PENCOM Accuses FGPL of Fraudulent Activities

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By Damilola Oyedele in Abuja

Following a petition to the House of Representatives, by one Hon. George Ozodinobi who claims to be Chairman of the First Guarantee Pensions Limited (FGPL), Lagos, the National Pension Commission (PenCom) has accused the petitioner of engaging in fraudulent activities, which have led to civil and criminal proceedings against the company.

PENCOM, in a written affidavit to the Committee on Public Petitions, also accused the petitioner of impersonation as he was never approved as Chairman of the company by PENCOM, in line with regulations.

Ozodinobi did not show up at a scheduled hearing of the Public Petitions Committee last Friday, a development, which PENCOM said was because he has misrepresented issues and misled the House.

He had petitioned the House alleging that the Commission illegally appointed an interim management for FGPL despite a subsisting order by Justice DU Okoronwko of the Federal High Court, Abuja on August 11, 2011.

“Between 12th and 15th August 2011,the commission took all the prohibited steps and more including the removal of two other directors and and the appointment of an interim management”, the petition read.

PENCOM, in its affidavit dated June 2, 2016 however denied any wrong doing, and insisted that whatever actions it had taken regarding the pension fund administrator, was to safeguard shareholders and pensioners’ assets.

It noted that several fraudulent activities by the company’s officials have resulted in regulatory interventions and civil and criminal proceedings.

“These cases have affected the relationship between the shareholders of FGPL inter se, the erstwhile and subsisting directors of FGPL,” the affidavit read.

Chairman of the Committee, Hon. Nkem Abonta, when contacted said the committee is working on the assumption that the petitioner was not properly served the notice of the hearing, hence his absence.

He disclosed that fresh summons would be issued to invite the petitioner to appear and adopt his submission to the House.