The Nation Newspaper

Category: Pension

  • Consumers hail Sims Power products

    Consumers hail Sims Power products

    A consumer, Mr. Moroof Ayoade, has praised Sims Nigeria Limited products for coming at the right time in view of the power outages in some parts of the country.

    Another consumer, Mrs Amaka Okeke said since she purchased Sims Power, she had been enjoying uninterrupted power supply.

    For Mr. Emeka Achunine, the Sims Power product has kept his lights on and his appliances running, no matter the circumstances.

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    Chairman Sims Nigeria Limited, Mr. Simeon Eyisi reiterated that Sims Power is the latest player in the market, dedicated to transforming how consumers experience electricity.

    Describing it as a new era of uninterrupted power, Eyisi said Sims Power is not just another name in the market; it’s a brand committed to excellence, specialising in inverters, inverter batteries, solar inverters and solar panels, Sims Power has quickly positioned itself as a go-to solution for Nigerian households and businesses seeking reliable power.

  • ‘NAICOM, NFIU collaboration to boost integrity’

    ‘NAICOM, NFIU collaboration to boost integrity’

    The National Insurance Commission (NAICOM) and Nigerian Financial Intelligence Unit (NFIU) are working to ensure robust financial regulations and safeguard the integrity of the financial system. Commissioner for Insurance/CEO of National Insurance.

     This was made known when the NAICOM Commissioner Olusegun Ayo Omosehin, along with his management team, welcomed the Management team of the Nigerian Financial Intelligence Unit led by its Chief Executive Officer, Hafsat Abubakar Bakari, during their visit to the Commission in Abuja.

    Read Also: NAICOM, NFIU strengthen partnership to combat financial crimes

    Omosehin expressed gratitude to the NFIU for the collaboration, saying that NAICOM has reaped from this partnership.

    He commended the NFIU for their coordination and the progress made by institutions in meeting the Financial Action Task Force (FATF) requirements and ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards. Bakari reiterated the pivotal role of the NFIU as the central national agency responsible for receiving, analysing, and disseminating financial intelligence to competent authorities.

    She underscored the purpose of the engagement which is to gather feedback on enhancing collaboration with various financial agencies, with the objective of removing Nigeria from the grey list and establishing a sustainable and effective AML/CFT framework.

  • Fed. Mortgage Finance, bank pensioners for verification Monday

    Fed. Mortgage Finance, bank pensioners for verification Monday

    Pension Transitional Arrangement Directorate (PTAD) will begin the verification of pensioners of Federal Mortgage Finance Limited and Federal Mortgage Bank of Nigeria under the Defined Benefit Scheme from next Monday.

    Its Executive Secretary, Dr. Chioma Ejikeme, in a statement said pensioners should note that they do not have to travel to the state they retired from to be verified.

    She said they could be verified at any centre in the geo-political zone they reside.

    Read Also: PTAD: Resolving pensioners’ issues

    She said mobile verification would be conducted for the sick and infirm.

    She said: “The original documents of the pensioners must be brought to the verification venue  with proof of infirmity for authentication, before mobile verification can be scheduled.

    “Pensioners are advised to be wary of fraudsters as pension payment is free. PTAD will never request for cash to process your pension. Email monitoring@ptad.gov.ng to report suspicious phone calls or messages,” she added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    MRS NWOBU:  Hello, I am Mrs. Nwobu, a former Senior Nursing Officer in the Nursing Department. I am a UPTH pensioner. I went to UPTH and was asked to come to Abuja to get a PIN for them to process my papers.

     I have called the phone numbers given to me, but there was no response. My date of appointment is July 11, 1974 and I retired in November 1995. I live in the United States and just returned. I was told I must go to Abuja for initial clearance. Please, when can I come to your office, and who will be working with me, and what time of the day will that be? Thanks for your anticipated response. Also, kindly provide me with an office address.

    AYODELE: RE: Underpayment Of Monthly Pensions. I wish to put up a reminder that I am yet to get any acknowledgement nor response regarding my complaints to your organisation about three weeks ago on the above subject matter. This is after promises by your receptionists to deliver my complaints to the appropriate authority for further actions.

