Sunday, September 28, 2025
28.4 C
Lagos

PenCom Concludes Regulatory Intervention in First Guarantee Pension

 

The National Pension Commission (Commission) wishes to inform stakeholders in the Nigerian pension industry and the general public that its regulatory intervention in First Guarantee Pension Limited (the PFA), which resulted, among other things, in the appointment of an Interim Management Committee (IMC) 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.

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.

Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship of Alhaji Kashim Ibrahim Imam with Hon. TsegbaTerngu, Hon. Ahmed Salik, Dr. Pat Asadu, and Hon. George I. Ozodinobi as members. Concurrently, the Commission has dissolved the Interim Management Committee it appointed on 12 August, 2011.

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.

 

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Transcorp Hotels’ Expansion Plans Boost Investor Confidence, Reports N42bn Revenue in 2023

  L-R:  Non-Executive Director, Peter Elumelu; Non-Executive Director, Dr Owen...

Ecobank, Qatar Airways Celebrate Top Exhibitors at ‘Oja Oge’ Fair

Tomilola Fetuga (left), Head of Brand Management and Experiential Marketing,...

Africa: Oil & Gas Industry as a Brand of Leadership

  Following Africa’s Oil Week announcement of moving their flagship...

Stanbic IBTC to Empower MSMEs via Capacity Building Programs

Stanbic IBTC Bank Plc, a member of the Stanbic...

Newly Appointed MD/CEO Of NAIC Resumes Office, Pledges Inclusive Reforms

The newly appointed Managing Director/Chief Executive Officer of the...

Sovereign Trust Insurance Reports 109% Insurance Revenue Growth in 2024

Sovereign Trust Insurance Plc recently released its 2024 audited...

Ford Drivers to Get Traffic App, Waze, from April 2018

Ford yesterday announced, at Mobile World Congress, in Barcelona,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img