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Perhaps in response to the controversy that arose from the nomination of Abdulrahman Dikko as the Director General of the National Pension Commission (PENCOM), Acting president Yemi Osinbanjo has swapped appointments. Abdulrahaman Dikko has been appointed Chairman of the Bank of Industry (BOI).  Funso Doherty who was previously named Chairman of BOI has been nominated as the DG PENCOM.

He also nominated several positions that were previously vacant. Highlights of the appointments.

  • Olukayode Pitan was appointed MD of the Bank of Industry.
  • Ernest Nwapa was appointed chairman of the Consumer Protection Council (CPC).
  • Ali Usman appointed Chairman of PENCOM
  • Manase Benga, Zaki Magawata, Ben Ovison and Nyerere Ayim have been appointed as executive commissioners for PENCOM.
  • The appointments are with immediate effect except those requiring confirmation by the Senate.

Immediate past DG of PENCOM, Mrs Chinenlo Anohu-Amazu was removed from office in April 2017 along with heads of other MDAs. Critics had faulted both her removal and replacement with Dikko. According to the act setting up the Commission, she should have been replaced with an indigene from her region of the country.

Funso Doherty like, Abdulrahman Dikko is also not from the South East, geo-potical Zone, which critics could point out as a contravention of the Section 21, sub section 2 of the Pension Reform Act.

The section stipulates that “in the event of a vacancy, the President shall appoint a replacement from the geopolitical zone of the immediate past member that vacated office to complete the remaining tenure.”

Prior to his appointment, Funso Doherty was the Managing Director/Chief Investment Officer of Value Alliance (a member of the ACA group). He has over 20 years experience in investment management and was the pioneer MD/CIO of ARM Pension Managers. He was also the first Chairman of the Pension Fund Operators of Nigeria (PENOP) from 2007-2010. A CFA charter holder, Mr Doherty also has an MBA from Harvard Business School (HBS) and a B.Sc in Accounting from the University of Lagos.




Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com


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