PenCom ends intervention in First Guarantee Pension

By Victor Young

National Pension Commission, PenCom, has announced the end of its regulatory intervention in First Guarantee Pension Limited, FGPL, and has handed over the Pension Fund Administrator, PFA, to its reconstituted Board of Directors headed Alhaji Kashim Imam as Chairman.

Other members of the board are TsegbaTerngu, Ahmed Salik, Dr. Pat Asadu, and George I. Ozodinobi.

Recall that the commission intervened and appointed an Interim Management Committee, IMC, to run the PFA in August 2011 based on the findings of the routine and special examinations carried out by the Commission.

A statement by the commission on Monday said: “The National Pension Commission (Commission), PenCom, wishes to inform stakeholders in the Nigerian pension industry and the general public 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.

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“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.

“The Court of Appeal’s decision upheld the appeals, thereby setting aside the judgement of the Federal High Court in its entirety. Thus, the judgement of the Court of Appeal validates the regulatory actions taken by the PenCOM in 2011.

“Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship of Alhaji Kashim Imam with TsegbaTerngu, Ahmed Salik, Dr. 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.

“PenCOM 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.”

Vanguard

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