PenCom delivers First Guarantee Pension to reconstituted board

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Chuks Udo Okonta

The National Pension Commission (PenCom) said it has handed the management of First Guarantee Pension Limited over to a reconstituted Board of Directors under the Chairmanship of Alhaji Kashim Ibrahim Imam with Hon. Tsegba Terngu, Hon. Ahmed Salik, Dr. Pat Asadu, and Hon. George I. Ozodinobi as members.

A statement by PenCom’s spokesman, Peter Aghahowa, noted that concurrently, the Commission has dissolved the Interim Management Committee it appointed on 12 August, 2011.

“The Commission 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.

“The conclusion of the intervention was as a result of the judgement delivered by the Court of Appeal, Abuja Division on Thursday, 30 April, 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 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,” PenCom said.

The Commission assures all clients of the PFA that the company has been returned to normality, stressing that it is alive to its responsibility of ensuring the safety of the pension industry at all times.

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