BusinessLegal/Judiciary

Court says PENCOM lacks the power to administer, approve shares

By Francis IWUCHUKWU

Justice Daniel Osiagor of a Federal High Court sitting in Ikoyi, Lagos, Nigeria has insisted that under the Pension Reform Act 2014, the National Pension Commission, PENCOM, has no power to administer or approve the transfer of shares.

The judge further held that under Section 115 and 151 of the Act, the sale and transfer of shares can only be regulated by the Company and Allied Matters Act, CAMA.

Justice Osiagor decided while handing down his judgment last Friday in an action designated FHC/L/CS/1481/2020 and initiated by a firm, Vine Capital Partners against IEI-Anchor Pension Managers Limited, formerly (Anchor Pension Managers Limited) and the Corporate Affairs Commission, CAC.

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