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Pencom, FGPL's Reconstituted Board Restrained From Acting - COURT


By Francis IWUCHUKWU 


LAGOS, NIGERIA - An order of interim injunction was on Monday, May 18, 2020, issued against the reconstituted Board of First Guarantee Pension Limited (FGPL), a Pension Fund Administrator, restraining them from taking  any further action(s) in the company. 


The order was dished out by a Federal High Court sitting in Ikoyi, Lagos State, Nigeria, presided over by Justice Oluremi   Oguntoyinbo, in a suit designated FHC/L/CS/524/202,  filed by one of the shareholders of FGPL, which had requesting the court to uphold the resolution(s) of FGPL passed at its General Meeting of February 20, 2020.


The judge in her ruling declared that despite the pendency of the suit, the National Pension Commission (Pencom) had proceeded to hand over the management of the company to a factional board of directors of the company. 


In the order issued by the court, the company was among other things restrained from holding any Annual General Meeting (AGM) or taking any corporate steps pending the hearing of the motion on notice in the suit on June 8, 2020.


It would be recalled that Novare Holdings (a foreign investor in FGPL), had on April 30, 2020 appealed the Judgment of the Court of Appeal (allowing the appeal of Pencom, FGPL and the Attorney General of the Federation) to the Supreme Court of Nigeria and also filed a Motion seeking to restrain anyone from interfering with the management or assets of FGPL pending the determination of the Appeal by the Supreme Court.


But in spite of the appeal before the Apex Court, alongside the pending application, PENCOM had on the next working day, May 4, 2020, purportedly handed over the management of FGPL to the factional Board. 


The suit filed at the Federal High Court is just one of the various suits begging for resolution in the nearly decade-long multiple shareholders' disputes in FGPL. 


Yet again, with this injunction ordered by the Federal High Court, analysts are poised to see whether PENCOM and the purported reconstituted board of FGPL will or will not respect the restraining order of the court.


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