The Federal Government has appointed Opeyemi Agbaje as Chairman of the National Pension Commission Governing Board after pressure from the Nigeria Labour Congress

National Pension Commission Governing Board has finally received a new chairman, with the appointment of Mr. Opeyemi Agbaje, following pressure from the Nigeria Labour Congress (NLC).

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The move by the Federal Government comes after the NLC threatened industrial action over the prolonged failure to constitute the board as stipulated in the Pension Reform Act 2014.

Agbaje’s appointment was confirmed by high-ranking NLC members and industry stakeholders, although official confirmation from the presidency is still awaited.

At the heart of the development is the NLC’s Central Working Committee meeting on August 13, where the union gave a seven-day ultimatum demanding:

• Full constitution of the PenCom Governing Board
• A comprehensive status report of pension funds

This demand came amid growing concerns about transparency and governance in the pension industry.

The newly appointed board chairman, Opeyemi Agbaje, is a seasoned strategist and CEO of RTC Advisory Services Ltd.

With a strong background in law, finance, and public policy, Agbaje brings deep expertise to the commission. His credentials include:

• LL.M from the University of Lagos
• MBA from IESE Business School, Spain
• Former two-term board member of the Lagos State Security Trust Fund

His professional experience spans the banking sector and corporate governance, with a focus on strategic advisory services.

Under Section 19 of the Pension Reform Act 2014, the PenCom Governing Board must consist of 16 members:

• A Chairman
• Director-General
• Four full-time commissioners
• Ten stakeholder representatives (NLC, TUC, NECA, pensioners, etc.)

This appointment marks a positive shift toward restoring institutional integrity and stakeholder confidence in Nigeria’s pension system.

Although PenCom spokesperson Ibrahim Buwal stated there was no official word from the presidency, industry insiders are optimistic that the appointment will soon be formalised and followed by the full constitution of the board.

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This development is seen as a constructive response to labour’s demands and a potential turning point for the pension regulatory body.