The national pension commission (PENCOM) in exercise of its power under the pension reform act constituted the interim Management committee (IMC) or first guarantee pension limited in August 2011 following the removal of some Directors of the PFA for unsound corporate governance practices which significantly undermined the pension assets under the management of the PFA.
The IMC was given the mandate to superintend over the affairs of the PFA under the direct supervision of the commission. The fortune of the PFA has since been turned around for better. Before the Committee came on board in August 2011, first Guarantee Pension Net asset value (NAV) was., 38 Billion naira and cumulative loss carried forward was to the tune of 385 million naira. This net figure almost eroded the shareholders fund. The interim Management committee (IMC) has successfully reversed this trend and returned FGPL to profitability.
Today FGPL Net asset value (NAV) Has moved from N38 billion in 2011 to 138 billion in 2011 to N138 Billion as at December 2016 this excludes the 20 billion refunds to police PFA. The company’s profit within the period under review. The interim Management committee (IMC) has not only stabilized the operation of the PFA consistent with its terms of reference but added considerable value that has made first guarantee pension limited (FGPL) One of the leading PFAs in the country.