Pencom hands over First Guarantee Pension to reconstituted board

The National Pension Commission (Pencom) says it has concluded intervention in the First Guarantee Pension Limited and has to reconstituted the Pension Administrator’s (PFA) board.

The Commission also assures all clients of the PFA that the company has been returned to normal operations.

A statement from the commission to the Nigerian Pension Industry and the general public noted that its regulatory intervention in First Guarantee Pension Limited (the PFA), which resulted, among other things, in the appointment of an Interim Management Committee (IMC) to superintend over the affairs of the PFA had been concluded.

The intervention was undertaken in August 2011 based on the findings of the Routine and Special examinations carried out by the Commission.

The conclusion of the intervention was as a result of the judgement delivered by the Court of Appeal, Abuja Division on Thursday, April 30, 2020, in the three appeals filed by the Commission, the Attorney-General of the Federation and the PFA, against the judgment of the Federal High Court that nullified the Commission’s regulatory measures.

According to Pencom, the Court of Appeal’s decision upheld the Appeals, thereby setting aside the judgment of the Federal High Court in its entirety.

“Thus, the   judgment of   the Court of Appeal validates the regulatory actions taken by the Commission in 2011.

“Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship   of   Alhaji   Kashim   Ibrahim   Imam with   Tsegba Terngu, Ahmed Salik, Pat Asadu, and George I. Ozodinobi as   members.   Concurrently, the Commission has dissolved the   Interim Management Committee it appointed on August 12, 2011.

“The Commission would like to use this medium to assure all clients of the PFA that the company has been returned to normality,” the statement read in part.

The   Commission   further reassures pension contributors and the general public that it is alive to its responsibility of ensuring the safety of the pension industry at all times.

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