Grand Towers Boss on the Run over Alleged N100Bn Pension Fraud

Chidi Duru, a former Lawmaker and Chairman Grand Towers Plc who is wanted for an alleged N100 billion pension administration fraud, is on the run, the Economic and Financial Crimes Commission (EFCC) revealed on Sunday.

An EFCC source said the former House of Representatives member and a South African, Mr. Derrick Roper, representing Novare Holding Limited’s interest, were being probed for an alleged diversion of millions of Naira of First Guarantee Pension Limited FGPL.

The EFCC source also disclosed it had launched a probe into the management of over N100 billion worth of pension assets owned by FGPL.

EFCC operatives have questioned a senior staff of the Ministry of Justice, Mrs. Chinyere Ekweonu, who stood surety for Duru.

The former Lawmaker is accused of diverting N16 million – being part of an equity contributed by Novare Holding, a South African firm, to another business, and collecting N20.5 million as “executive allowance” without board approval, as well as the transfer of the company’s assets for personal use.

The commission said Duru also flouted Pencom’s directive when he approved the development of a software for N31 million.

According to the Vanguard, Duru also approved $285,102.00 to Novare Investments for “questionable” consultancy services and other charges without board approval.“Also, Duru’s bank cheques, totalling N30 million, presented as evidence of part payment of his portion of the start-up share capital was found not to have been debited from his bank account upon verification,” the EFCC’s report further stated.

Duru is also wanted for forging the signatures of shareholders on a document referred to as the “Shareholders Resolution,” which then allowed him to negotiate with Novare Holding during the acquisition of the FGPL’s shares by Novare Holding.

Some of the shareholders, who Duru allegedly forged their signatures include former Speaker of House of Representatives, Alhaji Ghali Umar Na-Abba; former Deputy Speaker, Austin Okpara; Senator Annie Okwonkwo; Alhaji Kasim Ibrahim Iman and others.