By VICTOR AHIUMA-YOUNG
A Federal High Court sitting in Abuja, has stayed the execution of the judgment nullifying the dissolution of the Board of First Guarantee Pension Limited, by National Pension Commission, PenCom.
PenCom had dissolved the board of First Guarantee Pension Limited, following which the later went to court, challenging the dissolution by PenCom. The court nullified the dissolution.
Dissatisfied with the court judgment, PenCom appealed against same and meanwhile, headed back to another court, praying it to stay the judgment, which was granted.
It will be recalled that PenCom while performing its regulatory functions, had intervened in First Guarantee Pension Limited, a Pension Fund Administrator, PFA, and took over its management.
The commission’s intervention, after a routine examination, it was gathered, allegedly revealed unsound corporate governance practices. The intervention led to series of court actions against the decision of PenCom to intervene in the PFA.