Court Sacks PENCOM’s Board for First Guarantee

Date: 20-07-2012 9:10 am (11 years ago) | Author: Omogbolahan Babs
- at 20-07-2012 09:10 AM (11 years ago)
(m)
Justice D.U Okorowo of the Federal High Court in Abuja Wednesday  set aside the takeover of the board and management of First Guarantee Pension Limited by two shareholders of the company, Derrick Roper and Novare Holding Proprietary Limited.
Both Derrick Roper and Novare Holding Proprietary Limited own 28 per cent equity in the firm.

The two applicants had initiated an action against National Pension Commission (PENCOM) and others.

But in a judgment delivered yesterday, Justice Okorowo found out that PENCOM took over the board and management of First Guarantee Pension Limited in utter disregard of the Pension Reform Act of 2004.
The judge also submitted that the takeover was in disobedience of the interim order of the court and in clear breach of the rights of directors and shareholders of the company.

The court further directed the Commissioner of Police in charge of the Federal Capital Territory and the Lagos State Commissioner of Police to take immediate steps to eject the Interim Management Committee appointed by PENCOM and to secure the offices of the company to enable the applicant and other directors purported to be sacked by PENCOM particularly the chairman of the company, Mr. Orlando Ojo and the vice-chairman, Hon. Chidi Duru take charge.

First Guarantee Pension Limited, Duru and Ojo had earlier obtained an order of the court restraining PENCOM from the takeover of board  and management of the company.

Meanwhile, Ojo has applauded the court for its decision and promised to take  First Guarantee Pension Limited to greater heights.

He assured that we would continue to work with all stakeholder and that very soon the board meeting would be convened.

Posted: at 20-07-2012 09:10 AM (11 years ago) | Gistmaniac
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