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The Many corrupt practices of PENCOM DG, Chinelo Anohu exposed + How she allegedly runs PENCOM like a personal property

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10 years ago

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Director-General-of-the-National-Pencom-Commission-PenCom-Mrs-Chinelo-Anohu-Amazu chinelo_anohuamazu

The director-general of the National Pension Commission (PENCOM) Chinelo Anohu-Amaz has been accused of running the commission like a personal property even as many senior staffers want the president to remove her from office.

The National Pension Commission (PENCOM ) was established by the Pension Reform Act (PRA) 2014 and later PRA 2014 to ensure effective administration of the Nigerian pension industry. It has been empowered by the PRA 2014 to superintend on all pension matters in Nigeria including supervision and regulation of the Contributory Pension Scheme (CPS) and the old Defined Benefits (DB) Scheme as well as the Pension Transitional Arrangement Directorate (PTAD).

The crisis, which has lingered for some time, is now worsening as senior management staff of the organization are no longer comfortable with the leadership of Chinelo Anohu-Amazu, whom they claim has broken every rule in the book since she assumed office as director-general of the organization.

Findings at the commission’s headquarters in Abuja have revealed that besides allegations of conflict of interest and sundry abuses, PENCOM insiders are particularly miffed at the director-general’s continued use of contacts in high places to run roughshod over everyone and every principle of neutral and effective pension administration as a regulator.

They are baffled that this could be going on under the present administration.

It would be recalled that Mrs Anohu assumed headship of the organization in very controversial circumstances, having used her contacts in the Presidency to pressure the National Assembly to reduce the statutory 20 years’ experience for headship of PENCOM to 15 years in order to accommodate her. Industry watchers and lawmakers were scandalized by the open arm-twisting but were handicapped by the powerful pressure her backers brought to bear on the situation.

PENCOM insiders and industry stakeholders insist that her determination to transfer the funds of an active pension fund administrator to another firm, Premium Pension Limited, in which her family has interests, is largely responsible for several unlawful and professionally embarrassing measures the commission has been constrained to take.

The said firm is a family business in which the DG`s mother, Mrs. Virgy Anohu, served two full terms of five years each (10 years), which is the absolute maximum allowed under PENCOM regulations. The DG`s mother was replaced on the Premium Pension board by her elder brother.

Emerging facts indicate that the DG, using a letter she instigated from the sacked managing director of the pension fund company she aims to take over, used the commission to conduct an examination and write a spurious “Draft Target Examination” with which she sought to remove three shareholders of the firm without due process, or fair hearing.

Curiously, the sacked managing director, whose case was ostensibly the basis for the regulator`s intervention, was appointed and remains the chief executive officer of the Premium Pension Limited, a firm in which the DG`s family has substantial interests.

Justice D. U. Okorowo of the Federal High Court in Abuja on August 11, 2011, gave an injunction, which was served on the commission the next day, restraining the DG from taking any action whatsoever based on the spurious draft report. But the DG acted in defiance of the court order. The letter of the attorney-general of the federation and minister of justice, directing PENCOM to obey the court order was also ignored.
The subsequent judgments of 10 July and 18 July 2012, by Justices Okechukwu Okeke and Okorowo, respectively, asking PENCOM to reverse the unlawful actions it had taken in defiance of a subsisting court order and restraining its agents and collaborators, including the EFCC and the Corporate Affairs Commission (CAC), from taking further actions on the matter, were also ignored by the DG.

Meanwhile, the commission has not done anything to resolve the “issues” on the basis of which it allegedly took over the management of the pension fund administrator. That is why we now have the case of an unprecedented five-year intervention by PENCOM without improving the fortunes of the pension funds management company.

Pension insiders and major stakeholders are raising questions for which the DG is not likely to have any satisfactory answers any time soon. Has the commission managed the said firm the DG has been playing games with profitably since it took it over five years ago? Should firms that was doing well and paying dividends to its shareholders carry on for five full years without paying any dividends, or conducting itself as a responsible social citizen simply because the regulator says it is under an `interim management` it set up in defiance of court orders and several letters from the attorney-general of the federation?

Worse still, investigations have confirmed that the DG actually approached some key shareholders in the firm she has been working to take over, urging them to sell their shares to her preferred buyer without success. Thereafter PENCOM , which has become another name for the DG`s whims, has actually been working hand in gloves with a certain Kashim Imam, who has been her desperate collaborator in the take-over bid.

Investigations further revealed that Imam and the DG have repeatedly tried unsuccessfully and unlawfully, to arm-twist the majority shareholders into a position that would readily serve the empire-building aspirations of the DG.
They are alleged to be jointly and severally using the Economic and Financial Crimes Commission (EFCC) to harass and seek to embarrass the lawful owners of the company. Like PENCOM , the EFCC has consistently ignored court orders and letters from the AGF on the matter of unlawful harassment of certain persons after courts of competent jurisdiction have entered all judgments in their favour on the matter. It has ignored the AGF`s several letters demanding for the case file on the matter and has run up a monumental record of abuse of court process on this very issue alone.

The question for many people now is whether the Presidency is also working for and with the controversial and less than scrupulous PENCOM DG. As a PENCOM senior management staff said, “We really don’t know what is going on anymore. The DG is bragging that no one can touch her and the EFCC, or at least some people in the EFCC are aiding and abetting some of the very terrible things going on here. She wants to get us all into trouble; meanwhile none of us here is going to share in all the business interests she is amassing here.”

Efforts by our reporter to reach Mrs. Chinelo Anohu-Amaz for her angle to the report proved futile as letter sent to her office was yet to be responded to as at press time.

Source: -A/Examiner

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Business

Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

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6 hours ago

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May 13, 2026

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

 

The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.

Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.

The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.

However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.

In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.

A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.

The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.

Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.

Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.

The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.

Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.

The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.

While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.

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Bank

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

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12 hours ago

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May 13, 2026

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Union Bank Honoured by ASBON at Nigeria National SME Business Awards

 

 

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.

The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”

Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.

Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.

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Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion 

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1 day ago

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May 12, 2026

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*Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion* 

_By AGP News 

 

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

 

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

 

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

 

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

 

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

 

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

 

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

 

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

 

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

 

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

 

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

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