The Nigerian Senate has approved Mr. Opeyemi Olukayode Agbaje as Chairman of the National Pension Commission, along with four commissioners representing the country’s geopolitical zones.

The confirmation, following a formal request from President Bola Tinubu, completes the long-awaited constitution of the commission’s governing board.

The newly confirmed commissioners are: Hafiz Muhammad Kawu Ibrahim (North West) as Commissioner for Technical Affairs; Samuel Chigizie Uwandu (South West) as Commissioner for Inspectorate; Charles Efe Sylvester Emukowhate (South South) as Commissioner for Finance; and Bello Abubakar Malabu (North East) as Commissioner for Administration.

Their confirmation came after the Senate considered and adopted a report from the Committee on Establishment and Public Service, chaired by Senator Oluwole Fasuyi Cyril.

Presiding over the plenary, Deputy Senate President Jibrin Barau praised President Bola Tinubu for the nominations, describing the appointees as highly qualified for their roles.

“We thank President Bola Ahmed Tinubu for nominating these outstanding Nigerians to occupy these offices. We are confident that they would add value to this agency,” Barau said.

President Tinubu’s nomination of Agbaje in August came amid growing pressure from the Nigeria Labour Congress, which had issued a seven-day ultimatum calling for the immediate reconstitution of the PENCOM board.

The union warned that continued non-compliance with the PENCOM Act could trigger industrial unrest, stressing that pension funds are “deferred wages, not state revenue.”

Agbaje’s appointment is widely viewed as a strategic choice, given his extensive experience in finance and risk management.

A former banking executive, he began his career at First Bank of Nigeria Plc before joining Guaranty Trust Bank, where he rose to Assistant General Manager by 1998 and later served as Executive Director.

During his tenure, Agbaje oversaw key divisions, including consumer, commercial, institutional, and financial institutions operations, as well as correspondent banking and risk management.

During his banking career, Agbaje managed key divisions, including consumer, commercial, institutional, and financial institutions operations, alongside correspondent banking and risk management.

After leaving the banking industry in 2004, he founded RTC Advisory Services Ltd, a Lagos-based strategy and economic advisory firm.

The company has provided consultancy services to major financial institutions, multinational corporations, and government agencies, with Agbaje’s expertise spanning fintech, real estate, manufacturing, telecommunications, and subnational economic development.

The confirmation ends a period of uncertainty that had hindered policy direction at PENCOM, the key regulator charged with protecting the retirement savings of millions of Nigerian workers under the Contributory Pension Scheme.