President Bola Tinubu on Sunday named Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), in a move expected to douse concerns around the governance of the commission.
A seasoned professional whose career spans law, banking, academia, consulting, and public service, Agbaje brings a wealth of experience and thought leadership to Nigeria’s pension sector at a time when the industry is navigating growth, reform, and heightened public expectations.
Agbaje, 60, is widely regarded as an authority in business, economy, and policy.
He graduated with honours in law from the University of Ife (now Obafemi Awolowo University) in 1985 and was called to the Nigerian Bar in 1986.
He went on to earn an LLM from the University of Lagos in 1989, an MBA from the prestigious IESE Business School in Spain in 1997, and is currently close to completing a Doctorate in Business Administration (DBA) from Eaton Business School.
From law to banking leadership
His early career saw him practice law at Kola Awodein & Co., SAN, and later work in the legal department of First Bank of Nigeria Plc.
- In 1990, he transitioned into banking as one of the foundation staff of Guaranty Trust Bank (GTBank), where he rose to the position of Assistant General Manager within eight years.
- Agbaje went on to become an Executive Director in banking before voluntarily exiting the industry in 2004, marking a significant shift into consulting and policy advisory.
- Since leaving banking, Agbaje has built a respected presence as Founder and CEO of RTC Advisory Services Ltd, a consultancy firm specializing in economy, policy, strategy, and organizational transformation.
Parallel to his consulting career, he has also been deeply involved in academia, teaching Business Strategy and the Environment of Business at the Lagos Business School since 1999.
He later joined the full-time faculty as Senior Fellow and Head of the Strategy and Entrepreneurship Department and continues to lecture at the institution.
Beyond the classroom, Agbaje has been an influential public commentator. He authored the long-running “Economy, Polity, Society” column in BusinessDay Newspaper from 2006 to 2019 and hosted the policy-focused TV program “The Policy Council” on Channels Television between 2011 and 2015.
Public service and pensions expertise
Agbaje had also served in public roles before now. He was a two-term board member of the Lagos State Security Trust Fund (LSSTF) between 2011 and 2019 and later served briefly as CEO of the Ogun State Security Trust Fund from 2019 to 2021.
His ties to the pension sector run deep. In 2005, while at private equity firm Capital Alliance, he led internal consultancy and asset management reviews as the firm evaluated opportunities in Nigeria’s emerging contributory pension system.
Over the years, he has closely tracked the sector’s evolution and remains a respected voice on pension reforms and asset management strategy.
Outside his professional commitments, Agbaje is a family man, married with adult children. He is also a Knight of John Wesley (KJW) in the Methodist Church and is known for his quiet philanthropy.
What his appointment means
Agbaje’s 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.
- With his blend of legal training, banking leadership, academic grounding, and policy expertise, industry watchers expect him to bring fresh perspectives to pension administration and regulatory oversight in Nigeria.
- As PenCom continues its mandate of safeguarding contributors’ funds and expanding coverage under the contributory pension scheme, stakeholders will be watching closely how Agbaje’s leadership shapes the sector’s next phase of growth.