     In October last year, I was surprised to notice a huge deduction of N48,861.19 from my monthly pension of N154,015.36, for an excuse tagged overpayment of pension and which was not earlier communicated to me. From my concise and articulate computations of the deductions yanked, I believe that it was wrong to have carried out such deductions. By the way, I started working in 1970 and retired from service on August 1, 2005 from Nigerian Institute for Trypanosomiasis Research, Kaduna (NITR), a parastatal under the Federal Ministry of Science and Technology, as a Chief Technical Officer Laboratory Instruments, on HATISS 13, Step 9.

    At the time of retirement, my pension was N92,170.75. However, two years later, August, 2007, to be precise, there was a 15 per cent pension increment that jerked my pension up to N105,996.36. Three years later, which was August, 2010, there was another 33 per cent increment of N34,978.80 that leveraged my pension to N140,975.16. And in April, 2019, there was a consequential pension adjustment of 0.0925 per cent or N13,040.20, which finally brought my pension to N154,015.36.

    But surprisingly, from October, 2023, I observed with surprise that, a huge chunk of N48,861.19 monthly deductions were made till date from my pensions, with the excuse that, there were some overpayments made all along, which in actual fact this is not true from the in depth analysis I have proffered.  The pension refund I expect from you as of April 2024 is N342,028.33 which I am believing would be paid this month.

    These shortfalls have been causing me a lot of financial setbacks. I am equally aware that a review committee was set up towards the end of last year by the Executive Secretary, PTAD to tidy these grievances which are not limited to me or my parastatal alone. Quite surprisingly, the middle of the first quarter of the year is almost gone and the committee is yet to submit its findings, when a broader and more cumbersome Minimum Wage Committee, set up by the government, is ready with its submissions. Times are pretty hard for even workers not to talk of vulnerable pensioners whose pay are nothing to write home about.

    At this juncture, I am imploring you to use your good offices to write this wrong, by reversing the status quo and refunds made back as quickly as possible. Thanks and God bless.

    Read Also: PTAD: Resolving pensioners’ issues

    CHUWUEKE: Good day, I write on behalf of Mr. Chuwueke’s pension arrears. He retired during the staff ratification of NSITF in April 2005. Since then, he has not received his pension arrears. Please, help me to resolve the issue.

    JIMAH: Good day, my name is Imoudu. I retired from the University of Benin, Benin City on September 1, 1996 on salary EUSS G.L. 7, September 9. As at January 2015, my monthly pension was N32,914.65 and rose to N49,586.57 in 2018 due to the minimum wage increase. But, surprisingly, by October 2023, my pension was reduced to N32,728.08 less than that of 2015 or N32,914.65 from N49,586.57 without explanation. I appeal to PTAD to pay me the difference from October 2023 till date. Thank you.

    THE NATION: The newspaper will intervene by sending your complaint to PenCom. Therefore, Mrs Nwobu, Jimah,  Chuweke should watch out for the pension page on Wednesdays for their response and subsequently every Wednesday for pension news.

  • ‘AIICO’s annuity customers get N1.3b monthly’

    ‘AIICO’s annuity customers get N1.3b monthly’

    AIICO Insurance Plc disburses a staggering N1.3 billion to its annuitants monthly, providing them with a guaranteed stream of income for their retirement.

    Its Managing Director/CEO, Mr. Babatunde Fajemirokun, who made this known, stated that AIICO’s commitment to financial security goes beyond offering products but fosters a growing community of financially empowered individuals, evident in the continuous rise in its annuity customer base.

    This growth, according to him, is fuelled, not only by new customer acquisition but also by the trust and positive experiences of existing policyholders, who have referred friends and family to the product.

     Customers attested that the product has had a huge impact on them.

    Mr. Samuel Ogunremi, an annuity customer, said: “I have been with AIICO since 2012, and I have no cause for regret. People ask me how I have been getting my retirement money every month without disappointment. I always tell them to try AIICO Insurance because they have been paying me without fail. Since I retired, AIICO hasn’t let me down. I always get my payment monthly,” Ogunremi said.

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    Another annuity recipient, Mrs. Ayetunde Aiso, a former civil servant, added: “Ever since I signed up for AIICO’s annuity for my retirement, I have always received my payment as and when due – no delays and no stories.”

