Why Osinbajo made fresh appointments in PenCom, BoI

The need to reposition the National Pension Commission (PenCom), Bank of Industry (BOI) and other issues may not be unconnected to the fresh appointments by the Acting President Yemi Osinbajo (SAN), the Daily Times can now authoritatively report.

Multiple sources also confided in the Daily Times that Osinbajo altered the appointment of new management staff of PenCom and that of BOI earlier announced by President Muhammadu Buhari in April, 2017 to bring in professionalism in governance.

President Muhammadu Buhari had on April 13, 20 17 announced the appointment of Mr. Dikko Aliyu AbdulRahman as Director General of PenCom while Mr. Funso Doherty was named the Chairman of the commission.

But Osinbajo had on Saturday altered the appointments by announcing Funsho Doherty as Director General of PenCom instead of the earlier position announced by Buhari.

This, according to sources, was in cognizance of the need to bring in professionalism in the administration of the pension sector in Nigeria.

Dikko, who was earlier named Director General of PenCom by Buhari has now been appointed as the Chairman of BOI, thereby moving him completely out of the pension industry to the BOI to reinvigorate the bank.

According to one of the sources, Funso Doherty was brought in by Osinbajo and initially slated for Director General of PenCom but Buhari decided to appoint a northerner, Aliyu Dikko, who was then the Managing Director/ CEO of Premium Pension.

While Dikko and Doherty were awaiting Senate clearance to resume their new duty, Osinbajo decided to make a fresh appointment which named Funso Doherty as the new DG of PenCom.

Doherty is described as an experience industry player who has been in the pension industry right from the onset and has served as Managing Director/CEO of ARM Pension.

But the source said that Dikko had relinquished his position as the Managing Director of Premium Pension when he was announced by Buhari as new PenCom DG which he cannot revert to.

Commenting on the development, pension expert and one of the founders of the First Guarantee Pension, Hon. Chidi Duru, described the appointment of Funso Doherty as a welcome development and one that would breathe a new life into the pension industry in Nigeria.

He said: “Funsho Doherty is a very experienced and astute leader in the pension industry, he would bring his experience to drive the sector to where it’s expected to be because he know the nitty gritty of the industry.

“I believe in the ability of Doherty to drive a rapid development of the sector and invest the pension funds on long term investment instead of the short term as been done by the previous administration.”

The appointment of Doherty as Director General of PenCom was greeted with lots of hope as many people including pensioners expect him to clear the Augean stable of the past administration.

Regarding the removal of Waheed Olagunju as the acting MD of BOI, another source told The Daily Times that Olagunju has acted for a very long time.

According to the source, there is the need to appoint a substantive MD, who will take far reaching decisions and take the BOI to greater heights in line with the objectives of Buhari administration.

The new appointments by Osinbajo are as follows: Funso Doherty, Director-General, National Pension Commission; and Ali Usman, Chairman, National Pension Commission (PenCom).

Others are Manase Benga, Executive Commissioner, National Pension Commission; Zaki Magawata, Executive Commissioner, National Pension Commission; Ben Oviosun, Executive Commissioner, National Pension Commission; Nyerere Ayim; Executive Commissioner, National Pension Commission.

Dikko Aliyu AbdulRahman, Chairman, Governing Board of the Bank of Industry; Olukayode Pitan, Managing Director, Bank of Industry.

Emeka Nwakpa was named Chairman, Governing Board of the Consumer Protection Council.

According to a statement by the director (press) in the Office of the Secretary to the Government of the Federation (SGF), Mr. Chris Okeke, all appointments take immediate effect with the exception of those that are subject to Senate confirmation.