The National Pension Commission (PenCom) has announced Omolola Oloworaran as the new Acting Director-General, pending Senate confirmation. Her appointment aligns with Section 26 (1) of the Pension Reform Act 2014.
However, her appointment has sparked controversy due to the Act’s requirement of 15 years of cognate experience in pension matters. Critics argue Oloworaran’s extensive banking experience does not meet this criterion.
Legal experts and public interest lawyers suggest her appointment could be legally challenged for not adhering to the specific experience mandated by the Act.
Oloworaran, with over 20 years in the financial services industry and credentials from ACCA and an MBA from Manchester Business School, is expected to advance the Contributory Pension Scheme.
Despite her qualifications, there are calls for the Senate to scrutinize her experience rigorously to ensure compliance with pension laws.