The National Pension Commission said it acted within its powers by taking over the affairs of First Guarantee Pension Limited. It said that the allegation by the promoter of the company, Mr. Chidi Duru, that the FGPL was being mismanaged was untrue.
PenCom had in August 2011 taken over the management of the FGPL, citing incessant shareholder squabbles and several issues of adverse corporate governance in the Pension Fund Administrator.
The commission thereafter constituted an Interim Management Committee to superintend over the affairs of the company. Duru told journalists on Sunday that no dividend had been paid to shareholders in the last five years, despite the accumulation of funds in the account of the company. He had said, “The FGPL has not held any AGM since it was taken over by Pencom about five years ago. The shareholders of the FGPL are greatly concerned about the state of affairs of the company as no audited account has been rendered to the shareholders in the last five years during which PenCom has maintained imperial dominance over the firm.”