President Bola Tinubu has appointed Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), in what could be a reaction to the pressure from the Nigerian Labour Congress (NLC).
While the Federal Government and the Presidency are yet to issue an official statement, a source confirmed the development to Nairametrics.
Agbaje, a seasoned financial expert and former banking executive, assumes the role at a critical time for PenCom.
His appointment comes in the wake of a seven-day ultimatum issued by the Nigeria Labour Congress (NLC), demanding the immediate constitution of PenCom’s governing board. The NLC had warned that failure to act would result in industrial action.
“The CWC noted with grave concern the non-constitution of the Governing Board of the National Pension Commission, in contravention of the PENCOM Act and other statutes,” the NLC’s Central Working Committee stated.
“This unlawful vacuum has allowed government to solely superintend over the pension funds contributed by workers and employers, stripping away the statutory tripartite oversight and increasing the risk of mismanagement and political interference.”
The NLC emphasized that pension funds are “deferred wages, not state revenue,” and insisted on full compliance with the law in constituting the board. The union warned that if the government failed to act within the stipulated timeframe, it would no longer guarantee industrial peace in the sector.
About Opeyemi Agbaje
Agbaje’s appointment, though not yet formally announced to the public, is expected to douse concerns around the governance of the commission.
He also succeeds Dr. Oyindasola Oluremi Oni, the outgoing chairperson of the board.
Agbaje brings a wealth of experience to the role. He began his career in banking, rising through the ranks at First Bank of Nigeria Plc and GTBank, where he served as Assistant General Manager by 1998.
He left the industry in 2004 as an Executive Director, having overseen various banking segments including consumer, private, commercial, and institutional banking, as well as financial institutions and correspondent banking. He also served as Chief Risk Officer and supervised a capital market subsidiary.
Following his banking career, Agbaje founded RTC Advisory Services Ltd, a strategy and economic advisory firm that has consulted for leading banks, multinationals, state governments, federal agencies, and businesses across sectors such as fintech, real estate, manufacturing, and telecommunications.
Academically, Agbaje holds a Master’s degree in Law from the University of Lagos (1989) and an MBA from IESE Business School in Spain (1997).
His appointment is expected to restore confidence in the governance of PenCom and reinforce the statutory oversight required to safeguard Nigeria’s pension assets.
What you should know
Recall that in a controversial circumstance, President Bola Tinubu in July 2024, appointed Ms. Omolola Bridget Oloworaran as the new Director-General of PenCom, taking over from Aisha Dahir-Umar.
However, the appointment faced some scrutiny and criticisms from some stakeholders and lawyers, who argued that the appointment does not align with the relevant laws that founded the pension industry.
- They suggested that the appointee may not have met the minimum required to be the head of the PENCOM commission. They said she does not have 15 years of cognate experience in pension matters.
- The Pension Reform Act expressly means is that a Director General designate should be working either in an establishment which is a pension fund administrator (PFA) or a pension fund custodian (PFC).
- They pointed out that Oloworaran’s career profile does not show any 15-year stint in the pension field, as she has spent most of them in the banking industry.
However, she has remained in office and overseen several reforms in the industry that many industry stakeholders opine is crucial to moving the sector forward. Under her the Pension Funds Asset Under Management is over N24 trillion as of May 2025.
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