Nze Duru: Meet the brain behind Pension reform, GENCOS, DISCOS, others in Obasanjo era

Nze Chidi Duru is a lawyer and notary public. His profile is a remarkable record of business accomplishments defined by a zealous pioneering spirit, especially in uncharted territories, and political achievements underscored by a commitment to public trust and unbridled transparency pivoted on acts of charity to not only the less privileged, but, indeed, to any man or woman of any tribe, religion or social economic class requiring his support.

A product of Santana Boarding School, Awo- Omamma, Imo State, signs of the distinguished Nigerian Nze Duru will turn out to become later in life were first recorded in the 1989/1990 national service year when he won the NYSC State Honours Award as the Best Corps Member in Ogun State. He would, thereafter, go on to win the highly coveted National NYSC Honours Award in the same year. About 10 years afterward, he was nominated by the British Government as one of the 14 Outstanding Leaders in the Africa Future Leaders pilot programme of 2000/01

Nze Duru, who is also the Acharaugo of Nkpologwu in Anambra State, is respected among peers and followers for insisting on ethical behavior in the political space. His ethics guided political conduct and comportment as a member of Nigeria’s House of Representatives between 1999 and 2007, when he represented the good people of Aguata Federal Constituency under the platform of the People’s Democratic Party (PDP) and facilitated critical initiatives in the transformation of Nigeria’s economic space to contemporary standards.

One such initiative was the unlocking of the latent assets base of the contributory pension scheme as Chairman of the House of Representatives Pension Reform ad-hoc Committee. He ensured the speedy passage of the Pension Bill which was assented to by then President Olusegun Obasanjo. The assets under management of the industry is now estimated at more than 16 trillion Naira from a zero position in 2004 when the bill was signed into law.

In addition to this, Nze Duru takes credit for championing the bill that led to the unbundling of the power sector to electricity generation (GENCOS), transmission, system operation, and distribution (DISCOS) segments. Whilst as Chairman of the House Committee on Privatization, with oversight responsibilities over the Bureau for Public Enterprises (B.P.E)., he redesigned the bidding methods to follow the principle of technical competence before financial viability. The introduction of this principle nipped in the bud the political charge that characterized the dealings in BPE at the time. Under his watch, BPE realized N300bn (Three hundred Billion Naira) which was credited to the Treasury of the Federal Government of Nigeria.

Coming on the back of unleashing the potentialities of the pension industry, Nze Duru established First Guarantee Pension Limited, in another record-pioneering accomplishment, in 2004. First Guarantee Pension Limited is one of the first-generation strategy-focused Pension Fund administrators to be licensed by the National Pension Commission. It has now been acquired by Access Bank Plc and merged with Sigma Pension to form Access Pension.

Outside politics, Nze Duru manages a large business portfolio under the Grand Tower Holding Company structure with interests in Investment, Hospitality, Real Estate Development, and Distribution. The Bon Grand Tower Hotel franchise which operates across States in Nigeria is one of the flagships of his many entrepreneurial engagements.

Nze Duru is the founder of CallPhone Limited, an integrated payment solutions company driven by innovative technology and systems to provide a wide range of value-added services. The company is the first Fintech company to be granted the CBN’s Payment Solution Service (PSS) license category to operate as a PSSP, PTSP, and super-agent in Nigeria.

As part of his business landmarks, he remarkably hand-held the ShopRite franchise in a pioneering effort in the Federal Capital Territory to establish the first ShopRite Supermarket in Abuja with his Grand Tower Shopping Mall in Apo, Abuja. Other ShopRite Supermarket outlets have since sprouted across the Federal Capital Territory on the heel of his pioneering efforts.

Nze Duru who is currently the Deputy National Organizing Secretary of the All Progressives Congress, hails from Nkpologwu, Aguata Local Government Area of Anambra State. He is an alumnus of many distinguished institutions of higher learning that include the Ambrose Alli University, Ekpoma, Edo State, Nigerian Law School, Lagos, Lagos Business School, Lagos, University of Navarra, Barcelona, Spain, and Harvard University.

Addressing a gathering of Nigerian youths recently at a well-attended empowerment programme organised by the youths wing of the ruling party, Hon. Duru, who shared his personal experience while growing up, urged the youth on the need to stay back in Nigeria to shape the country.

The APC chieftain added that it was his faith in Nigeria that made him to stay and 30 years down the line he has no regrets.

He insisted that “our youths are better off staying in Nigeria.”

Hon. Nze Chidi Duru is married to Arc. Nkonye Duru with whom he has five lovely children.