    Executive Director/Head of Retail Business, AIICO, Mr. Gbenga Ilori said: “At AIICO, we understand the importance of financial stability, especially during retirement. Our annuity is designed to address this very need, offering our customers peace of mind with guaranteed monthly payouts for life. We are proud to be a part of their financial journey.

    “We are confident that the annuity market holds immense potential, and we are well-positioned to capitalise on this growth. Our robust financial standing and exceptional customer service ensure that our annuity policyholders receive not only a guaranteed income stream but also peace of mind throughout their retirement journey.”

  • PenCom clears misconception on lumpsum

    PenCom clears misconception on lumpsum

    • ’Retirees can negotiate more than 25%’

    The National Pension Commission (PenCom) has corrected the misconception that a lump sum is fixed at 25 per cent of a retiree’s RSA balance.

    In a statement, t he commission said this was not true.

    In line with the PRA 2014 (PenCom), it released a Revised Regulation on the Administration of Retirement and Terminal Benefits, which established a Standard Retirement Benefit Computation (SRBC), an automated template for PFAs to calculate retirement benefits such as lump sum and monthly/quarterly pension, using age, gender, final salary, and the RSA balance.

    Determining lump sum

    Central to the Contributory Pension Scheme (CPS) is the provision for lump sum withdrawals on retirement, aimed at providing retirees with financial stability while receiving periodic pensions.

    The CPS stands as a cornerstone in Nigeria’s efforts to secure retirement benefits for its citizens.The primary goal of the Pension Reform Act 2014 (PRA 2014) is to ensure individuals save adequately for their post-employment years.

    Section 7 of the PRA 2014 outlines the options available to a Retirement Savings Account (RSA) holder upon retirement or attaining 50 years of age.The first option is the withdrawal of a lump sum from the total amount credited to his RSA provided that the amount left after the lump sum withdrawal shall be sufficient to procure programmed fund withdrawals or annuity for life in accordance with guidelines of the Commission.

    The retiree also has the option of programmed monthly or quarterly withdrawals or a Retiree Life Annuity (RLA) purchased from a life insurance company with monthly or quarterly payments.

    According to PenCom, this template is what generates the amount of pension savings a retiree can withdraw as a lump sum while the rest is spread for life as a periodic pension.

    PenCom stated: “Significantly, since lump sum is not fixed. The retiree has a right to negotiate and choose to collect either the maximum lump sum due to him/her or take a minimum lump sum to boost his monthly or quarterly pension. Under the CPS framework, retirees must maintain a balance in their RSAs sufficient to secure monthly pension’s equivalent to 50 pensions of their last salary. The remaining funds can be withdrawn as a lump sum, offering flexibility while ensuring long-term financial security during retirement.

    Read Also: PenCom DG: Stop attacking Oloworaran, she is fit for job, CSO warns critics 

    “The template permits an RSA holder to withdraw a lump sum ranging from a minimum of 25 per cent to a maximum of 50 per cent of the RSA balance. However, the monthly pension must first be calculated to meet the 50 per cent replacement ratio of the retiree’s last salary. If a retiree’s RSA balance is insufficient to provide a 50 per cent replacement ratio of their final pay as a monthly pension, PenCom’s regulation allows the RSA holder to withdraw the minimum permitted lump sum of 25 per ent of their RSA balance.”.

    Additional lump sum

    The commission explained that once a retiree starts receiving pension via Programmed Withdrawal or Retiree Life Annuity, the retiree is not allowed to access additional lump sum after the initial payment.

    “However, where there are additional inflows of funds into the RSA from the employer, the retiree can receive an additional lump sum. The additional remittances shall first be applied to augment pension up to 50 per cent of the retiree’s final salary and the balance may be paid out as lump sum. Where the retiree’s pension is already up to 50 per cent of final salary, the retiree may choose to collect the entire additional remittances as a lump sum.

    Inverse relationship between pension, lump sum

    “Pension and lump sum withdrawals have an inverse relationship: the higher the pension, the lower the lump sum, and vice versa. RSA holders who withdraw a larger lump sum receive a lower monthly pension, depending on their financial needs. It is important to note that the primary objective of the CPS is to replace a retiree’s salary with periodic pensions. Consequently, some retirees choose not to withdraw a lump sum in favour of securing higher monthly pensions. This approach ensures a more stable and consistent income stream during retirement.

