Tinubu’s Appointment Of New PenCom DG Oloworaran Sparks Legal Controversy

President Bola Tinubu’s recent appointment of Ms. Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission (PenCom) has sparked controversy among legal experts who argue that the appointment does not align with the relevant laws governing the pension industry.
According to the Pension Reform Act 2014, the Director-General of PenCom must possess relevant and adequate professional qualifications in pension matters with 15 years of cognate experience. However, a review of Oloworaran’s career profile reveals that she has over 15 years of experience in the financial services industry, primarily in banking and finance, but lacks the required 15 years of experience in pension matters.
Lawyers who spoke to our correspondent expressed their concerns regarding the appointment. Public interest lawyer and TV personality, Barrister Frank Tietie, stated that Section 26 of the Pension Reform Act explicitly requires the Director-General to have worked in a pension fund administrator (PFA) or a pension fund custodian (PFC). He emphasized that experience in legal practice, banking, or insurance does not qualify as cognate experience in pension matters.
Barrister Maxwell Opara shared a similar view, stating that the appointment can be challenged in court because the President lacks the power to override the Pension Reforms Act, which was framed by an act of the National Assembly. Constitutional lawyer, Chief Festus Ogwuche, also highlighted that the conditions stipulated in the Pension Reform Act 2014 were deliberately put in place to ensure expertise in the administration of pension funds.
The anonymous pension expert consulted by our correspondent confirmed that an appointee should have worked in the industry or garnered cognate experience in the field. However, Oloworaran’s resume appears to lack any significant pension experience, as her entire career has been focused on banking operations.
In contrast, the immediate past Director-General of PenCom, Aisha Umar, had extensive experience in the pension industry. She was part of the Pension Reform Committee in 2003 and served in various roles at PenCom since its establishment in 2004. Similarly, the pioneer Director-General, Mr. M.K. Ahmad, had 35 years of experience working in public sector organizations and financial services institutions, although the Pension Reform Act 2014 was not operational during his tenure.
The appointment of Ms. Omolola Bridget Oloworaran as the new Director-General of PenCom has raised concerns among legal experts who argue that it does not comply with the requirements set forth in the Pension Reform Act 2014. The Senate’s decision on her confirmation will be closely watched, as it may have significant implications for the pension industry and the adherence to relevant laws and regulations.
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