The Federal Government has appointed Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), following mounting pressure from the Nigeria Labour Congress (NLC) which had threatened to embark on strike over the non-constitution of the commission’s governing board.
Multiple sources within the NLC and the pension industry confirmed Agbaje’s appointment to The PUNCH.
At the end of its Central Working Committee meeting on August 13, the NLC issued a seven-day ultimatum demanding that the PenCom Governing Board be constituted in line with the law. The labour body also asked the regulator to submit a comprehensive status report of pension funds within the same period.
However, when contacted, PenCom spokesman, Mr. Ibrahim Buwal, said there was no official confirmation from the presidency regarding Agbaje’s appointment.
Section 19 of the Pension Reform Act 2014 stipulates the establishment of a 16-member Governing Board for PenCom. The law provides for a Chairman, a Director-General, and four full-time Commissioners to be appointed by the President and confirmed by the Senate. It also mandates that 10 other members represent key stakeholder institutions, including the NLC, the Trade Union Congress, the Nigeria Union of Pensioners, and the Nigeria Employers’ Consultative Association.
Agbaje, the new chairman, is the Chief Executive Officer of RTC Advisory Services Ltd (formerly Resources and Trust Company Ltd),
