CAUGHT IN THE CROSS­FIRE

The Africa Report - - MARKETS & MONEY - Funso Do­herty C.I. in La­gos

TO FILL THE VAC­UUM cre­ated at the helm of the pen­sion reg­u­la­tory com­mis­sion fol­low­ing the sack­ing of di­rec­tor gen­eral Chinelo Anohu-amazu, act­ing pres­i­dent Yemi Os­in­bajo has picked Funso Do­herty, a char­tered ac­coun­tant and former chief ex­ec­u­tive of ARM Pen­sions. Do­herty led ARM Pen­sions from its in­cep­tion in 2005 un­til 2011, when he left to set up an in­vest­ment firm. A grad­u­ate in ac­count­ing from the Univer­sity of La­gos, Do­herty be­gan his ca­reer at Arthur An­der­sen (now KPMG Nige­ria) where he was part of the au­dit group, and later moved to the ARM Group at its found­ing in 1994. From ARM, he pro­ceeded to busi­ness school at Har­vard Univer­sity and then to Gold­man Sachs, where he took a po­si­tion in the In­vest­ment man­age­ment di­vi­sion. There­after, he joined PNC Cap­i­tal Ad­vi­sors, from where he was tapped to head the newly formed pen­sion di­vi­sion of the ARM Group. Do­herty’s ten­ure at ARM Pen­sions co­in­cided with the take-off of the in­dus­try fol­low­ing the en­act­ment of broad re­forms by the Oluse­gun Obasanjo ad­min­is­tra­tion. Do­herty steered the com­pany to se­cond place in the in­dus­try, grow­ing its to­tal con­tri­bu­tions to ap­prox­i­mately N37bn by the time of his de­par­ture in 2011. How­ever, his ap­point­ment at Pen­com has not come with­out con­tro­versy, as it ap­par­ently vi­o­lates a pro­vi­sion of the Pen­sion Re­form Law (2014), which states that in the event of a va­cancy in the po­si­tion of di­rec­tor gen­eral, the pres­i­dent must ap­point a re­place­ment from the same ge­o­graph­i­cal area as the pre­vi­ous head. A civil so­ci­ety coali­tion has filed a law­suit against the fed­eral gov­ern­ment con­test­ing Do­herty’s ap­point­ment and ask­ing the court to set it aside. This is de­spite a sep­a­rate stand-off be­tween the pres­i­dency and the Se­nate that places Do­herty’s con­fir­ma­tion in jeop­ardy. The Se­nate says it will not con­firm cer­tain pres­i­den­tial ap­pointees un­til the ap­point­ment of Ibrahim Magu as chair­man of the Eco­nomic and Fi­nan­cial Crimes Com­mis­sion — which the Se­nate twice re­jected — is with­drawn.

Di­rec­tor gen­eral (sub­ject to the ap­proval of the Se­nate), Na­tional Pen­sion Com­mis­sion (Pen­com)

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