The National Pension Commission (PenCom), has disclosed that it has concluded its regulatory intervention in First Guarantee Pension Limited, which resulted, among other things, in the appointment of an Interim Management Committee (IMC), to oversee the affairs of the Pension Fund Administrator (PFA).
According to the Commission, the intervention was undertaken in August 2011, based on the findings of the Routine and Special examinations it carried out.
In a statement released yesterday, PenCom said the conclusion of the intervention was as a result of the judgment delivered by the Court of Appeal in Abuja, 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 verdict 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 Kashim Ibrahim Imam, with Tsegba Terngu, Ahmed Salik, Dr. Pat Asadu, and George I. Ozodinobi, as members, and has thereby dissolved the interim management it appointed on August 12, 2011.
The Commission called on the clients of the PFA, noting that the company has been restored to normalcy and reassured pension contributors and the general public that it is alive to its responsibility of ensuring the safety of the pension industry at all times.