Joseph Inokotong, Abuja
The National Pension Commission (PenCom) has dissolved the Interim Management Committee (IMC) of First Guarantee Pension Limited and has handed the PFA over to its reconstituted Board of Directors.
The new leadership is 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.
The Commission assured all clients of the PFA that the company has been returned to normality.
In a statement released yesterday in Abuja, PenCom said the conclusion of the intervention was as a result of the judgement delivered by the Court of Appeal, Abuja Division 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 decision, it pointed out, 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,” the PenCom said.
Giving further explanation, PenCom stated: “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.
“Concurrently, the Commission has dissolved the Interim Management Committee it appointed on 12 August, 2011.”
With the development, PenCom restated 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 Commission has further 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.