PenCom Concludes Nine-year Intervention In First Guarantee Pension
The National Pension Commission has concluded its regulatory intervention in First Guarantee Pension Limited (PFA) and handed over the company to its newly reconstituted board.
A statement from PenCom on Monday said that the regulatory intervention in First Guarantee Pension, which resulted, among other things, in the appointment of an interim management committee 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, it stated.
It also stated, “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.”
It added that the commission had handed the PFA over to its reconstituted board of directors under the chairmanship of Alhaji Kashim Imam.
Concurrently, it stated the commission had dissolved the interim management committee appointed on 12 August, 2011.
PenCom stated, “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 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.”