The Federal Government has yielded to pressure from the Nigeria Labour Congress (NLC) by appointing Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom). The decision comes barely days after the labour union threatened nationwide industrial action over the government’s delay in constituting the PenCom Governing Board, a legal requirement under the Pension Reform Act 2014.
Reliable sources within the NLC and the pension industry confirmed the appointment to ireport247news.com, though the presidency has yet to issue an official statement. PenCom’s spokesperson, Mr. Ibrahim Buwal, told reporters there was still no formal confirmation from the State House, but multiple labour leaders said they had been notified of the development.
The breakthrough followed an ultimatum issued by the NLC at its Central Working Committee (CWC) meeting on August 13.
The union demanded that the Federal Government constitute the PenCom Governing Board within seven working days in accordance with the law.
It also insisted that PenCom provide a comprehensive status report of the nation’s pension funds to ensure transparency and accountability.
With mounting pressure and the possibility of a nationwide strike, the government moved swiftly to announce Agbaje’s appointment, signaling its readiness to avoid a labour showdown.
Section 19 of the Pension Reform Act 2014 provides for the establishment of a 16-member Governing Board for the Commission.
The structure includes a Chairman, the Director-General, and four full-time Commissioners appointed by the President and confirmed by the Senate.
The remaining 10 members are representatives of key stakeholder groups such as the NLC, the Trade Union Congress (TUC), the Nigeria Union of Pensioners (NUP), and the Nigeria Employers’ Consultative Association (NECA).
Labour unions have long argued that the absence of a governing board undermines the accountability of PenCom, which manages trillions of naira in workers’ retirement savings.
The new PenCom Chairman, Opeyemi Agbaje, is the Chief Executive Officer of RTC Advisory Services Ltd, a Lagos-based strategy and policy consulting firm.
A seasoned professional, he brings decades of experience in finance, law, and governance.
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 between 2011 and 2019, where he contributed to the state’s security financing strategy.
His background in banking and policy advisory is expected to bolster PenCom’s capacity to manage pension reforms and safeguard workers’ funds.
Nigeria’s pension industry, valued at over N19 trillion, has become a cornerstone of the nation’s financial system.
PenCom regulates Pension Fund Administrators (PFAs) and ensures the sustainability of retirement savings accounts for millions of workers.
However, stakeholders have frequently raised concerns about delayed remittances, poor oversight, and the need for innovative investment strategies to grow pension assets.
Labour leaders believe that a properly constituted board, led by an experienced chairman, will restore confidence in the system and address these lingering issues.
The NLC has described the appointment as a “positive response” to workers’ demands.
While awaiting Senate confirmation of Agbaje’s appointment, union officials stressed the importance of transparency in PenCom’s operations.
They reiterated that workers deserve to know the status of their pension contributions and how the funds are being invested.
Analysts say the move is not just a win for labour but also a critical step toward stabilising Nigeria’s pension administration.
“This appointment sends a signal that the government is responsive to workers’ concerns and is ready to comply with statutory provisions,” said a financial governance expert in Lagos.
For the Federal Government, appointing a chairman for PenCom could also ease tensions with organised labour at a time when economic hardship and fuel subsidy reforms have already sparked widespread discontent.
As the pension regulator transitions into this new leadership phase, all eyes will be on Agbaje and his ability to balance reform, transparency, and stability in Nigeria’s growing pension sector.