IEI-Anchor PFA sacks zwingina as board chairman

The Board of Directors of IEI-Anchor Pension Managers Limited has sacked Jonathan Zwingina its chairman 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 handed over the boot 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.

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 augure 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 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 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.