New PenCom Director was Allegedly Dismissed by First Bank Over N40bn Fraud

In a recent revelation by Tech Cabal, it has come to light that over 100 employees were dismissed from First Bank in July 2024 due to an alleged N40 billion fraud orchestrated by Tijani Muiz Adeyinka, a manager within the operations team. Among those dismissed was Mrs. Omolola Oloworaran, the newly appointed Director General of the National Pension Commission (PenCom).

Mrs. Oloworaran, who was serving as the Head of Operations at First Bank, was identified through her LinkedIn profile. According to the report, First Bank’s management terminated the employment of the Head of Operations and other senior officers for their failure to detect the fraudulent activities in a timely manner.

The dismissed employees were accused of negligence, as the bank’s leadership believed that the scale and duration of the fraud would have been impossible without the complicity or oversight failure of Adeyinka’s superiors.

Additionally, Mrs. Oloworaran’s appointment as the Director General of PenCom raises concerns of non-compliance with the Pension Reform Act. Section 26 of the Act stipulates that the position requires a minimum of 15 years of relevant experience in pension matters, a criterion that is now under scrutiny in light of her previous role and the circumstances of her departure from First Bank.