Agbaje inaugurated as PENCOM board chair, plans reforms

President Bola Tinubu has formally inaugurated Dr Opeyemi Agbaje as Chairman of the Nationwide Pension Fee Board, marking a vital turning level in Nigeria’s pension business.

The inauguration, carried out on behalf of the President by the Secretary to the Government of the Federation, Sen. George Akume, befell on Monday in Abuja.

Talking on the ceremony, Agbaje pledged to align the board’s work with the administration’s financial agenda, with specific emphasis on deploying pension funds to assist infrastructure, actual property, and agricultural growth, whereas safeguarding retirees’ welfare.

Agbaje’s inauguration ends a protracted governance hole at PENCOM. Since 2017, when the earlier board was dissolved beneath former President Muhammadu Buhari, the fee has operated with out full board supervision, elevating issues over accountability, transparency, and strategic oversight.

Labour unions had repeatedly urged the federal government to reconstitute the board. The Nigeria Labour Congress even issued a seven-day ultimatum threatening nationwide strikes, highlighting the perceived danger of mismanagement in a sector controlling trillions of naira.

Part 19 of the Pension Reform Act 2014 stipulates a 16-member governing board, together with a md, a director-general, 4 full-time commissioners, and representatives of key stakeholders corresponding to labour unions and employers.

The absence of a full board created structural imbalances, weakening investor confidence and delaying coverage continuity. Agbaje’s formal inauguration now restores the statutory governance framework.

Akume, addressing the brand new board, emphasised the burden of their accountability. “The accountability earlier than you is immense,” he mentioned. “The N28tn pension pool represents the retirement financial savings of hundreds of thousands of Nigerians and should be managed with self-discipline, prudence, and foresight.”

He warned that misconduct or regulatory breaches wouldn’t be tolerated, stressing that strong inside controls, danger administration, and transparency should information all selections. Akume clarified that the board’s mandate is governance and oversight, not operational administration, and warned towards interference in day-to-day actions, which may undermine accountability.

In his remarks, Agbaje outlined a imaginative and prescient centred on reform, progress, and alignment with nationwide growth targets. “As a board, we specific our dedication to the President’s agenda of leveraging pensions as a driver of nationwide growth, together with infrastructure, actual property, and agriculture, and making certain our pensioners reside nicely in retirement,” he mentioned.

Agbaje thanked President Tinubu for the appointment and Sen. Akume for presiding over the inauguration. He additionally acknowledged the contributions of early pension reformers, together with Mr. Fola Adeola and Mr. M.Okay. Ahmad, pledging to advance reforms additional.

He added, “This board will work as a crew based mostly on integrity, company governance, and world finest practices to develop and consolidate Nigeria’s pension sector.”

Agbaje brings over 30 years of multidisciplinary expertise spanning legislation, banking, consulting, academia, and public service. He has held senior positions at First Bank of Nigeria Plc and Guaranty Trust Financial institution, served as Government Director within the banking sector, and based RTC Advisory Companies Ltd.

In academia, he was a Senior Fellow at Lagos Enterprise School and headed the Division of Technique and Entrepreneurship. His public service roles embrace serving as Government Secretary and CEO of the Ogun State Safety Belief Fund.

Agbaje holds a Bachelor of Legal guidelines from the College of Ife (now Obafemi Awolowo University), a Grasp of Legal guidelines from the University of Lagos, and an MBA from IESE Enterprise School, Spain. He’s a member of the Nigerian Bar Affiliation, Worldwide Bar Affiliation, and Institute of Administrators Nigeria, and holds a number of world affiliations.

Stakeholders have expressed confidence in Agbaje’s management. Mustapha Omotola, Secretary of the Better Remo Initiatives, described the inauguration as a milestone reflecting skilled excellence.

“We’re assured that beneath your stewardship, the Board will present sturdy governance and strategic path to additional strengthen PENCOM’s position in safeguarding the way forward for Nigerian pensioners,” he mentioned, including that significant progress is predicted beneath Agbaje’s tenure.