PenCom Declares First Guarantee Pension Ltd Healthy, Concludes Intervention

BY COBHAM NSA, ABUJA – After about nine years of legal tussle, the National Pension Commission (PenCom) has confirmed the conclusion of its regulatory intervention in one of the country’s Pension Funds Administrators (PFAs), First Guarantee Pension Limited.

The intervention was undertaken in August 2011 based on findings during the Routine and Special examinations carried out by the Commission on the company.

The process had resulted, among other things, in the appointment of an Interim Management Committee (IMC) to superintend over the firm’s affairs.

A statement by the Commission in Abuja on Monday said the intervention process was finalised following the Court of Appeal, Abuja Division’s ruling 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 PenCom’s regulatory measures.

The Court of Appeal’s decision upholding the appeals, has therefore set aside the judgment of the Federal High Court in its entirety, the statement said.

The Commission informed stakeholders in the pension industry and the general public that the Court of Appeal judgment has therefore validated the regulatory actions taken by the Commission in year 2011.

Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship of Alhaji Kashim Ibrahim Imam with Hon Tsegba Terngu, Hon Ahmed Salik, Dr Pat Asadu, and Hon George I. Ozodinobi as members.

The statement further explained that PenCom has consequently dissolved the IMC appointed on August 12, 2011 to oversee the affairs of the PFA

In assuring all clients that the company has returned to normality, the statement said; “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.”