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.
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.
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.