The National Pension Commission (PenCom) has dissolved the interim management committee constituted in 2011 to superintend over the affairs of the First Guarantee Pensions Limited pending the resolution of the company’s management crisis.
A statement released by PenCom’s Head of Corporate Communications, Mr. Peter Aghahowa, on Monday announced the handing over of the Pension Fund Administrator (PFA) to its reconstituted Board of Directors under the chairmanship of Alh. Kashim Ibrahim Imam.
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PenCom had appointed the Interim Management Committee on August 12, 2011 following a regulatory intervention in the PFA undertaken 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 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 statement stated.
PenCom assured all clients of the PFA that the company has been returned to normalty.
“The Commission further reassures pension contributors and the general public that it is alive to its responsibility of ensuring the safety of the pension industry at all times,” it stated.
Other members of the reconstituted board include Hon. Tsegba Terngu, Hon. Ahmed Salik, Dr. Pat Asadu, and Hon. George I. Ozodinobi.
