President Bola Tinubu has named Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), a move believed to be in response to mounting pressure from the Nigeria Labour Congress (NLC).
While an official statement is yet to be released, sources confirm the appointment of Agbaje, a respected financial expert and former banking executive.
The decision comes just days after the NLC issued a seven-day ultimatum demanding the immediate constitution of PenCom’s governing board. The labour union had raised concerns over the prolonged absence of a properly constituted board, warning that it violated the PenCom Act and exposed workers’ pension funds to potential mismanagement.
In a strongly worded statement, the NLC’s Central Working Committee described pension funds as “deferred wages, not state revenue,” and insisted on tripartite oversight as mandated by law. The union had threatened industrial action if the government failed to comply with its demands within the stipulated timeframe.
Opeyemi Agbaje’s appointment marks a critical juncture for Nigeria’s pension industry, which manages over N18 trillion in assets. Observers suggest his extensive financial sector experience could help restore confidence among stakeholders.
However, questions remain about whether this move alone will satisfy labour’s demands for a full board constitution and adherence to statutory requirements.
The development comes amid growing scrutiny of pension fund management and follows recent PenCom directives aimed at enhancing accountability in the sector. Industry analysts await further details on the composition of the full governing board and the new chairman’s policy direction.
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cc: Nairametric
