FG Appoints Opeyemi Agbaje as Chairman of PenCom Board After NLC Pressure

The Federal Government has appointed Mr. Opeyemi Agbaje as Chairman of the National Pension Commission (PenCom) Governing Board following pressure from the Nigeria Labour Congress (NLC).

The move comes after the NLC issued a seven-day ultimatum demanding the constitution of the PenCom Governing Board in line with the Pension Reform Act 2014. The union also requested a full report of pension funds within the same period, threatening to embark on strike if its demands were not met.

Section 19 of the Pension Reform Act mandates a 16-member Governing Board for PenCom, comprising the Chairman, Director-General, four full-time Commissioners appointed by the President (subject to Senate confirmation), and ten representatives of key stakeholder groups, including the NLC, TUC, Nigeria Union of Pensioners, and NECA.

Agbaje, the new chairman, is the Chief Executive Officer of RTC Advisory Services Ltd, a strategy and business advisory firm operating through two strategic units: RTC Strategy and Advisory, and RTC Policy.

Industry stakeholders believe his appointment will ease tensions with labour unions and strengthen confidence in the pension system.