From Isaac Anumihe, Abuja
NATIONAL Pension Commission (Pencom) has approved an Extraordinary General Meeting (EGM) for First Guarantee Pension Limited (FGPL) to re-constitute its board.
The EGM will take place today and the reconstituted board of FGPL will now have Chief George Ozodinobi as its Chairman and the law firm of Chijioke Chuku and Co as Company Secretary.
It was learnt that apart from reconstituting the board of the Pension Fund Administrator (FGPL), the EGM will also allow for reconciliation of the differences among shareholders by facilitating the withdrawal of all pending court suits.
The source added that certain steps to constitute an alignment and convergence of economic interests of all shareholders will lead to the creation of enhanced shareholders value.
“As one of Nigeria’s foremost PFA, FGPL is seeking to be at the forefront of Nigeria’s economic growth by playing a leading role in the match towards economic diversification and infrastructure development only if we have the financial flexibility and strength to make substantial investments over long periods of time,” the sources said.
Recall that PenCom had taken over the management of FGPL based on the 2011 Draft Target Examination. Consequently, it constituted an interim management committee to superintend over the affairs, thus prompting the board of directors of the PFA to challenge the regulator in court.