FG has appointed Opeyemi Agbaje as PenCom Chairman amid NLC pressure.
NaijaOnPoint Nigeria reports that the Federal Government has appointed Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), following pressure from the Nigeria Labour Congress (NLC) over the delay in constituting the commission’s governing board.
This Nigeria news platform understands that credible sources within the NLC and the pension industry confirmed the appointment to The PUNCH, describing it as a direct response to the NLC’s threat of industrial action.
The move comes after the NLC’s Central Working Committee on August 13 demanded that PenCom constitute its Governing Board in accordance with the law within seven working days. The labour union also requested a detailed status report of pension funds from the commission within the same timeframe.
When contacted, PenCom spokesman Ibrahim Buwal stated that the presidency had yet to officially confirm Agbaje’s appointment.
Legal Framework for PenCom Board
Section 19 of the Pension Reform Act 2014 mandates a 16-member Governing Board for PenCom. The President appoints the Chairman, Director-General, and four full-time Commissioners, subject to Senate confirmation.
The remaining ten seats are reserved for representatives from key stakeholder bodies, including the Nigeria Labour Congress, Trade Union Congress, Nigeria Union of Pensioners, and the Nigeria Employers’ Consultative Association, among others.
Profile: Opeyemi Agbaje
Agbaje, Chief Executive Officer of RTC Advisory Services Ltd (formerly Resources and Trust Company Ltd), brings extensive experience in banking and strategy consulting. RTC Advisory Services operates two main business units: RTC Strategy and Advisory and RTC Policy.
He holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School, Spain (1997). Agbaje also served on the Lagos State Security Trust Fund Board for two terms between 2011 and 2019.
Industry watchers say his appointment signals a renewed focus on strengthening PenCom’s governance and improving pension fund management in Nigeria.