FG appoints new PenCom board chairman after NLC pressure

The Federal Government has appointed renowned policy analyst and business strategist, Mr. Opeyemi Agbaje, as the new Chairman of the Governing Board of the National Pension Commission (PenCom).

This appointment comes after mounting pressure from the Nigeria Labour Congress (NLC), which had, on August 13, issued a seven-day ultimatum to the government during its Central Working Committee (CWC) meeting. The union had demanded that the PenCom Governing Board be constituted in line with provisions of the Pension Reform Act 2014.

Labour had also demanded that PenCom furnish it with a comprehensive status report of pension funds within the same timeframe, threatening industrial action should the government fail to comply.

Multiple sources within the NLC and the pension industry confirmed Agbaje’s appointment, though the PenCom spokesperson, Mr. Ibrahim Buwal, said there was “no official confirmation from the presidency yet.”

Nevertheless, top labour leaders described the move as a major victory for Nigerian workers, stressing that the appointment addresses one of their long-standing grievances over the absence of a properly constituted leadership at PenCom.

Section 19 of the Pension Reform Act, 2014 mandates the establishment of a 16-member Governing Board for PenCom. The law specifies that the Chairman, Director-General, and four full-time Commissioners must be appointed by the President, subject to Senate confirmation, while the remaining ten positions are to be filled by representatives of key stakeholder groups.

These groups include the NLC, Trade Union Congress (TUC), Nigeria Union of Pensioners, Nigeria Employers’ Consultative Association (NECA), and other professional associations.

Mr. Opeyemi Agbaje, the new PenCom Chairman, is the Chief Executive Officer of RTC Advisory Services Ltd (formerly Resources and Trust Company Ltd), a well-regarded strategy and business advisory firm.

His company operates through two main arms, RTC Strategy & Advisory and RTC Policy.

Agbaje brings with him decades of experience in both the banking sector and public policy analysis. He holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School, Spain (1997).

He has also served in high-profile positions, including two terms on the Board of the Lagos State Security Trust Fund between 2011 and August 2019, where he played a pivotal role in strengthening security sector financing in the state.

Leaders of the NLC hailed the appointment as a positive step toward restoring confidence in the management of pension funds and ensuring greater accountability in the sector.

One senior labour official who spoke to this newspaper on condition of anonymity said: “This is a victory for workers. For too long, the Pension Commission has operated without a proper governing structure. With this appointment, we expect transparency, accountability, and improved protection of workers’ pensions.”

With Agbaje’s appointment, attention now shifts to the Senate for confirmation as required by law.

Labour has also insisted that the full composition of the PenCom Governing Board must be completed without delay to guarantee effective oversight of Nigeria’s multi-trillion naira pension assets.

The Presidency is yet to issue a formal statement, but insiders say further appointments to the PenCom Board are expected “in the coming days” to avert further industrial tensions.

(Punch)