PENCOM TAKES OVER FIRST GUARANTEE PENSION

ABUJA - NATIONAL Pension Commission, PenCom, yesterday, announced immediate takeover of First Guarantee Pension Limited, FGPL, citing 'incessant shareholders squabbles and several issues of adverse corporate governance in the Pension Fund Administrator, PFA.

The commission has subsequently constituted an Interim Management Committee to superintend over the affairs of FGPL until the shareholders convene an Emergency General Meeting, EGM,/Annual General Meeting, AGM, with a view to properly constituting a Board and putting an effective management for the PFA.

A statement by Emeka Onuora, PenCom's Head, Communications, said: 'The National Pension Commission (the Commission), by the powers conferred on it under the Pension Reform Act 2004 (PRA 2004) and in the exercise of its statutory mandate of protecting the pension fund and assets, has taken over the management of First Guarantee Pension Limited, FGPL, with effect from Monday 15th August, 2011.

The takeover became necessary due to incessant shareholders squabbles and several issues of adverse corporate governance in the PFA.