IEI-Anchor PFA Sacks Zwingina As Chairman | Independent Newspapers Limited
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IEI-Anchor PFA Sacks Zwingina As Chairman

Posted: Jul 5, 2015 at 12:35 am   /   by   /   comments (0)

By Bamidele Ogunwusi,  Lagos


The Board of Directors of IEI-Anchor Pension Managers Limited has sacked its Chairman, Jonathan Zwingina, following a vote of no confidence passed on him by the directors.

Zwingina, who had been the chairman of the board since its incorporation in November 2004, was removed at their meeting on Tuesday, June 23, 2015 in Abuja due to allegation of interference with the day-to-day management of the company and altering minutes of board meetings.

Jonathan Zwingina

Jonathan Zwingina

In fact, the PFA is believed to have had 5 managing directors in the last 10 years under the Chairmanship of Senator Zwingina, a development, analysts say does not augur well for the organization and industry.

Stakeholders are hopeful that with this development the management and the board would now focus on building value for the stakeholders and remain competitive in the industry.

A source in PenCom confirmed the development to our correspondent, saying, “We were notified of the action by the management of the organization. It is within the confines of the organization 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 we have the fit and proper requirement for appointments into any organization and we shall continue to enforce and monitor it.”

A former managing director of the PFA who spoke to Daily Independent on Saturday on the condition of anonymity described the removal of Senator Zwingina as Chairman as long overdue.

He blamed the senator for the setbacks that the PFA has suffered since inception due to his overbearing and negative influence on the management.

At the company’s annual general meeting last year, Solomon Okoli, managing director of the company 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.