President Bola Tinubu Appoints New Director-General of PenCom and Managing Director/CEO of NSITF

President Bola Tinubu has made significant appointments in the financial sector, with the appointment of Ms. Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission (PenCom) and Mr. Oluwaseun Faleye as the new Managing Director/Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF).

According to Ajuri Ngelale, Special Adviser to the President, the appointment of Ms. Oloworaran, a finance and banking expert, is aimed at driving efficiency and superlative performance in PenCom, the prime regulator of the Nigerian Pension Industry. The presidency anticipates a goal-oriented leadership from the new appointee.

The announcement comes at a time when the Nigerian pension industry is experiencing significant growth, with total pension assets reaching an all-time high of N20.23 trillion in May 2024. This marks a N4.12 trillion increase over the past year, reflecting a 25.6% year-on-year increase.

The growth in the industry’s assets can be attributed to the growing adoption of pension schemes by Nigerians and high yields on investments. Additionally, a significant portion of the funds has been channelled into federal government securities, particularly Treasury Bills, driven by regulatory guidelines and high-yielding fixed-income instruments.

The appointment of Ms. Oloworaran and Mr. Faleye is expected to further strengthen the financial sector and drive continued growth in the Nigerian pension industry.