The Nigerian government has moved to head off a nationwide strike by organised labour by appointing strategy consultant Opeyemi Agbaje as chairman of the National Pension Commission (PenCom).
The decision follows an ultimatum issued last week by the Nigeria Labour Congress (NLC), which warned it would mobilise industrial action unless the federal government reconstituted the commission’s governing board and released a full report on pension fund management.
Sources within the NLC and the pension industry confirmed Agbaje’s appointment, though PenCom’s spokesperson, Ibrahim Buwal, said there was no official word yet from the presidency.
The Pension Reform Act 2014 mandates a 16-member board to oversee PenCom, including a chair, director-general, and four full-time commissioners appointed by the president and confirmed by the Senate, alongside representatives of organised labour, pensioners, and employers. The board has remained incomplete since its dissolution in June 2023.
Agbaje, chief executive of Lagos-based RTC Advisory Services and a former banker, brings a background in strategy, law and finance. He holds an MBA from Spain’s IESE Business School and previously served on the Lagos State Security Trust Fund board.
The NLC has been increasingly vocal over the government’s handling of pension funds, which it describes as deferred wages rather than state revenue. It has accused the Tinubu administration of undermining oversight by failing to reconstitute PenCom’s board and warned that unilateral control raises the risk of mismanagement and political interference.
Union leaders are now expected to study the latest development before deciding whether to press ahead with strike plans. But analysts say the episode highlights growing distrust between government and organised labour, already locked in disputes over fuel subsidy removal, electricity tariffs, and minimum wage negotiations.
