FGP seek resolution of crises with PenCom

 The Board of First Guarantee Pension (FGPL) has urged the Acting Director General of the National Pension Commission (PenCom) to resolve the case it has with the former management of the Commission in the interest of the shareholders and its contributors.

While congratulating Chinelo Anohu-Amaizu on her recent appointment as acting director general of PenCom, Ojo Orlando Olaiya, the chairman Board of FGPL, said the company is ready to amicably resolve whatever differences that might have existed with the past management of PenCom. He expressed the desire of the Board to work with the new PenCom team towards a just resolution of the crisis.

FGPL is a Pension Fund Administrator (PFA) licensed by PenCom with shareholders comprising both local and foreign shareholders, including Novare Holdings Proprietary Limited which holds 25 percent equity of the company.

In 2011, PenCom prepared a Draft Target Examination Report where it indicted some directors of FGPL. PenCom at that time issued a release in which it said that it had taken over the management of FGPL with effect from Monday, August 15, 2011, which the regulator said, “became necessary due to incessant shareholders squabbles and several issues of adverse corporate governance in the PFA.”

Accordingly, the Commission said it “has constituted an interim management committee to superintend over the affairs of FGPL until shareholders convene an Emergency General Meeting/Annual General Meeting with a view to properly constituting a board and putting an effective management for the PFA.”

The content of the Draft Target Examination was later challenged in court by several parties including the board of directors in joint capacity, as well as Olaiya and Nze Chidi Duru, both directors who sued separately. Novare and Derrick Roper (a director in FGPL) also took up legal action. This is even as separate judgment has been secured.