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

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

1.9k

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.  

Read More:

About The Author

Related Articles

FinanceNews

Ghana Places Former Finance Minister Ofori-Atta on INTERPOL Red Notice

Interpol has issued a Red Notice for Ghana’s former finance minister, Ken...

FinanceNews

Field Check Shows Less Than 30km Completed on Lagos-Calabar Coastal Highway, Contrary to Official Claims

A recent independent investigation has revealed that the Federal Government’s claim of...

FinanceNews

Nigeria: Tinubu’s CNG Initiative Faces Growing Backlash Over Poor Infrastructure

The Federal Government’s Compressed Natural Gas (CNG) initiative has come under intense...

ShopRite malls
Finance

ShopRite’s Empty Shelves, the Story Of Nigeria’s Fading Economy

Once the symbol of modern retail in Nigeria, ShopRite malls across the...