The National Pension Commission has announced that it has handed over the First Guarantee Pension Limited to the company’s reconstituted board.
First Guarantee Pension is one of the Pension Fund Administrators (PFAs) under PenCom’s supervision.
PenCom explained in a statement issued on Monday that the regulatory intervention in the PFA, which resulted in the appointment of an Interim Management Committee (IMC) to superintend over the affairs of the PFA, had been concluded.
The commission explained that the intervention became necessary in August 2011 based on the findings of the routine and special examinations it carried out on the PFA.
During this period, the Court of Appeal, Abuja Division on Thursday, 30 April, 2020, delivered a judgement in the three appeals filed by the Commission, the Attorney-General of the Federation, Malami and the PFA, against the judgment of the Federal High Court that nullified the commission’s regulatory measures.
The Court of Appeal upheld the appeals, thereby setting aside the judgment of the Federal High Court in its entirety.
This means that the judgment of the Court of Appeal validates the regulatory actions taken by the commission in 2011.
At the conclusion of the intervention, the commission 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.
Meanwhile, PenCom 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. The Commission 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,” PenCom added.
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