya, Gombe state governor; Nuru Yakubu, Abdullahi Y. Umar, Zaina Nigeria Ltd, Fiduciary Reports Limited, Idris Y. Saeed, and Bade Adesina.
The panel was chaired by Olusola Adegbonmire, with Bayo Ojo and Chikwendu Madumere serving as co-arbitrators.
In the award, the tribunal held that Sale Yunusa, Mohammed Abubakar, Bitrus Kwaji, and Bappayo Yahaya fall within the category of politically exposed persons under the firm’s 2017 shareholders’ agreement (SHA 17).
The tribunal also ruled that their nomination, appointment, and continued service as directors of Premium Pension Limited contravened clause 5.1 of the agreement and “is 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 held.
The panel also declared that the claimants had the locus standi and jurisdiction to “bring this suit”.
However, the tribunal said the claimants failed to prove that the 2014 shareholders’ agreement remained the only valid and subsisting agreement governing the company.
“The Respondents’ claim for general damages against the Claimants is refused,” the tribunal added.
The directors who are expected to be removed were once public officeholders. Abubakar was a governor of Bauchi (2015 – 2019). He recently joined the race to return to the government house in the 2027 polls.
Yunusa is a former MD and chief executive of the federal government-owned Urban Development Bank, now Infrastructure Bank, and previously general manager and chief executive of the Bauchi state housing authority, while Yahaya once served as the head of civil service of Gombe, and Kwaji was MD of the Nigerian Military Pension.
The dispute, described as one of the most significant corporate governance battles in Nigeria’s pension industry, stemmed from governance disagreements and shareholding issues within the pension firm, including allegations of shareholder oppression and breaches of contractual rights.
TheCable understands that Barde, who “conceived and co-founded Premium Pension in 2006”, recently acquired about 40 percent shares in the company for more than $35 million, making him the single largest shareholder in PPL.
The respondent shareholders had earlier offered to sell their shares only to outsider non-shareholders, but refused to offer same to Barde despite his claimed contractual right of first refusal.
Instead, the parties sought to sell the shares to a “non-shareholder outsider” in violation of the governing agreements of the company.
It was also learnt that repeated attempts were made to politicise the issues and frustrate proceedings through “procedural obstruction, influence, and delay”.
Following the award, the claimant’s solicitors formally wrote separately to the company secretary of Premium Pension Limited and the National Pension Commission (PenCom), demanding immediate compliance with the tribunal’s orders removing the affected directors from office.
The tribunal’s findings were said to have relied on the Money Laundering (Prevention and Prohibition) Act 2022, Financial Action Task Force (FATF) guidance, international anti-money laundering standards, and global banking practice in discussing the definition and treatment of politically exposed persons.
It also held that the PEP status is not limited to current officeholders but may extend to former public office holders where influence, access, and governance risks persist.
