The Federal Government has appointed Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom) Governing Board following mounting pressure from the Nigeria Labour Congress (NLC) for the immediate constitution of the regulator’s leadership in line with the Pension Reform Act 2014.
The appointment comes days after the NLC issued a seven-day ultimatum demanding the establishment of the PenCom board and the submission of a detailed status report of pension funds.
The union had threatened industrial action if its demands were not met, citing the need for stronger transparency and accountability in the management of the nation’s pension assets.
Legal framework and labour push
Section 19 of the Pension Reform Act 2014 provides for a 16-member board comprising a Chairman, a Director-General, four full-time Commissioners, and ten stakeholder representatives from organised labour, pensioners, employers, and other relevant institutions.
The prolonged delay in constituting the board had drawn criticism from labour unions, which argued that the absence of a functioning governing structure undermined effective oversight of the commission.
Profile of the new chairman
Agbaje, a lawyer and economist, is the Chief Executive Officer of RTC Advisory Services Ltd, a strategy and policy consulting firm.
He holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School, Spain.
His professional experience spans banking, consulting, and public policy, with past service as a board member of the Lagos State Security Trust Fund between 2011 and 2019.
Industry observers say his diverse background positions him to steer the pension regulator at a time when the sector faces increasing scrutiny from stakeholders and rising demand for transparency.
Stakeholders expectations
The NLC and other labour groups are expected to maintain pressure on PenCom under its new leadership to ensure full disclosure of pension fund performance, protection of contributors’ interests, and adherence to governance standards.
Pension fund assets, estimated at over ₦17 trillion, remain a critical component of Nigeria’s financial system. Analysts stress that stronger oversight and accountability will be vital to sustain confidence among workers and retirees.
Outlook
By appointing Agbaje, the government has averted an imminent confrontation with organised labour. However, expectations are high that the new PenCom leadership will deliver improved governance, effective monitoring of pension funds, and greater transparency in operations.
The move also underscores the growing influence of labour unions in shaping policy direction on critical national issues.
