Tinubu Yields to Labour, Names Agbaje as PenCom Chairman as DG Moves to Reshape Police Pensions

President Bola Ahmed Tinubu has appointed Mr. Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), in what is seen as a direct response to demands by the Nigeria Labour Congress (NLC). The appointment, effective immediately, positions Agbaje to assume office without delay and steer the Commission at a crucial moment for Nigeria’s pension system.

The development comes as PenCom intensifies efforts to address long-standing concerns over the welfare of security officers. Director-General of PenCom, Mrs. Omolola Oloworaran, disclosed that the Commission is working on a new pension structure designed to guarantee better living conditions for retired police officers.

“Our police officers have given their lives to protect Nigeria, and they deserve to retire into dignity, not despair,” Oloworaran said at a briefing in Abuja. “The proposed structure will ensure that retirees no longer struggle with basic living costs. This is about fairness, justice, and reinforcing confidence in the pension system.”

Mr. Agbaje, a policy strategist and respected voice in economic reform, assumes the chairmanship with the backing of labour stakeholders who had called for stronger leadership at PenCom. In his initial remarks, he pledged to champion transparency and reforms that prioritize contributors’ welfare.

“The pension system must be humane and responsive. Nigerians who have given their years to service should never retire into poverty,” Agbaje said.

The Nigeria Police Force, one of the largest contributors to the Contributory Pension Scheme (CPS), has welcomed the Commission’s reforms, noting that morale within the Force is tied closely to welfare assurances. Senior officers say any pension plan that guarantees sustainable post-retirement living will boost discipline and loyalty among personnel.

Industry experts also see Agbaje’s appointment and the Commission’s proposed reforms as a potential turning point for the sector. With pension assets already surpassing ₦23 trillion, the priority, they argue, must now be on ensuring these funds have a tangible impact on the lives of workers and retirees.

For President Tinubu, the move underscores his willingness to engage with labour and respond to their concerns, even as he advances broader economic reforms. For PenCom, under the leadership of DG Omolola Oloworaran and Chairman Agbaje, the challenge is clear: to transform the pension system from one focused on savings accumulation into one that guarantees dignity, security, and trust for every Nigerian worker in retirement.