NLC Ultimatum Yields Result” — FG Appoints Opeyemi Agbaje As PenCom Chairman

The Federal Government has appointed Mr. Opeyemi Agbaje as Chairman of the National Pension Commission (PenCom) following threats of industrial action by the Nigeria Labour Congress (NLC) over the failure to constitute the agency’s governing board.

Sources within the NLC and industry stakeholders confirmed the appointment though the spokesperson of PenCom, Mr. Ibrahim Buwal, said there was no official confirmation yet from the Presidency.

The NLC had, after its Central Working Committee meeting on August 13, issued a seven-day ultimatum to the Federal Government, demanding the constitution of the PenCom Governing Board as required by law. The union also asked PenCom to provide a comprehensive status report of the pension funds within the same period.

Section 19 of the Pension Reform Act 2014 stipulates the establishment of a 16-member Governing Board for PenCom, comprising a Chairman, Director-General, four full-time Commissioners appointed by the President and confirmed by the Senate, as well as 10 representatives of key stakeholders. These include the NLC, Trade Union Congress (TUC), Nigeria Union of Pensioners (NUP), and the Nigeria Employers’ Consultative Association (NECA).

Agbaje, the newly appointed chairman, is the Chief Executive Officer of RTC Advisory Services Ltd, a strategy and business advisory firm. He holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School, Spain. He also has banking sector experience and previously served two terms on the board of the Lagos State Security Trust Fund between 2011 and 2019.