    “Experience has shown that retirees who opt for large lump sum withdrawals often face financial challenges post-retirement. Many of these retirees exhaust these funds prematurely, leaving themselves with inadequate pension income.  Some experts had suggested that RSA holders should be allowed to take up to 75 per cent of their pension savings as a lump sum. Such a suggestion, which could deplete the RSA, has constitutional implications under Section 173 of the 1999 Constitution.This section guarantees pension rights to public officers, necessitating that pension funds are not entirely withdrawn as lump sums, thereby converting pension funds into a provident fund. This safeguard ensures retirees continue to receive periodic pensions crucial for their livelihoods.

    “Considering these challenges, PenCom encourages employers to implement Section 4(4)(a) of the PRA 2014, which allows for the payment of additional benefits upon retirement, supplementing lump sum withdrawals and potentially enhancing retirees’ financial positions post-employment.

    “It is important that RSA holders preparing for retirement understand the balance between lump sum withdrawals and sustainable pension income. Striking a balance in withdrawal options can ensure retirees enjoy a dignified and financially secure post-work life under the CPS.This underscores the importance of informed decision-making in pension withdrawals, advocating for a balanced approach that respects retirees’ financial needs,” the commission stated.

  • Pension complaints and solutions

    Pension complaints and solutions

    SALIU: My name is Saliu. I understand that it takes five working days for approval to come from you when a PFA forwards an application. I want to find out why it’s not so with my application. It is two weeks, according to Leadway Pension, that my application has been sent to you. What is holding it?

    PENCOM: Dear Mr. Saliu, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    ANNONYMOUS: I have a problem with my pension. I am a police officer. My pension has not been paid into my pension account since 2017. I have been on this for the past three years by moving from one office to another but my efforts have proved abortive. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    YAJI:  Good day, my name is Yaji. My complaint is about the delay of my late father’s benefits, Inspector Yaji. His PFA is Leadway Pensure Nigeria Limited. He died on July 16, 2013. We are yet to be paid his death benefits.   

    PENCOM:  Dear Sir, the request was returned to the Pension Fund Administrator because there was no Death Certificate attached, which is one of the requirements for processing death benefits. Kindly provide the death certificate to the PFA for resubmission of the request.

    ANNONYMOUS: Good day, my complaint has been made by one of my pension account officers on my behalf but I am yet to get an update and it has been over three months now. How long does it take for merging?

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    PENCOM: Dear Sir, Kindly provide the details of the two Retirement Savings Accounts you are trying to merge to enable the Commission process the complaint.

    ANNONYMOUS: Ma, I strongly need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

    PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

    MOHAMMED: Dear sir, we are the administrator of our late father Mohammed. He worked at the Nigeria Immigration Service from 1987 and was laid off by the Presidential Task Force in 2006. Since then, we have not collected one Kobo from the National Pension Commission or Nigeria Immigration Service. We don’t know where to go or what to do. Help us out – Bawa.

    PENCOM: Please provide the PFA and PIN number to enable the Commission to investigate your complaint.

    ANNONYMOUS: l recently retired from one of the MDAs. What do I do to get my benefits?

    PENCOM: Please visit your PFA and ensure that you have the required documents, have undergone the enrolment and data recapture exercise (if applicable). Your PFA will provide more information to you and guide you through the process.

    OBADARE: My name is Obadare. I am a retiree from Radio Nigeria. I did my PenCom verification in September 2022 but I am yet to be paid my pension. Kindly look into my case, thank you.

    PENCOM: Dear Obadare, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

    MEFE: Good day, I have requested 25 per cent for months. Last month I was told to wait for Pencom’s approval but I have not got a response  from Pencom. I have a huge debt to pay and this money is my only hope.

    PENCOM: Dear Mr. Mefe, the Pension Fund Administrator has submitted a 25 per cent request for approval and the Commission has granted approval on November 24, 2023.

    BALOGUN: Hello, my name is Balogun. My employer’s name is Amazuma Services Limited. I don’t know my pension company. Kindly help me.

    PENCOM: Dear Mr. Balogun, you are advised to approach your Pension Fund Administrator to make enquiries.

