By Dayo Omoogun
The National Pension Commission has dissolved the Interim Management Committee it appointed to manage the affairs of the First Guarantee Pension Limited
on August 12,2011 having concluded its regulatory intervention.
It will be recalled that the Commission unearthed grave infractions as well as unsound corporate issues during routine and special examination it carried out on the company in 2011 following which it removed three indicted directors.
The matter had been in court since then which necessitated the constitution of an Interim Management Committee to run the affairs of the Company pending the final determination of the suit.
In a press release made available to the press Monday, the Commission announced that it had also handed over the Pension Fund Administrator to its reconstituted Board of Directors. This follows the judgement given in its favour by the Court of Appeal.
.“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”.
“Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship of Alh. Kashim Ibrahim Imam with Hon. Tsegba Terngu, Hon. Ahmed Salik, Dr. Pat Asadu, and Hon. George I. Ozodinobi as members” the statement added.
PENCOM assures clients of First Guarantee Pension Limited that they have nothing to worry about as the company has returned to normalcy and used the opportunity to assure all pension contributors nationwide that the Commission is keeping faith with its mandate of watching over industry assets and upholding sound corporate governance.