PenCom Returns PFA to New Board, Assures Clients of Industry Safety

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By James Emejo

After a decade of regulatory intervention, the National Pension Commission (PenCom) Monday said it has now handed over First Guarantee Pension Limited to a new board.

It assured clients of the pension fund administrator (PFA) that the company has now returned to normality following years of litigation after the commission’s intervention in 2011 based on findings of the routine and special examinations undertaken by the pension regulator.

PenCom, in a statement issued by the management, said the company had been handed over to its reconstituted board of directors headed by Alhaji Kashim Ibrahim Imam.

Other members of the board include Hon. Ahmed Salik, Hon. Tsegba Terngu, Dr. Pat Asadu and Hon. George I. Ozodinobi.

The commission further reassured pension contributors and the public that remained alive to its responsibility of ensuring the safety of the industry at all times.

The statement said: “The conclusion of the intervention was as a result of the judgment 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 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 interim management committee appointed by the commission on August 12, 2011, has also been dissolved.

The commission’s intervention had earlier resulted in the appointment of an interim management committee (IMC) to oversee the affairs of the company, which had now been concluded, PenCom said.