Acting President, Yemi Osinbajo, has approved the appointment of Funso Doherty, as the new Director-General of the National Pension Commission (PenCom) a replacement for Dikko Aliyu Abdulrahman who has now been appointed as Chairman, Governing Board of the Bank of Industry (BoI).
This is the first set of appointments made by Osinbajo in his acting capacity as the appointments of members into Federal Government Parastatals, Agencies and Commissions remain uncompleted.
A statement signed by the Director of Press in the Office of the Secretary to the Government of the Federation, Chris C. Okeke, and released in Abuja, said Osinbajo also approved the appointment of Ali Usman to take over from Doherty was hitherto appointed as the Chairman of the Commission as the Director-General of PenCom.
Akin Akinwale who was earlier appointed as Executive Commissioner in the commission was replaced with Manase Benga, while bubakar Zaki Magawata, Ben Oviosun and Nyerere Ayim were still named as Executive Commissioners o f the National Pension Commission.
Their appointments are all subject to the confirmation of the Senate. On the 13th of April, President Muhammadu Buhari fired heads of 22 parastatals, including Pencom, and announced Abdulrahman as the new director-general of Pencom, subject to Senate’s confirmation.
The President also appointed Funso Doherty as chairman of Pencom Board as well as Akin Akinwale, Abubakar Zaki Magawata, Ben Oviosun and Nyerere Ayim as executive commissioners.
The appointment of the new PenCOm DG which was described as an absolute breach of the provisions of the Pension Reform Act, 2014, contravenes the provision of the Act that provides that the nominee for the position of the chairman or director-general of Pencom cannot be a shareholder or staff of any Pension Fund Administrator (PFA), within three years before or after his/her appointment.
Section 21 (2) of the Act also states that In the event of a vacancy (for the chairman, DG or other members of board), the President shall appoint a replacement from the geo-political zone of the immediate past member that vacated office to complete the remaining tenure.
According to the Pensions Act, the Commission’s DG is entitled to five years tenure of office, subject to renewal for another term in office.
Abdulraham, the nominated DG, is from the North-West geopolitical zone, while the former DG is from Anambra State, South East Nigeria.
The sacked PenCom DG was reputed to increased pension assets from N2.9 trillion in 2012 to N6.7 trillion in 2017 and the Retirement Savings Account from N5.39 million to N7.2 million.
In the same vein, Acting President Osinbajo appointed Dikko Aliyu AbdulRahman who was earlier named Chairman the National Pension Commission as Chairman of Governing Board of the Bank of Industry (BoI). Olukayode Pitan has also been appointed Managing Director, Bank of Industry (BoI).
Emeka Nwakpa was also appointed Chairman, Governing Board of the Consumer Protection Council.
“With the exception of those that are subject to confirmation by the Senate, all other appointments take immediate effect” the statement read.
Elizabeth Archibong
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