With the legal battle and the regulatory intervention by Pencom which resulted in the appointment of an Interim Management Committee (IMC) to superintend over the affairs of the Pension Fund Administrators (PFA) now over, scepticism still trials the perceived normalcy believed to have returned to the embattled commission and its responsibility of ensuring the safety of the pension industry at all times.
According to reports, a ruling on Thursday 30 April 2020 by the Court of Appeal sitting in Abuja nullified the earlier judgement of the Federal High Court and upheld the actions taken by the commission in 2011 to constitute an Interim management committee to oversee the affairs of the PFA which then was riddled with controversial activities according to findings from routine and special examination carried out.
Having piloted the affairs of PFA for almost 9 years, the interim management committee we learned has since been dissolved, paving way for a reconstituted board.
The reconstituted Board of Directors which include Alh. Kashim Ibrahim Imam as its chairman with Hon. Tsegba Terngu, Hon. Ahmed Salik, Dr Pat Asadu, and Hon. George I. Ozodinobi as members will now oversee the affairs of First Guarantee Pension, one of the Pension Fund Administrators (PFAs) under PenCom’s supervision.
It would be recalled that the Pencom boss, Aisha Dahir-Umar was recently indicted by the joint Senate and House of Representatives committee on pensions, over an alleged diversion of billions from the coffers of pensioners, flagrant violation of procurement processes and gross abuse of her office among many other offences.
Though a welcome development, it is yet to be seen what becomes of the embattled commission which has received negative reviews from Nigerian retirees with fingers crossed as to the reassurance to pension contributors and the general public by the National Pensions Commission that it is now fully geared to carry out its constitutional responsibility.