By Babajide Komolafe & Elizabeth Adegbesan
VICE Chairman of First Guaranty Pensions Limited, FGPL, Nze Chidi Duru, yesterday, said the company should have achieved an asset base of more than N400 billion based on the strategic plan developed for the company in 2010.
Nze Chidi Duru, in an exclusive interview with Vanguard, however, noted that the asset base of the FGPL was currently at N130 billion, stressing this was a far cry from the strategic plan formulated for the company by the Orlando-led board in 2010.
Duru who was the Vice chairman in the Olaiya Orlando-led board of the FGPL, which was sacked by the Pension Commission of Nigeria, PENCOM, but recently recognised as the legitimate board, by the Court of Appeal in Abuja, expressed optimism that the new management of PENCOM would address the challenges confronting the company by implementing the various court judgements which affirmed the legitimacy of the Orlando led board of directors.
He said, “As a board we feel that the business has not been managed professionally. In our business plan of 2010, the five years business plan we did, we had projected that in 2015 FGP will be managing an asset size of close to 280-300 billion naira. It is unfortunate that today, in 2017 the asset under management of FGP is under N130 billion. If you compare this with our peers as of 2012, our peers are managing close to N400 billion, some are managing up to N450 to N500 billion.
“I also think that whatever it is, when we get back, we will do a forensic update of the business, know what went wrong, and then what we have to do to reposition it to take its commanding spot in the industry. I also know that the man that has been appointed as the current DG of National Pension Commission would like to play by the rules and by the book and concern himself with being a regulator rather being an operator.
“He has been an operator in the last twelve years now he is promoted to being a regulator. He has been at both sides of the coin and his remit would be how to advance and further the industry. So I think one of the first things that he would try and work on is the question of FGP. The law is there, the judgment of the court is there. What is left is simply to implement the judgment of the court that has been given by Justice Okorowo.”