Amanze ChinonyePresident Tinubu has appointed financial strategist and lawyer Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), days after the Nigeria Labour Congress (NLC) issued a seven-day ultimatum demanding the constitution of the commission’s governing board.
The NLC had warned that government’s delay in filling leadership positions at PenCom created a governance vacuum that breached the law and heightened the risk of political interference in workers’ retirement savings.
Join our WhatsApp Channel“This unlawful vacuum has allowed government to solely superintend over the pension funds contributed by workers and employers, stripping away the statutory tripartite oversight and increasing the risk of mismanagement and political interference,” the union said.
“Pension funds are deferred wages, not state revenue.”
Mr Agbaje confirmed that he received the call notifying him of the appointment on August 11 and has since held his first briefing with the PenCom Director-General. He succeeds Dr. Oyindasola Oluremi Oni as chairman of the board.
A lawyer by training, Agbaje studied law at the University of Ife (now Obafemi Awolowo University) before obtaining an LLM from the University of Lagos and an MBA from Spain’s IESE Business School. He began his career in the Bendel State Ministry of Justice and later practiced with Kola Awodein SAN before moving into banking.
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Agbaje was among the pioneer staff of Guaranty Trust Bank, where he rose through the ranks before holding senior positions at Oceanic Bank and Metropolitan Bank, leaving the industry in 2004 as an Executive Director. He went on to establish RTC Advisory Services, a strategy and policy consulting firm, and has been on the faculty of the Lagos Business School since 1999. He also served as Executive Secretary of the Ogun State Security Trust Fund from 2019 to 2021.
Analysts say his wide-ranging experience in law, banking, consulting, and policy could help reinforce governance at PenCom and restore confidence in the regulator, especially at a time when Nigeria’s pension assets have grown beyond ₦24 trillion.
They note that his expertise in risk management may also support efforts to diversify pension investments beyond government securities into infrastructure, housing, and other sectors that can stimulate economic growth.
Agbaje’s appointment is not just a routine leadership change. It signals a move to stabilize one of Nigeria’s most critical financial institutions at a time of rising concerns over accountability and pension security. For workers, it is about safeguarding their retirement savings. For government, it is about unlocking long-term capital for development. And for labour, it is a test of whether political promises to respect pensioners’ funds will finally be kept.
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