Omolola Oloworaran assumes office as acting DG of PenCom

Omolola Oloworaran, the newly appointed acting director-general of the National Pension Commission (PenCom), has officially assumed office.

PenCom announced in a statement signed by the management on Wednesday.

Oloworaran was appointed PenCom DG by President Bola Tinubu on July 13.

With over 20 years in the financial industry, she succeeds Aisha Dahir-Umar as the head of the agency.

TheCable had reported Oloworaran is not statutorily qualified to be the director-general of PenCom, except the Pension Reform Act, 2014 is amended ahead of her confirmation hearing by the senate.

Oloworaran’s appointment is contrary to section 26 (2)(d) of the act which stipulates that the director-general must “possess a relevant and adequate professional qualification in pension matters with 15 years cognate experience”.

The senate which is to approve the appointment has embarked on their annual recess to resume September 17.

But in the statement on Wednesday, the commission said Oloworaran will serve in an 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,” PenCom said. 

“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 also an accounting graduate from the University of Ilorin and holds a master of business administration (MBA) degree from the Manchester Business School.

Oloworaran has worked extensively in renowned investment and commercial banks in Nigeria until her current appointment.