TheCable

The National Pension Commission (PENCOM) says its regulatory intervention in First Guarantee Pension Limited has been concluded.

In a statement on Monday, the commission said the company, which is a pension fund administrator, has been handed over to its reconstituted board of directors with Kashim Ibrahim Imam (pictured) as chairman.

Other members of the board are Tsegba Terngu, Ahmed Salik, Pat Asadu, and George I. Ozodinobi.

PenCom said its intervention in the company began in August 2011 based on the findings of its routine and special examinations.

As part of the intervention, the commission appointed an interim management committee to oversee the affairs of the company.

“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, 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 interim management committee appointed by the commission on August 12, 2011, has also been dissolved.