The National Pension Commission (PenCom) has a new Acting Director-General named Omolola Oloworaran.
PenCom said she got this appointment following Section 26 (1) of the Pension Reform Act 2014. She is the Acting Director-General until the Senate confirms her position.
The appointment of Omolola Oloworaran has stirred some problems. This is because the law requires 15 years of experience in pension matters, and some say she does not meet this requirement.
What PenCom Said:
PenCom stated:
“The National Pension Commission (PenCom) informs the public that Omolola Oloworaran is the new Acting Director-General of the Commission. This is based on Section 26 (1) of the Pension Reform Act 2014, pending her Senate confirmation.
“Omolola plans to grow pension assets, increase membership, and support coverage initiatives. She aims to ensure quick payment of retirement benefits and better investment returns for retirees.
“Omolola is a Fellow of the Association of Chartered Certified Accountants (ACCA). She has over 20 years of experience in financial services. She studied accounting at the University of Ilorin and holds an MBA from Manchester Business School. She has worked in investment and commercial banks in Nigeria before this appointment.”
What You Should Know:
- PenCom is run according to the Pension Reform Act 2014.
- Section 26 covers the appointment of the Director-General and Commissioners.
- This section says the President must appoint someone with 15 years of experience in pension matters as DG.
- Public interest lawyer Barrister Frank Tietie mentioned that the Pension Reform Act requires experience in a Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC) role, which Omolola’s resume does not show.
- Barrister Maxwell Opara told Newslodge that appointing someone without 15 years of pension experience as PenCom DG can be challenged in court.
- He stressed that the law requires someone with pension experience to head the Commission, not just a banker.
- He said this issue could be taken to court because the President cannot ignore the Pension Reforms Act, which was created by the National Assembly.
- This controversy has led to calls for the Senate to carefully check her qualifications.