The National Pension Commission (PenCom) has announced the assumption of office by Omolola Oloworaran as the new Acting Director-General.
According to a statement from the commission, her appointment follows the stipulations of Section 26 (1) of the Pension Reform Act 2014, pending her confirmation by the Senate.
However, her appointment has sparked controversy, particularly concerning the requirement of 15 years of cognate experience in pension matters as mandated by the Pension Reform Act.
What the statement says
The statement from PenCom read:
“The National Pension Commission (PenCom) hereby informs the public that the newly appointed Director-General of the Commission, Omolola Oloworaran, has assumed duties at the Commission, to serve in acting capacity pending her confirmation by the Senate, in line with the provisions of Section 26 (1) of the Pension Reform Act 2014.
“Omolola is poised to explore new frontiers in the implementation of the Contributory Pension Scheme (CPS) by sustaining pension assets on the growth trajectory, ensuring increased CPS membership and supporting coverage expansion initiatives. She is committed to the expeditious payment of retirement benefits while deepening the pension investment horizon for enhanced returns to contributors and retirees.
“A Fellow of the Association of Chartered Certified Accountants (ACCA), Omolola brings to PenCom over 20 years of experience in the financial services industry. She is an accounting graduate from the University of Ilorin and holds a Master of Business Administration (MBA) degree from the Manchester Business School. She has worked extensively in renowned investment and commercial banks in Nigeria until her current appointment.”
What you should know
- 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.
- Legal experts argue that Oloworaran’s career in banking does not fulfil the specific experience required for the role of PenCom DG.
- Public interest lawyer Barrister Frank Tietie emphasized that the Pension Reform Act necessitates experience in a Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC) role, which Oloworaran’s resume does not reflect.
- On his part, Barrister Maxwell Opara told Nairametrics in an exclusive interview that the appointment of a person who lacks 15 years of cognate experience in pension matters as PenCom DG, stands to be challenged in court.
- He stressed that based on pension laws, only a person with years of experience in pension matters is qualified to head the Commission, not a banker.
- He said the development can be challenged in court because the president has no powers to override the Pension Reforms Act which was framed by an act of the National Assembly.
- This controversy has led to calls for the Senate to scrutinize her qualifications rigorously.
