Section 65: Revocation of licence.

(1)
Subject to sub-section (2) of this section, the Commission of may revoke a licence issued to a Pension Fund Administrator or Pension Fund Custodian. where it discovers that -
(a)
a statement was made in connection with the application which the applicant knew or ought to have known to be false, untrue or misleading in any material particular;
(b)
the applicant or licensee is subject to an insolvency proceeding or is likely to be wound up or otherwise dissolved;
(c)
the conduct of affairs of the Pension Fund Administrator or Pension Fund Custodian does not conform to the provisions of this Act or any regulations made pursuant to this Act;
(d)
any event occurs which renders the Pension Fund Administrator or Pension Fund Custodian unable to manage the pension funds or take custody of the pension funds as the case may be; or
(e)
the Pension Fund Administrator or Pension Fund Custodian is in breach of any condition attached to the licence issued by the Commission.
(2)
The Commission shall, before revoking any licence, give the Pension Fund Administrator or Pension Fund Custodian at least seven calendar days notice of its intention and shall consider any representations made to it in writing by the Pension Fund Administrator or Pension Fund Custodian within that period before the revocation.
(3)
The notice under sub-section (2) of this section shall be in the prescribed form and shall specify the reasons for the revocation of licence.
(4)
The revocation of licence of a Pension Fund Administrator or Pension Fund Custodian shall not in any way prejudice the entitlements of any beneficiary of the retirement savings account under the Scheme and other approved schemes.
(5)
Notwithstanding the provisions of the Companies and Allied Matters Act, the Commission shall in its revocation order, withdraw the powers of the board of the Pension Fund Administrator or Pension Fund Custodian over the pension funds and assets held or administered by the company and may appoint administrators with relevant qualifications who shall superintend the transfer of the assets and funds held or administered by the Company and exercise the powers of the board where necessary in accordance with this Act.
(6)
The Commission shall-
(a)
cause the Retirement Savings Accounts being managed by the Pension Fund Administrator whose licence was revoked under subsection (1) of this section to be transferred to another Pension Fund Administrator or administrators as the case may be; and
(b)
transfer the pension fund and assets being held by a Pension Fund Custodian whose licence was revoked under subsection (1) of this section to another Pension Fund Custodian or custodians as the case may be.
(7)
The Commission shall publish by notice in the Federal Gazette, the list of the Pension Fund Administrators or Pension Fund Custodians whose licenses have been revoked.