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PenCom hands over First Guarantee Pension Ltd to reconstituted board

The National Pension Commission (PenCom) said it has handed over First Guarantee Pension Limited, a Pension Fund Administrator (PFA), to a reconstituted board.

PenCom’s Head of Corporate Communication, Mr Peter Aghahowa, who made this known in a statement in Abuja on Monday.

Aghahowa said that the commission had dissolved the Interim Management Committee (IMC) it appointed on Aug. 12, 2011.

According to him, the IMC that supervised the affairs of the PFA was appointed after the intervention was undertaken in August 2011.

This decision was based on the findings of the Routine and Special examinations carried out by the commission.

Read: https://dmarketforces.com/pension-assets-hit-n9-583-trn-as-fund-managers-favour-corporates-securities/

Aghahowa said that the conclusion of the intervention was as a result of the judgment delivered by the Court of Appeal, Abuja, on April 30, 2020,

He said that the three Appeals were 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.

Aghahowa said that the Court of Appeal’s decision upheld the appeals, thereby setting aside the judgment of the Federal High Court in its entirety.

Also, the judgment of the Court of Appeal validates the regulatory actions taken by the commission in 2011.

Aghahowa said that the board would be chaired by Alhaji Kashim Imam, with four members.

The other IMC members are Mr. Tsegba Terngu, Mr Ahmed Salik, Dr. Pat Asadu and Mr George Ozodinobi.

He also assured all clients of the PFA that the company has been returned to normalcy and that PenCom would always be responsible for ensuring the safety of the pension industry.

PenCom hands over First Guarantee Pension Ltd to reconstituted board

#National Pension Commission