By Soni Daniel & Abdulwahab  Abdulah

Abuja—Former Presidential Liaison Officer, and key director of First Guaranty Pensions Limited, FGPL, Alhaji Kashim Imam, and Nze Chidi Duru continued their war of words over ownership of Fisrt Guaranty Pensions Limited.

While Imam said Duru was not an investor in the company, Duru, a former member of the House of Representatives, dismissed the former’s claims, saying Pencom, which ought to be a regulator, was unduly interfering in the affairs of the company.

Addressing a media session in Abuja at the weekend, Kashim Imam said that unknown to the public, Duru, who was removed from office by the Pension Commission of Nigeria for series of fraud, never invested a kobo in the company since its formation.

He said at the formation of the company, Duru did not have the initial N100 million share contribution required of each of the promoters but presented three cheques totalling N30 million which were later returned to him by the main shareholders.

Kashim blasts
Kashim said: “Technically speaking, Duru, cannot even be said to have invested a dime in the business. But we did not know this, until much later.

‘’He did not contribute a dime to the initial deposit of N500 million which was required to set up the company. Let me say that it was my papers and other documents that were filed with the Corporate Affairs Commission for the registration of the company, which Duru fraudulently claimed as his own because we the real owners had kept quiet over the matter, hoping that he would see reason and behave responsibly.

“I have the copies of the three cheques from Guardian Express Bank and Diamond Bank, which he presented for N30 million he brought, which was promptly returned to him and he cannot deny that. We only allowed him to be part of the company based on trust which he had since squandered.

“As if his atrocities were not enough, Duru also converted the shares of other shareholders who pulled out of the company to himself, issuing cheques in the name of the company to such persons, yet fraudulently appropriating their shares, as his own.”

Duru debunks allegation on non-performance
In his response, Duru debunked the allegation that FGPL was not performing under his watch.

He said: “In confirming FGPL as the most improved PFA on February 22, 2011, we are confident that the above infractions could not have been true and impacted on the business. The Board was commended for setting industry standards with the structure and organisation of the business.

‘’Additionally, FGPL had the person of Frank Nweke JNR as its independent director whose appointment in 2009 was approved by the National Pension Commission. Frank Nweke, in accepting his nomination, said on March 23, 2009, that he would like to thank the Board and shareholders for appointing him as independent director to work with us to achieve the dreams of shareholders of First Guarantee Pension Limited.”

‘Secret plot to remove me’
He said to actualize the secret plans of removing him from the company, the duo of Kashim and Pencom, without the approval of the Board of Directors and ordinary resolution of Shareholders of FGPL and in clear disobedience to the order of Justice D U Okorowo, authorised Nneka Amobi, a staff of the company to appoint Ms Funmi Olowo as company secretary.

He said this was the point the share holding of the company was illegally altered at the Corporate Affairs Commission, CAC, through the removal of Novare and Genoou as shareholders, thereby reducing his shares and interest by 50 per cent, from N249,000,000 to N123,000,000.