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Home Business News

PenCom dissolves interim management committee for First Guarantee Pension, appoints new board

Chike Olisah by Chike Olisah
May 4, 2020
in Business News, Company News
PenCom bars PFAs from collecting bond’s brokerages fee , N27.09 billion withdrawn, as 109,284 retirees quit the Contributory Pension Scheme , Nigeria’s Pension Asset increased by N228 billion in October
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The National Pension Commission (PenCom) has dissolved the interim management committee of First Guarantee Pension Limited.

The committee was set up in August 12, 2011 to handle the affairs of the Pension Fund Administrator (PFA), as part of the commission’s intervention pending the resolution of legal disputes.

The intervention was also based on findings of routine and special examinations carried out by the pension regulator.

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READ MORE: Hope rises for workers as CBN partners PenCom to make home ownership easier

In a public statement that was released on Monday, PenCom announced that it would be handing over the running of the PFA to a newly reconstituted board of directors under the chairmanship of Alhaji Kashim Imam. Other members of the board include Tsegba Terngu, Hon. Ahmed Salik, Dr. Pat Asadu and Hon. George I. Ozodinobi.

The conclusion of the intervention was as a result of the judgement delivered by the Court of Appeal, Abuja Division on Thursday, April 30, 2020, on the 3 appeals filed by the Commission, the Attorney General of the Federation, and the PFA, against the judgement of the Federal High Court that nullified the commission’s regulatory measures.

The Court of Appeal’s decision upheld those appeals, thereby setting aside the judgement of the Federal High Court in its entirety. As a result, the judgement of the  former validates the regulatory actions taken by the commission in 2011.

READ ALSO: PwC survey identifies key priorities of Nigerian businesses amid Covid-19 pandemic

In the statement, PenCom also assured all clients of the PFA that the company had been returned to normalcy, just as it reassured the general public and pension contributors that it was alive to its responsibilities.


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Tags: Business NewsFirst GuaranteeNational Pension Commission (PenCom)Nigerian Business NewsNigerian Pension Fund Administrators (PFAs)PFA
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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