First Guarantee Pensions grows asset to N131bn
by JOSHUA BASSEY with agency report
January 19, 2017 | 12:45 am| | | Start Conversation
First Guarantee Pensions Limited (FGPL) has grown its asset from N35 billion to N131 billion in five years.
Issa Aremu, chairman, Interim Management Committee (IMC) of FGPL who released the figure said that the company accumulated loses was at N385 million when it took over the management of the company in 2011.
The National Pension Commission (PENCOM) appointed an interim management committee for FGPL in 2011 due to management crisis which was impacting negatively on the company.
According to Aremu, the profit of the company is inching towards N2 billion just as pension contributors with the firm have also increased from 105,000 to 250,000.
He further said that the firm has fully resume operation after an alleged disruption of its operations one Nze Duru, the former vice chairman.
“FGPL has fully resumed and the workers and properties are secured. The IMC will run the operation of the company until PENCOM returns it back to the management,” Aremu said.
Chima Akalezi, managing director, FGPL who spoke on the alleged invasion on the company, said that PENCOM directed Duru to resign in 2011 to enable the IMC come into the company and restructure it.
“On January 11, 2017, Duru in company of armed gunmen invaded the company’s head office situated at 68 Kudirat Abiola Way, Oregun, Ikeja, disrupted the operations and held members of management, staff and customers of the PFA hostage.
“The police immediately intervened to restore normalcy and security in the PFA’s office and arrested Duru and his cohorts,’’ the managing director said.
He assured the clients that the incident has no impact on the pension funds under management of the PFA and that normalcy has been restored in FGPL head office and business has since resumed.
It was, however, gathered that Duru would be approaching a Federal High in Lagos, to challenge his ouster from the company.
JOSHUA BASSEY with agency report
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