Promoters of First Guarantee Pension Limited on July 8 closed ranks and elected a new board to give direction to management of the company.
The election which came after an Extra-ordinary General Meeting held on Monday, produced Mr Kashim Ibrahim Imam as new board Chairman, with George Ozodinobi, Charles Dim, Ahmed Salik, Austin Opara, Ghali Umar NaAbba, Tsegba Terngu, Dr Pat Asadu as board members
The new Chairman, Ibrahim-Imam, earned degrees in Political Science and International Economics from Ahmadu Bello University and University of Maiduguri. He had strong banking experience before venturing into politics and business.
FGPL obtained operational license in 2006. It operated normal business until July 2011 when its pioneer board resigned.
On August 12, 2011, an Interim Management Committee (IMC) consisting Issa Aremu, (Chairman), Johnny Ojeaga (Director) and Chima Akalezi (MD/CEO) was appointed by Pension Commission (PENCOM).
Steve Nwadiuko is the current Managing Director, Chief Executive Officer of FGP, while FGP remained under the manage Pencom since July 11, 2011.
But at the EGM, the promoters resolved to take over the business after the stabilisation effort of the regulator.
“We thank Pencom for the effort put in place to keep the company running without our input’ says Kashim, the new Chairman.
“First Guarantee Pension has potential for growth. We urge the new board to work hard and reposition the company. Its fundamentals are good and it equally has immense goodwill in the market space “says Nze Chidi Duru, the pioneer Vice Chairman of FGPL.
According to Duru, this represents a change of baton and a resolve to strengthen the governance and processes of FGPL.
This bring to an end, the participation and involvement of Pencom in the management of FGPL.
FGPL is set to overhaul its operations, processes and system to enable it position and competethe market across segments.