Sunday, September 7, 2025
24.5 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

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

US Seeks Probe of AfDB’s President, Adesina over Ethics Allegations

  The United States of America (USA) through its Department...

Nigeria Missing in Global Quality of Living Ranking

Despite increased political and financial volatility in South Africa,...

Access Bank Denies Allegation of Missing N500m

Our attention has been drawn to a video on...

Stanbic IBTC Bank PMI: ‘Nigerian Private Sector Returns to Growth in April’

There were signs of recovery in the Nigerian private...

NAICOM, PenCom Unveil MoU on Annuity, De-marketing of Operators

Mr. O.S. Thomas Commissioner for Insurance NAICOM The National Insurance Commission (NAICOM)...

Blockchain Spending in Africa, ME Targets $81m in 2018

Spending on blockchain solutions in the Middle East and...

Stanbic IBTC Capital Leads RMB Nigeria’s ₦40bn Multi-Instrument Issuance Program

RMB Nigeria Issuance SPV Plc, a funding vehicle incorporated...

NDIC Condolence Visit

L – R: Prof Mohammad Sani Bello of Economics...
spot_img

Related Articles

Popular Categories

spot_imgspot_img