  • Pension complaints and solutions

    Pension complaints and solutions

    JAMIUDEEN: Good day, my name is Jamiudeen. I retired from the National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic IBTC Pension for my accrued right and gratuities. They told me that it had not been paid and that I needed money urgently to do the operation of my right leg at Igbobi Orthopaedic Hospital. I was infected with the wound while in active service at Censor in 2006 and since then I have been spending my money on it.

    The commission did not take care of me. I spent my Cooperative savings on the leg until I was told that an operation needed to be carried out on my skin grafts. Since then, I have been waiting for my pension to take care of my leg.

    Kindly help so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

    PenCom: Payment was made on May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

    ZEKERI: Good day, my name is Zekeri. I retired in June 2022 from the Nigeria Customs Service. When I approached my PFA, Premium Pension, for my benefits in 2023 to be transferred to an insurance company for Life Annuity, my application was rejected and I was told to stay a year on Programmed Withdrawal before they could let me go. They said I could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted my annuity application again via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I checked and I realised my application was rejected again. I have been calling to know why but no response. Please help me

    PenCom: The RSA holder should provide his PIN to enable the Commission to investigate the complaint.

    SANI: My name is Sani. I worked at the West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My contributions – employer/employee – have been fully remitted to the Leadway.

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    Also, my Legacy has been fully remitted to the Leadway. I retired since March 31, 2023 and have submitted the necessary documents for RSA and Legacy to be paid to me in May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them immediately. Since then, no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents to pay me. Please, I want you to intervene so that my money can be paid to me. It has been six months that I am at home without earning Salary. Thank you.        

    PenCom : Dear Sir, please carry out the enrolment, and submit the Enrolment slip, you may wish to visit www.pencom.gov.ng for guidance on how to get enrolled.

    ANNONYMOUS: Madam, I need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

    PenCom: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

    DJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension. I went to Oak Pension Limited on November 8, 2023 to process it after eight years. But I have not heard from them for over two months now. l am yet to receive my lump sum nor has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have all received their payments. Is it a sin to choose annuity which is what warrants this unholy treatment from Oak Pension? The Pension Act provides us the freedom to choose any form of payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PenCom to intervene and not allow the situation to degenerate into litigation. Thanks in anticipation.

    PenCom : Please, note the evidence of Annuity Request is yet to reach the Commission.

    The RSA holder should contact the PFA to submit the request.

    FOLORUNSO: My name is Folorunso. I worked with Vanguard Newspaper and later joined The Nigerian Tribune. On joining Tribune, Stanbic Ibtc Pension opened a new RSA account for me, the same Stanbic with Vanguard. I now have double PEN registration and I am having difficulties in accessing my funds. For over a year, I have kept writing to Stanbic and the Director-General (DG) of PenCom but to no avail. After much pressure, Stanbic claimed to have harmonised the two PEN account numbers and it was left for PenCom in Abuja to give approval for me to access my funds. My findings show that it will take another one year to get PenCom’s approval. Please, what can I do to get the urgent attention of the PenCom DG to resolve my pension issue?

    PenCom: Send the PIN numbers

  • Unlocking homeownership: How pension funds are advance housing finance

    Unlocking homeownership: How pension funds are advance housing finance

    Since the launch of equity contributions to residential mortgages in March, last year, Pension Fund Administrators (PFAs) have disbursed N47.13 billion to mortgage lenders, facilitating equity payments for 5,276 RSA holders’ residential houses.

    A breakdown shows that the National Pension Commission (PenCom) approved N28.53 billion in the first half of the year, enabling 3,539 RSA holders to realise their dreams of homeownership.

    This was contained in a report by the PenCom obtained by The Nation.

    According to PenCom, the Contributory Pension Scheme (CPS) has emerged as a pivotal force for empowering workers to secure homes, underscoring the scheme’s robustness and transformative impact on Nigeria’s housing landscape.

    PenCom said: “Pension funds in Nigeria have become a cornerstone of residential housing financing for Nigeria’s workforce. The Pension Reform Act (PRA) 2014 allows pension contributors to utilise their Retirement Savings Account (RSA) balances for equity contributions towards residential mortgages. This initiative aims to assist in bridging the housing deficit in Nigeria, particularly affecting workers enrolled on the Contributory Pension Scheme (CPS).

