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.
Naijaonpoint understands that the tribunal held that the affected directors qualify as politically exposed persons under the company’s 2017 shareholders’ agreement.
The final ruling was delivered on May 25, 2026, in a case filed by Premium Pension co-founder, Muhammed Barde, and three companies, Fendo Investments and Properties Limited, Olive Lime Limited and Afric Capital Limited.
According to The Cable, the tribunal was chaired by Olusola Adegbonmire, with Bayo Ojo and Chikwendu Madumere serving as co-arbitrators.
In its award, the panel held that Sale Yunusa, Mohammed Abubakar, Bitrus Kwaji and Bappayo Yahaya fell within the category of politically exposed persons under the shareholders’ agreement.
It ruled that their nomination, appointment and continued service as directors of Premium Pension Limited violated clause 5.1 of the agreement and was “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 tribunal also ruled that the claimants had the locus standi and jurisdiction to institute the case.
However, it held that they 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 affected directors are former public officeholders.
Abubakar served as Bauchi State governor from 2015 to 2019 and recently joined the race to return to the Government House in the 2027 elections.
Yunusa was a former general manager and chief executive of the Bauchi State Housing Authority.
Yahaya once served as the Head of Service of Gombe State, while Kwaji was a former Managing Director of the Nigerian Military Pension.
The dispute was described as one of the major corporate governance battles in Nigeria’s pension industry.
It arose from disagreements over governance and shareholding in the pension firm, including allegations of shareholder oppression and breaches of contractual rights.
Barde, who was said to have co-founded Premium Pension in 2006, reportedly acquired about 40 per cent shares in the company for more than $35m, making him the single largest shareholder.
Some shareholders who had earlier offered to sell their shares to him allegedly later refused to transfer the shares despite his claimed contractual right of first refusal.
Following the ruling, the claimants’ solicitors reportedly wrote to the company secretary of Premium Pension Limited and copied the National Pension Commission (PenCom).
They demanded immediate compliance with the tribunal’s order removing the affected directors from office.
The tribunal was said to have relied on the Money Laundering (Prevention and Prohibition) Act 2022, Financial Action Task Force guidance, international anti-money laundering standards and global banking practice in interpreting the status of politically exposed persons.
It also held that PEP status is not limited to current officeholders but may extend to former public officials where influence, access and governance risks remain.x
