Joy Agwunobi
The Nigerian Senate has confirmed Opeyemi Olukayode Agbaje as the chairman of the National Pension Commission (PENCOM), alongside four commissioners representing key geopolitical zones, completing the long-awaited constitution of the agency’s governing board.
The confirmation follows a formal request from President Bola Tinubu and brings to a close months of uncertainty that had stalled strategic policy direction at the regulator. The new commissioners are Hafiz Muhammad Kawu Ibrahim (North West) as Commissioner for Technical Affairs; Samuel Chigizie Uwandu (South West) as Commissioner for Inspectorate; Charles Efe Sylvester Emukowhate (South South) as Commissioner for Finance; and Bello Abubakar Malabu (North East) as Commissioner for Administration.
President Tinubu’s nomination of Agbaje in August came amid mounting pressure from the Nigeria Labour Congress (NLC), which had issued a seven-day ultimatum demanding the immediate reconstitution of the PENCOM board. The union stressed that pension funds represent “deferred wages, not state revenue” and warned that continued non-compliance with the PENCOM Act could trigger industrial unrest.
A seasoned leader in finance and risk management
Agbaje brings a wealth of experience from the banking and advisory sectors. He began his career at First Bank of Nigeria Plc and later moved to Guaranty Trust Bank (GTBank), rising to Assistant General Manager by 1998 and subsequently Executive Director. In these roles, he oversaw consumer, commercial, institutional, and financial institutions operations, as well as correspondent banking and risk management.
In 2004, Agbaje founded RTC Advisory Services Ltd, a Lagos-based strategy and economic advisory firm. The firm has consulted for major financial institutions, multinational corporations, and government agencies across sectors such as fintech, real estate, manufacturing, telecommunications, and subnational economic development. His appointment is widely viewed as strategic, given his track record in steering financial institutions and advising on economic growth initiatives.
Implications for Nigeria’s Pension Industry
The confirmation is expected to restore investor and worker confidence in Nigeria’s pension system, which safeguards the retirement savings of millions of workers under the Contributory Pension Scheme (CPS). The new board is anticipated to set a clear policy direction at a time when the industry faces tightening global regulatory and market pressures.
In an opinion piece published by Business A.M. earlier in October, Victor Ogiemwonyi, a retired investment banker, described Agbaje’s appointment as “an opportunity of a lifetime” to transform Nigeria’s ₦25 trillion pension industry into a driver of economic growth. He argued that contributions and investment flows must grow continuously to meet the sector’s long-term obligations, projecting that the industry could potentially quintuple under the new leadership.
Ogiemwonyi outlined three strategic priorities for PENCOM: expanding coverage to include the informal sector and mobilising pooled resources into infrastructure projects; broadening investment opportunities, including overseas diversification; and positioning PENCOM as an enabler of economic growth rather than a revenue-focused regulator.
He stressed that channeling pension assets into commercially viable infrastructure could generate sustainable revenue, create jobs, and expand the contributor base, while offshore investments would reduce concentration risks and access higher-yield markets, citing Norway and Singapore as models. He also urged PENCOM to modernise its processes, reduce unnecessary fees, and adopt smarter regulatory oversight that promotes industry self-regulation.
“Less regulation is not necessarily bad regulation,” Ogiemwonyi noted, calling for collaborative engagement between the commission and market players.
With Nigeria’s young population just beginning to participate in pension schemes, Ogiemwonyi emphasised that the sector remains largely untapped. He urged Agbaje and the board to seize the opportunity to expand the size, scope, and impact of Nigeria’s pension industry, potentially multiplying assets fivefold within the chairman’s first tenure.
As Agbaje and the newly confirmed commissioners prepare to assume office, stakeholders anticipate renewed policy momentum and reforms aimed at turning Nigeria’s pension system into a robust instrument for national development.
