PenCom concludes regulatory intervention in First Guarantee Pension Limited
The National Pension Commission (PenCom) has announced 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 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 Commissionâ€™s regulatory measures. The Court of Appealâ€™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. Ozodinobias members. Concurrently, the Commission has dissolved the Interim Management Committee it appointed on 12 August, 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 furtherreassures pension contributors and the general public that it is alive to its responsibility of ensuring the safety of the pension industry at all times.