Senate lowers PenCom DG bar for Anohu-Amazu

This is coming almost a year after President Goodluck Jonathan forwarded the Pension Reform Bill 2013 to the National Assembly, seeking to reduce the years of experience required for the post of PenCom DG from 20 to 15 years.The Senate Establishment Committee, led by Senator Aloysius Etok (PDP, Akwa Ibom), recommended the deletion of that […]

This is coming almost a year after President Goodluck Jonathan forwarded the Pension Reform Bill 2013 to the National Assembly, seeking to reduce the years of experience required for the post of PenCom DG from 20 to 15 years.
The Senate Establishment Committee, led by Senator Aloysius Etok (PDP, Akwa Ibom), recommended the deletion of that provision, such that no specific years of experience would be required of a person to be appointed PenCom DG.
This clause had faced strong opposition from Senate President David Mark, as well as many other Senators, House of Representatives members and other stakeholders who worried of consequences for an industry that controls over N3 trillion.
Deputy Senate President Ike Ekweremadu presided over the report consideration yesterday.
When this contentious clause came up for approval, senators okayed the adoption of the committee’s proposal.
The removal of the years of experience for the post of DG paves the way for the acting PenCom DG Mrs. Chinelo Anohu-Amazu to be appointed in substantive capacity. She began her working career in 1998, and therefore does not possess the 20 years experience required under the existing Pension Reform Act of 2004.
But the bill is still pending before the House of Representatives, where committee members protested the lowering of the DG qualification bar and forced for the stoppage of debate on the report weeks ago.
The bill was referred to the Joint National Assembly committees on Establishment, Public Service matters and Pensions in May last year.
The committee, jointly led by Etok and Rep. Ibrahim Bawa Kamba, had in October last year submitted a report to the two chambers of the National Assembly in which they recommended the removal of the years of experience as a requirement for PenCom DG.
However, many committee members rejected the report and accused Etok and Kamba of forging their signatures in the controversial report.
Consequently, on November 6, the Senate threw out the report and asked the committee to go back and do a proper job.
The panel re-submitted a new version of the report late January, still recommending for the removal of any years of experience as a requirement for the appointment of PenCom DG.
Also, whereas the 2004 Act stipulates 4-year tenure for the PenCom boss, the committee this time around recommended for an upward review of the tenure to five years.
Section 16 of the existing Pension Reform Act 2004 provides that the commission’s DG must “possess professional skill and with not less than 20 years cognate experience relating to pension matters and or insurance, Actuarial Science or other related field.”
Mrs Anohu-Amazu’s appointment as acting DG in December 2012 had sparked crisis at PenCom given that she was due to retire at the time, having served for eight years as company secretary on the level of director.
But she weathered the storm, and now seems set to be appointed substantive DG if the new bill is passed into law.
The Senate will continue further consideration of the remaining parts of the bill next Tuesday.