The National Pension Commission (PenCom) has appealed the judgment by Justice D.U Okorowo of the Abuja High Court which set aside the takeover of the Board and Management of the First Guarantee Pension Limited (FGPL) by the Commission.
The Court in its judgment last Wednesday ruled that the PenCom should revert to the status as at 11 August, 2011 when it issued an interim injunction under the Fundamental Rights Enforcement Rules and on the application of Derrick Roper.
In a swift reaction, LEADERSHIP gathered that PenCom, last Thursday, filed a Notice and Grounds of Appeal as well as a Motion to stay of execution of the Judgment, pending the determination of the appeal filed at the Court of Appeal.
When contacted to comment on its decision to appeal, the Commission declined comment insisting that the matter was already in the court of law.
The Federal High Court, Lagos had earlier struck out the application by the erstwhile Chairman, Chief Orlando Ojo and Vice Chairman, Nze Chidi Duru seeking a judicial review of the decision on their removal and takeover.
Recall that the PenCom, in exercise of its power under the PRA (2004) took over the Management of First Guarantee Pension Limited (FGPL) in August 2011.
According to the PenCom, the takeover was necessitated by the incessant shareholder squabbles and issues of adverse corporate governance in the Pension Fund Administrator (PFA) as revealed by the various examinations conducted on the company.
However, Justice Okorowo found out that PenCom took over the board and management of First Guarantee Pension Limited in utter disregard of the PRA 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.