President Bola Tinubu has picked Ms. Omolola Bridget Oloworaran to be the new boss of the National Pension Commission (PenCom). But some lawyers say this choice doesn’t match the rules that set up the pension industry.
These lawyers told Newslodge that Ms. Oloworaran might not have the minimum skills needed to lead PenCom.
Ajuri Ngelale, the President’s Special Adviser, said on Saturday that Ms. Oloworaran is “a finance and banking expert with many years of experience”. She is set to replace Aisha Dahir-Umar.
Even though the Senate needs to approve this appointment, the presidency hopes that Ms. Oloworaran will bring strong and efficient leadership to PenCom.
Oloworaran’s Work Experience
Indeed, Ms. Oloworaran has a solid background in finance and banking.
Newslodge found out that she has over 15 years of experience in the financial sector. Before joining PenCom, she was a big player at FirstBank Nigeria, working as the Head of Transaction Banking Operations since June 2019, according to her LinkedIn profile.
Her profile also shows that she is currently a Deputy General Manager, Group Head, First Shared Services at FirstBank.
Before FirstBank, she worked at Stanbic IBTC from January 2016 to June 2019, leading the International Business Center.
She also served as Head of Global Market Operations from November 2013 to January 2016.
At FDHL GROUP, she was a Consultant from May 2013 to November 2013, providing strategic advice.
Earlier, she worked at Renaissance Capital from March 2008 to April 2013 as a Finance Manager and Senior Specialist.
She started her career at Citigroup, working in Treasury Operations from 2004 to March 2008.
All these roles show her extensive experience in finance and banking.
What the Law Says About Appointing a Pension Commission Boss
The Pension Reform Act of 2014 governs how the National Pension Commission is run.
Section 26 of this law talks about picking the Director General and other important leaders. It says the President must appoint someone with at least 15 years of experience in pension matters.
This section 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 relevant and adequate professional qualification in pension matters with 15 years cognate experience.”
Ms. Oloworaran’s work history does not show 15 years in the pension field.
What Lawyers Say About the Pension Reform Act
Public interest lawyer Barrister Frank Tietie told Newslodge that according to Section 26 of the Pension Reform Act, the DG should have worked in a pension fund administrator (PFA) or pension fund custodian (PFC).
He said someone without experience in these areas should not lead PenCom.
He explained, “Someone experienced in legal practice, banking, or insurance cannot be said to have the needed experience in pension matters.
“Pension matters involve managing funds for workers’ retirement, which is different from just handling money in a bank.
“My view is that someone who has managed cash flow in a bank does not have close experience to pensions.”
He concluded that appointing a banker as DG of PenCom is a mistake and hopes the Senate will not approve it.
He said, “If the Senate confirms the appointment, it shows they are not doing their job properly,” he said.
Barrister Maxwell Opara also told Newslodge that hiring someone without 15 years of pension experience as DG of PenCom should be challenged in court.
He stressed that only someone with pension experience should head PenCom, not a banker. He believes that the president cannot ignore the Pension Reforms Act, which was created by the National Assembly.
He said, “President Bola Tinubu is breaking the law because Ms. Oloworaran did not appoint herself.
“The appointment does not follow the Pension Reform Act. The president is acting alone,” he said.
Constitutional lawyer Chief Festus Ogwuche also told Newslodge that it is illegal for the president to appoint someone without 15 years of experience in pension matters as the DG of PenCom.
He said the pension law requires someone with a strong background in pension fund administration.
“The rules in the Pension Reform Act 2014 were put there for a reason. You cannot ignore the law and make any appointment as you wish,” Ogwuche added.
He said the president’s power to appoint people must also follow other specific laws.
“Even though the Constitution is superior and allows the president to appoint Mr. X, there are additional qualifications needed for certain roles.
“If the president appoints someone without considering these rules, then the appointment does not stand,” Ogwuche said.
A pension expert who wanted to stay unnamed also confirmed that the appointed person should have worked in the pension industry. However, Ms. Oloworaran’s resume does not indicate this experience.
“Her entire career seems to have been in banking operations, and people who worked with her do not recall any pension experience,” the source said.
Past PenCom Directors and Their Experience
Aisha Umar, the outgoing DG of PenCom, was part of the Pension Reform Committee in 2003. She also worked as the Secretary and Head of Human Resources at the Bureau of Public Enterprise (BPE).
She joined PenCom in 2005 and worked her way up to DG, leading the Commission for 15 years.
Anohu-Amazu, another past DG, started her career as an Adviser at the BPE in 2000 and was a member of the Pension Reform Committee. She also helped with the Contributory Pension Scheme and worked her way up at PenCom.
Mr. MK. Ahmad, the first DG of PenCom, had 35 years of experience in various public and financial services positions. His pension experience largely came from his time at PenCom.