By Olukayode Oke
President Bola Tinubu has named Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), a significant appointment aimed at bolstering governance in Nigeria’s pension sector. The announcement, confirmed by reliable sources on Saturday, 17 August 2025, comes amid mounting pressure from the Nigeria Labour Congress (NLC) to address leadership gaps within the commission.
Agbaje, a seasoned financial expert and strategic policy analyst, succeeds Dr Oyindasola Oluremi Oni in the role. With a distinguished career spanning banking, consulting, and economic advisory, Agbaje is poised to bring stability and expertise to PenCom at a critical juncture. The NLC had recently issued a seven-day ultimatum, warning of industrial action if the government failed to constitute PenCom’s governing board, citing risks of mismanagement and political interference in the absence of proper oversight. The union stressed that pension funds, described as “deferred wages” of workers, must be safeguarded through strict adherence to the Pension Reform Act.
A former Executive Director at GTBank, Agbaje began his career at First Bank of Nigeria Plc, rising to Assistant General Manager by 1998. He later served as Chief Risk Officer and oversaw various banking segments, including consumer, commercial, and institutional banking. In 2004, he founded RTC Advisory Services Ltd, a strategy and economic advisory firm that has consulted for leading banks, multinationals, and government agencies across sectors such as fintech, real estate, and telecommunications. Agbaje holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School in Spain, credentials that underscore his capability to steer PenCom effectively.
The appointment follows the controversial selection of Ms Omolola Bridget Oloworaran as PenCom’s Director-General in July 2024, which drew scrutiny over her eligibility due to limited experience in pension matters. Despite the criticism, Oloworaran has overseen reforms that have driven pension assets under management beyond ₦24 trillion by May 2025. Agbaje’s leadership is expected to complement these efforts, restoring confidence and ensuring robust governance to protect workers’ retirement savings.
Stakeholders have welcomed the appointment, viewing it as a response to the NLC’s demands and a step towards strengthening the pension sector. Agbaje’s extensive experience and strategic insight are anticipated to drive efficiency and transparency in PenCom’s operations, aligning with President Tinubu’s commitment to goal-oriented leadership. As Nigeria’s pension industry continues to grow, Agbaje’s tenure will be closely watched to ensure the commission delivers on its mandate to secure the financial future of the nation’s workforce.
