by NIyi JACOBS
President Bola Tinubu has appointed Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), a move seen as a response to mounting pressure from the Nigeria Labour Congress (NLC).
The appointment, yet to be formally announced by the Presidency, was confirmed by a reliable source. Agbaje, a respected financial expert and former senior banking executive, takes over at a crucial time for PenCom as labour unions intensify demands for strict compliance with the Pension Reform Act.
The NLC had recently issued a seven-day ultimatum, warning of industrial action over the non-constitution of PenCom’s governing board. The union accused the government of breaching the law and creating a vacuum that could expose pension funds to mismanagement.
Agbaje succeeds Dr. Oyindasola Oluremi Oni as chairperson. His career spans top roles at First Bank and GTBank, where he rose to Executive Director before founding RTC Advisory Services Ltd, a strategy and economic advisory firm. He holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School, Spain.
His appointment follows last year’s controversial selection of Ms. Omolola Bridget Oloworaran as PenCom’s Director-General, which sparked debates over her eligibility. Despite criticism, she has overseen reforms that helped push pension assets under management beyond N24 trillion as of May 2025.
Stakeholders expect Agbaje’s leadership to restore confidence, strengthen governance, and safeguard workers’ retirement savings.