     “Many employees aspire to own homes before retiring, but the hurdle of providing equity for a mortgage often stands in their way. Recognising this challenge, Section 89 (2) of the PRA 2014 paved the way for RSA holders to own their homes while in active service. In line with this provision, PenCom issued guidelines outlining the processes for accessing up to a maximum of 25 percent of RSA balances to facilitate equity contributions for residential mortgages.’’

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    Eligibility and application

    The Commission stated that the guidelines set out detailed eligibility criteria for RSA holders seeking to apply.

    PenCom said: “First, the RSA must have employer and employee’s mandatory contributions for a minimum cumulative period of 60 months prior to the application. Furthermore, RSA holders that have less than three years to retire are not eligible to participate.

    “An RSA holder intending to apply must first secure an offer letter for the property from the owner or an approved agent. Subsequently, the applicant would approach a mortgage lender to complete an application form. The mortgage lender reviews the application and validates the authenticity of the property offer.

    “The mortgage lender, typically a commercial bank or a Primary Mortgage Bank (PMB) licensed by the Central Bank of Nigeria (CBN), conducts due diligence to ensure the genuineness of the offer and the property valuation report. Once confirmed, an applicant approaches the PFA to request his RSA statement, seeking to access 25 per cent or less of the RSA balance for the equity contribution.”

    PenCom added that subsequently, the PFA issues an endorsed RSA statement to the applicant, who forwards it to the mortgage lender.

    It added: “The mortgage lender verifies if the 25 per cent RSA balance is sufficient for the equity contribution. If acceptable, a mortgage offer letter is issued. Otherwise, if 25 per cent of the RSA balance is insufficient, the mortgage lender is required to request the payment of supplementary equity contribution from the applicant. Upon confirmation of the additional equity contribution payment and meeting other requirements, the mortgage lender shall offer a mortgage loan to the applicant. Within two working days of issuing the mortgage offer letter, the mortgage lender sends copies of the letter, mortgage application form, and verified property offer letter to the applicant’s PFA”.

    Equity contribution payment approval process

    PenCom further stated that the applicant approaches the PFA for payment of the equity contribution by obtaining and completing an Application Form for 25 per cent of his RSA balance and providing an indemnity to the PFA.

    “The PFA also computes and validates that the requested amount is not more than 25 per cent of the RSA Balance. PFA forwards successful applications to PenCom within two working days. PenCom reviews applications for compliance with the guidelines. Applications that do not conform to the requirements are rejected and reasons communicated. Upon approval, the PFA issues a payment instruction to its Pension Fund Custodian (PFC) to remit the approved amount to the mortgage lender within two working days,’’ the commission added.

  • Behold Oloworaran, new PenCom DG

    Behold Oloworaran, new PenCom DG

    The new Director-General, National Pension Commission (PenCom), Ms. Omolola Bridget Oloworaran, is a financial expert with many years of experience.

    She was until her appointment by President Bola Tinubu a banker.

    Ms Oloworaran takes over from Mrs. Aisha Dahir-Umar, who initiated and completed various reforms.

    Before her appointment, Ms Oloworaran was at FirstBank Nigeria, where she served as the Head of Transaction Banking Operations since June 2019 and a Deputy General Manager, Group Head, First Shared Services.

    Earlier, Oloworaran worked at Stanbic IBTC, leading the International Business Centre, managing international banking operations and cultivating global business relationships. Her role as Head of Global Market Operations from November 2013 to January 2016 further demonstrated her capability in managing complex financial systems and operations.

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    She served at FDHL Group as a consultant from May to November 2013, offering strategic insights and solutions. Her earlier career includes tenure at Renaissance Capital, where she served in various capacities, including Finance Manager and Senior Specialist, from March 2008 to April 2013.

    Her foundational years in the sector were shaped by her role at Citigroup, where she was involved in Treasury Operations from June 2004 to March 2008.

    Special Adviser to the President Media and Publicity Ajuri Ngelale, stated that Ms. Oloworaran’s appointment is subject to the Senate’s confirmation. He said the President anticipates a goal-oriented leadership to drive efficiency and superlative performance in PenCom as the prime regulator of the pension industry.