Lagos, August 18 – President Bola Ahmed Tinubu has appointed Mr. Opeyemi Agbaje, a seasoned finance and policy expert, as the new Chairman of the National Pension Commission (PenCom). The appointment comes in the wake of a seven-day ultimatum issued by the national labor congress (NLC) demanding the immediate reconstitution of the PenCom Governing Board.
The NLC had threatened a nationwide industrial action if the government failed to act, citing concerns over the governance and oversight of the multi-trillion Naira pension industry.
Agbaje’s appointment is seen as a swift response to this pressure, aimed at restoring confidence in the regulatory body.
Mr. Agbaje brings a wealth of experience to the role, with a multi-disciplinary career spanning over four decades in law, banking, finance, academia, and business consulting.
He is however, best known for his time as a foundation staff member at Guaranty Trust Bank (GTBank), where he rose to the position of Assistant General Manager.
PenCom, established by the Pension Reform Act (PRA) 2014, is the primary body responsible for the regulation and supervision of the Nigerian pension industry. Its core mandate is to ensure the effective administration of the pension system, safeguard pension assets, and ensure that retirement benefits are paid to retirees as and when due.
However, while Mr. Agbaje appointment is being hailed as a step toward addressing the NLC’s concerns, some stakeholders have raised questions about whether the appointment aligns with the provisions of the relevant laws that govern the pension industry.
The official statement from the Presidency is still being awaited to provide full details and context on the appointment and the composition of the full Governing Board.
