- PenCom to Conclude Regulatory Intervention in FGPL
The National Pension Commission is making moves to conclude the regulatory intervention that it initiated in First Guarantee Pension Limited in 2011.
According to a report by PenCom, the regulatory intervention in FGPL continued due to several court cases by shareholders of the PFA.
It stated, “The commission brought together key stakeholders in the PFA’s crises to pursue an out of court settlement. The process is ongoing and the commission is hopeful that its regulatory intervention in the PFA will soon be concluded.”
Under the management of the interim management committee, PenCom said the PFA had become profitable; its operations had stabilised; and efficiency had been restored.
It noted that the funds under management grew from N42.17bn in 2011 to over N162.52bn in the fourth quarter 2017.
As part of its statutory mandate of protecting the pension funds and assets, PenCom took over the management of FGPL in August 2011.
The commission said the takeover became necessary due to incessant shareholders squabbles and several issues of adverse corporate governance in the PFA.
PenCom constituted an interim management committee to superintend over the affairs of FGPL until the shareholders convened an emergency general meeting to properly constitute a board and put in place an effective management for the PFA.