The Federal Government has appointed Mr. Opeyemi Agbaje as Chairman of the National Pension Commission (PenCom), following threats of industrial action by the Nigeria Labour Congress (NLC) over the failure to constitute the commission’s governing board.
The move comes after the NLC’s Central Working Committee, at its August 13 meeting, issued a seven-day ultimatum demanding the constitution of the PenCom board in line with the Pension Reform Act 2014. The union also called on the commission to submit a full status report of pension funds within the same timeframe.
Section 19 of the Pension Reform Act mandates a 16-member governing board for PenCom, including a Chairman, Director-General, four full-time Commissioners, and representatives of key stakeholders such as the NLC, the Trade Union Congress, the Nigeria Union of Pensioners, and the Nigeria Employers’ Consultative Association.
Agbaje, the newly appointed chairman, is the Chief Executive Officer of RTC Advisory Services Ltd, a strategy and business advisory firm with operations in consulting and policy analysis. He brings a wealth of experience from the banking sector and has served on the board of the Lagos State Security Trust Fund for two terms between 2011 and 2019.
He holds a Master’s degree in Law from the University of Lagos and an MBA from IESE Business School, Spain.
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