Agbaje Takes Charge as PENCOM Chairman, Plans Reforms

Opeyemi Agbaje was formally inaugurated as the chairman of the National Pension Commission (PENCOM) by President Bola Tinubu on Monday in Abuja. This inauguration marks the end of a prolonged gap in governance at PENCOM since the previous board was dissolved in 2017.

Agbaje pledged to align the board's work with the government's economic agenda, emphasizing the deployment of pension funds to support infrastructure, real estate, and agricultural development while safeguarding retirees' welfare. The new board's formation comes after concerns raised by the Nigeria Labour Congress regarding the lack of oversight and transparency in the management of the pension sector, which controls a pool of N28 trillion.

George Akum, the Secretary of PENCOM, highlighted the board's responsibility for governance oversight and warned against any interference that could undermine accountability. Agbaje brings over 30 years of multidisciplinary experience, having held senior positions in various sectors, including banking and public service.