Newly Appointed PenCom Director Was Reportedly Sacked By First Bank Over N40bn Fraud

According to an exclusive report by Tech Cabal, over 100 employees were sacked in July 2024 over an N40 billion fraud engineered by one Tijani Muiz Adeyinka, a manager on the operations team. The Head of operations was also reportedly sacked.

The Head of Operations sacked was Mrs Omolola Oloworanran, the newly appointed National Pension Commission Director General (PenCom). This is gathered from her LinkedIn account.

According to Tech Cabal’s report, the Head of Operations, other superior officers of the perpetrator and over 100 more employees were sacked by The First Bank for their laxity.

Those employees were accused of laxity in carrying out their duties and were told they should have spotted the fraud earlier. First Bank’s management team believed it was impossible for a fraud of that scale and timeline to have been executed without the knowledge of Adeyinka’s superiors, the report read.

Meanwhile, Mrs Oloworanran’s appointment violates provisions of the Pension Reform Act regarding appointing a Director General.

Section 26 of the Act requires 15 years of cognate experience in pension matters for anyone to be appointed Director General or Commissioner.

Note: The previous feature image was a different Omolola Oloworanran, who bears the same name as the new PenCom Director General.  

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Oluwatobi Odeyinka

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