President Bola Tinubu’s appointment of Ms. Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission (PenCom), does not align with the relevant laws that founded the pension industry.
This is according to comments from lawyers who spoke exclusively to TheWitness and suggested that the appointee may not have met the minimum required to be the head of the PENCOM commission.
Ajuri Ngelale, Special Adviser to the President, announced on Saturday that Ms. Oloworaran is “a finance and banking expert with many years of experience”.
She will succeed Aisha Dahir-Umar.
While the appointment is subject to the confirmation of the Nigerian Senate, the presidency anticipates a goal-oriented leadership to drive efficiency and superlative performance in the National Pension Commission as the prime regulator of the Nigerian Pension Industry.
True to Ngelale’s words, Oloworaran is a finance and banking expert.
TheWitness checks showed that the appointee has over 15 years in the financial services industry.
Prior to her PenCom appointment, she was a key figure at FirstBank Nigeria, serving as the Head of Transaction Banking Operations since June 2019 according to information contained in her Linkedin Profile.
However, her profile on First Bank suggests she is currently a Deputy General Manager, Group Head, at First Shared Services.
Before her tenure at FirstBank, Oloworaran served at Stanbic IBTC from January 2016 to June 2019, where she led the International Business Center, managing international banking operations and cultivating global business relationships.
Between November 2013 and January 2016, she served as Head of Global Market Operations.
At FDHL GROUP, she served as a Consultant from May 2013 to November 2013, offering strategic insights and solutions.
Her earlier career includes a significant tenure at Renaissance Capital, where she served in various capacities, including Finance Manager and Senior Specialist, from March 2008 to April 2013.
From 2004 to March 2008, she worked at Citigroup involved in Treasury Operations.
All these attest to Oloworaran’s many years of experience in the finance and banking sector.
PenCom administration is governed by the Pension Reform Act 2014.
Section 26 of the act relates to the appointment of the Director General and Commissioners.
That section stipulates that the President shall appoint an appointee who has 15 years of cognate experience in pension matters, as DG.
It states,
“There shall be for the Commission, a Director-General who shall be appointed by the President subject to confirmation by the Senate.
(2) The Director-General shall-
(a) be the chief executive and accounting officer of the Commission;
“(b) be responsible for the day-to-day administration of the Commission;
“(c) keep the books and records of the Commission, and
“(d) possess a relevant and adequate professional qualification in pension matters with 15 years cognate experience.”
Oloworaran’s career profile does not show any 15-year stint in the pension field.
Speaking to TheWitness in an exclusive interview, public interest lawyer and TV personality, Barrister Frank Tietie said what Section 26 of the Pension Reform Act expressly means is that a DG designate should be working either in an establishment which is a pension fund administrator (PFA) or a pension fund custodian (PFC).
He said anybody who does not possess cognate experience working as a PFC or PFA, does not qualify to head PenCOM.
What he said,
“Somebody with experience in legal practice, banking, and insurance which are closely related to pension, cannot be said to possess cognate experience in pension matters.
