The Federal Government has responded to mounting pressure from the Nigeria Labour Congress (NLC) by appointing Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom).
The appointment comes after the NLC, during its Central Working Committee meeting on August 13, issued a seven-day ultimatum demanding the immediate constitution of PenCom’s Governing Board, as mandated by law. The union also requested a comprehensive report on the status of pension funds.
Multiple sources within the NLC and the pension industry confirmed Agbaje’s appointment to The PUNCH, although the PenCom spokesperson, Mr. Ibrahim Buwal, noted that there was no official confirmation yet from the Presidency.
Under Section 19 of the Pension Reform Act 2014, PenCom’s Governing Board is to comprise 16 members, including a Chairman, Director-General, four full-time Commissioners, and ten representatives from key stakeholder groups such as the NLC, Trade Union Congress, Nigeria Union of Pensioners, and the Nigeria Employers’ Consultative Association.
Agbaje is the Chief Executive Officer of RTC Advisory Services Ltd, a strategy and business advisory firm operating in Nigeria. With a background in banking and public policy, Agbaje holds a Master’s degree in Law from the University of Lagos, and an MBA from the prestigious IESE Business School in Spain.
He previously served two terms on the Board of the Lagos State Security Trust Fund (2011–2019), gaining a reputation for strategic leadership and governance.
The NLC’s push for the board’s constitution was part of its broader advocacy for accountability and transparency in the management of workers’ pension funds. The swift appointment of a chairman suggests the government’s willingness to avoid a possible industrial action.
