President Bola Tinubu has formally inaugurated Dr Opeyemi Agbaje as Chairman of the National Pension Commission Board, marking a critical turning point in Nigeria’s pension industry.
The inauguration, performed on behalf of the President by the Secretary to the Government of the Federation, Sen. George Akume, took place on Monday in Abuja.
Speaking at the ceremony, Agbaje pledged to align the board’s work with the administration’s economic agenda, with particular emphasis on deploying pension funds to support infrastructure, real estate, and agricultural development, while safeguarding retirees’ welfare.
Agbaje’s inauguration ends a prolonged governance gap at PENCOM. Since 2017, when the previous board was dissolved under former President Muhammadu Buhari, the commission has operated without full board supervision, raising concerns over accountability, transparency, and strategic oversight.
Labour unions had repeatedly urged the government to reconstitute the board. The Nigeria Labour Congress even issued a seven-day ultimatum threatening nationwide strikes, highlighting the perceived risk of mismanagement in a sector controlling trillions of naira.
Section 19 of the Pension Reform Act 2014 stipulates a 16-member governing board, including a chairman, a director-general, four full-time commissioners, and representatives of key stakeholders such as labour unions and employers.
The absence of a full board created structural imbalances, weakening investor confidence and delaying policy continuity. Agbaje’s formal inauguration now restores the statutory governance framework.
Akume, addressing the new board, emphasised the weight of their responsibility. “The responsibility before you is immense,” he said. “The N28tn pension pool represents the retirement savings of millions of Nigerians and must be managed with discipline, prudence, and foresight.”
He warned that misconduct or regulatory breaches would not be tolerated, stressing that robust internal controls, risk management, and transparency must guide all decisions. Akume clarified that the board’s mandate is governance and oversight, not operational management, and warned against interference in day-to-day activities, which could undermine accountability.
In his remarks, Agbaje outlined a vision centred on reform, growth, and alignment with national development goals. “As a board, we express our commitment to the President’s agenda of leveraging pensions as a driver of national development, including infrastructure, real estate, and agriculture, and ensuring our pensioners live well in retirement,” he said.
Agbaje thanked President Tinubu for the appointment and Sen. Akume for presiding over the inauguration. He also acknowledged the contributions of early pension reformers, including Mr. Fola Adeola and Mr. M.K. Ahmad, pledging to advance reforms further.
He added, “This board will work as a team based on integrity, corporate governance, and global best practices to grow and consolidate Nigeria’s pension sector.”
Agbaje brings over 30 years of multidisciplinary experience spanning law, banking, consulting, academia, and public service. He has held senior positions at First Bank of Nigeria Plc and Guaranty Trust Bank, served as Executive Director in the banking sector, and founded RTC Advisory Services Ltd.
In academia, he was a Senior Fellow at Lagos Business School and headed the Department of Strategy and Entrepreneurship. His public service roles include serving as Executive Secretary and CEO of the Ogun State Security Trust Fund.
Agbaje holds a Bachelor of Laws from the University of Ife (now Obafemi Awolowo University), a Master of Laws from the University of Lagos, and an MBA from IESE Business School, Spain. He is a member of the Nigerian Bar Association, International Bar Association, and Institute of Directors Nigeria, and holds several global affiliations.
Stakeholders have expressed confidence in Agbaje’s leadership. Mustapha Omotola, Secretary of the Greater Remo Initiatives, described the inauguration as a milestone reflecting professional excellence.
“We are confident that under your stewardship, the Board will provide strong governance and strategic direction to further strengthen PENCOM’s role in safeguarding the future of Nigerian pensioners,” he said, adding that meaningful progress is expected under Agbaje’s tenure.
