The Board of Directors of IEI-Anchor Pension Managers Limited explained that its immediate past chairman, Jonathan Zwingina, was sacked following a vote of no confidence passed on him by the directors.
The Pension Fund Administrator (PFA) stated that Zwingina was relieved of his position due to allegation of interference with the day-to-day management of the company and altering Minutes of Board Meetings.
Zwingina had been the chairman of the board since its incorporation in November 2004.
It was also gathered that the PFA was not comfortable with the fact that five different managing directors have been at the helms of affairs of the company in the last 10 years when Zwingina was the Chairman.
The PFA further believed that it would be helpful if the management and the Board can focus on building value for the stakeholders and remain competitive in the industry.
A source in National Pension Commission (PenCom) confirmed that the management of IEI-Anchor Pension notified the commission of the development, saying it is within the confines of the organisation to do what it feels right for its smooth operation.
On measures put in place to ensure that similar occurrence does not happen in the industry, the source said this is why the pension industry has the fit and proper requirement for appointments into any organisation, assuring that the commission will continue to enforce and monitor it.
A former managing director of the PFA, who preferred to remain anonymous, described the removal of Zwingina as long overdue.
At the company’s annual general meeting last year, the managing director of the pension fund administration company, Solomon Okoli, assured shareholders that with the extension of their operations to 30 states of the federation, servicing over 75,000 customers and managing a couple of states’ staff pension, the company was now positioned for sustainable growth and profitability.