President Tinubu appoints New DG for PenCom, her Experience, Questions raised and What the Law says about appointment of PenCom DG

President Bola Tinubu has approved the appointment of Omolola Bridget Oloworaran as the new Director General of the National Pension Commission (PenCom).

This was disclosed in a State House Press Release and the appointment is subject to the confirmation of the Nigerian Senate.

The press release said the President 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.

Omolola Bridget Oloworaran’s Experience Profile

• Head, Transaction Banking Operations – FirstBank Nigeria
  Jun 2019 – Present · 5 yrs 2 month
• Head, International Business Center – Stanbic IBTC Bank
  Jan 2016 – Jun 2019 · 3 yrs 6 month
• Head, Global Market Operations – Stanbic IBTC Bank
  Nov 2013 – Jan 2016 · 2 yrs 3 month
• Consultant – FDHL GROUP
  May 2013 – Nov 2013 · 7 month
• Finance Manager – Renaissance Capital
  Oct 2009 – Apr 2013 · 3 yrs 7 month
• Senior specialist – Renaissance Capital
  Mar 2008 – Oct 2009 · 1 yr 8 month
• Treasury operations – Citi Group
  Jun 2004 – Mar 2008 · 3 yrs 10 month

Questions raised about her appointment

Questions have been raised on the appointment of Omolola Bridget Oloworaran as the new Director General of PenCom, majorly because of her experience, many have questioned her capability based on the fact that she does not have pension experience. In addition, with the exception of the Pioneer DG, this is the first time that someone outside PenCom has been appointed as DG and some also argue that this could bring new ideas to the regulatory pension landscape in Nigeria.

What the Law says about appointment of PenCom DG

Appointment and tenure of the Director General and Commissioners
Pension Reform Act 2014, Section 26

(1) 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.

Quick Profile of the past DG of PenCom

Aisha Dahir Umar
PenCom DG October 2020 to date
She was appointed by President Buhari on 29 September 2020.

She joined PenCom as a Deputy General Manager in 2005 and rose through the ranks to be suitable for appointment as the Director General, 15 years later. She was acting DG from April 2017 to October 2020.

Chinelo Anohu-Amazu
PenCom DG from October 2014 to April 2017

Chinelo served as a member of the Pension Reform Committee that introduced the Contributory Pension Scheme through the Pension Reform Act (PRA) 2004. She was also the pioneer Commission Secretary/Legal Adviser of the National Pension Commission.
She rose through the ranks and was appointed as the substantive Director General of PenCom by President Good Luck Jonathan in 2014.

Muhammed K. Ahmad
Pioneer DG of PenCom, December 2004 to December 2012.

Mr Ahmad has over 35 years experience in various public sector organizations and financial services institutions in Nigeria.

• Prior to joining PenCom, Mr Ahmad had worked at
• Nigeria Deposit Insurance Corporation (NDIC)
• Central Bank of Liberia
• MTN – Independent Non-Executive Director
• Polaris Bank – Chairman of Board
• Credent Capital Advisory – Board
• International Energy Assurance – Board

Confirmation

The approval is subject to Senate confirmation ALSO READ = Senate approves appointment of PenCom DG

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