Gbeleyi sets sail on BPE re-engineering

…As Agbaje rolls up sleeves to supervise PenCom

The appointment in June last year of Ayodeji Ariyo Gbeleyi by President Bola Ahmed Tinubu as the director general of the Bureau of Public Enterprises (BPE), in line with his Renewed Hope Agenda, has continued to receive thumbs up.

The reason, many adduce, is that Gbeleyi is fit for the job and has been variously described as a “round peg in a round hole.” That can also be said of some others in the President’s team.

Worthy of note is the recent appointment of Opeyemi Agbaje as the chairman of the National Pension Commission (PenCom), another egghead that is expected to bring value to the Commission.

The story of these men is not just about their robust academic achievements, but their individual accomplishments that lend credence to their capabilities in their various past engagements across sectors.

The Gbeleyi Midas Touch

From day one, Gbeleyi did not leave anybody in doubt about what his remits are as the new director general of BPE.

Gbeleyi has been quietly going about his duties, and working in tandem with the objectives of the government that deemed him fit for the job. There is this testimony that he is a hardworking and meticulous man.

An admirer of the DG, narrated the emotions and the gusto with which he resumed at the agency last year as the helmsman.

“He called the Enterprise Business Review Forum (EBRF), which holds every Monday. EBRF is a review platform to unveil, scrutinise and interrogate transactions and activities of the Bureau that is physically attended by directors and heads of key units and virtually by other management and senior staff of the Bureau. What changed was that instead of starting at 10am, the forum was shifted to the afternoon of that day.

“I called a friend around 2.32pm and he messaged me thus: ‘The new DG is giving us fire in EBRF.’ To which I responded, ‘Interesting. On Day One and he called EBRF?’ And it was not a cosmetic meeting. From the accounts of the attendees, it was not only fruitful but also an intellectual fest. The shock to the staff was Gbeleyi’s familiarity with the Bureau’s strategies and transactions. Even transactions conducted over 15 years ago like the concession of the ports system into 26 port terminals operated by private companies. Even commercialisation is a topic he is comfortable with. The discourse lasted till 5pm. At the end of the meeting, my friend summarised their encounter with Gbeleyi thus: ‘Honestly, the guy was on fire. He has a wealth of experience in both private and public sectors. We have not had a DG with such knowledge of transactions on Day One as the new DG,’” he said.

On Thursday, June 27, 2004, Gbeleyi held what insiders in the Bureau called a “town hall meeting” at Wells Carlton Hotel, Asokoro, where staff ventilated their expectations and he laid down his vision and plans for the agency of the central government. He presented his vision “line by line, precept upon precept,” tasking the staff to “do as I do” by working diligently as Nigerians look up to them to contribute their quota to pave the way for a more stable and prosperous economy.

Gbeleyi also reminded the workforce that the organisation had been entrusted with the reform of the nation’s public enterprises, which must be optimised for operational efficiency and excellence. He emphasised that the ultimate goal was to improve the standard of living for every Nigerian through the diligent implementation of the Bureau’s reform activities.

He challenged the staff to innovate and work as a team to meet the expectations of Nigerians.

“We must realise that there are limits to what we can achieve as individuals, but endless possibilities lie ahead of us as a team,” he was quoted as saying.

According to him, there is need for the Bureau to fast-track the commercialisation and privatisation of some assets to add value to the nation’s economy. He highlighted the optimisation of the National Integrated Power Projects (NIPP) to provide the much-needed electricity and the revitalisation of the Bank of Agriculture to ensure food security as two key pursuits of his administration.

Gbeleyi also used the occasion of the 2024 BPE SERVICOM Day symposium in Abuja to formally launch his arrival at the BPE. At the event, he announced that the agency was alive to its mandate, and pledged, on behalf of his colleagues, that BPE would continue to bolster service delivery and sustain its core values.

At that event, he had noted that in today’s dynamic business environment, attitudinal and behavioural ethics in the workplace play a pivotal role in shaping organisational culture, driving employee engagement, and fostering trust among stakeholders.

“If we are to achieve success in our various endeavours and contribute meaningfully to national growth and development, there is no better time to discuss a topic of this nature than today.

“The impact of these ethics can be far-reaching, influencing employee behaviour, organisational culture and overall service excellence,” he said.

According to him, “If we are to meet and exceed expectations and fully align with Mr. President’s Renewed Hope Agenda, our achievements must indeed go above and beyond the common level of service.

“The Bureau is committed to delivering on its mandate, and we pledge to uphold our core values (Integrity-Transparency. Professionalism, Accountability, Result- Orientation and Teamwork (I-PART)), which are aligned with the goals of SERVICOM.”

Today, he is still going about the job with an increased zeal, to leave a mark in the sand of times at the BPE.

A quiet party man

Gbeleyi has been around in the political circles, though not known to have contested elections.

Before the 2015 general election, he was strongly touted as the likely successor of Babatunde Fashola.

The permutation became very strong as the then leadership of the All Progressives Congress (APC) in Lagos State was looking to field a Christian candidate after Tinubu’s eight years and Fashola, who was in his second term at that time.

Gbeleyi was at the time described as a thoroughbred professional known for his exceptional brilliance and intelligence. It was believed that, with his pedigree and insights in public service, finance, procurement, construction, project management, he was, no doubt, perfectly suited to govern the state.

Although the permutation did not materialise, the light in Gbeleyi has continued to shine, in line with the saying that it is difficult to hide a lamp under a bushel. This has become evident in the appointments that have come his way ever since, which are purely a testament to his bright mind and confidence reposed in him.

In January 2022, the late President Muhammadu Buhari had appointed him as chairman, Board of Directors, Federal Mortgage Bank of Nigeria (FMBN). The appointment was sequel to past positions of responsibility he had held. Buhari believed that he was going to add value to the organisation.

On November 16 last year, when Gbeleyi clocked 60, President Tinubu stated that the BPE boss was going to play a pivotal role in transforming and optimising public enterprises nationwide.

“President Tinubu commends Mr. Gbeleyi for his unwavering commitment to reform at various levels—private sector, subnational, and national—and recognises his leadership in modernising public institutions vital to the nation’s progress,” Bayo Onanuga, presidential spokesman, stated in a statement.

According to him, “The President is confident that Mr. Gbeleyi’s disciplined approach, attention to detail, and ability to inspire excellence in individuals and processes will significantly contribute to the ongoing reforms in diversification.”

When he, recently at a meeting with his friends and well-wishers, presented some of the areas he has covered in the short term and his future projections for the good of the agency, all those present at the meeting spoke in tandem that the President did not make a mistake in his choice of Gbeleyi.

Read also: Gbeleyi backs Tinubu on decentralisation of Nigerian College of Aviation

Ajibola Jones, an accountant, commended Gbeleyi’s attitude to his task at the BPE, saying that his appointment was fit-for-purpose.

“We have seen many appointments that can just be described as ‘food for the boys’, but that of Ayo Gbeleyi is one choice that is apt. It can be described as fit-for-purpose. There are those who cannot execute a task even when they are given the opportunity. There are those that secure a job but cannot retain the job because they lack the capacity. They are simply incompetent. You can give a person job but you cannot do the job for that individual. It is operation show your work. Again, another thing I commend him for is the way he goes about the job; no noise. We see and hear some appointees who are mere noise makers, but in real term, they achieve nothing. I believe that by the time he finishes what he is doing there, Nigerians will be happy to have appointed him to the Bureau,” Jones said.

Gbeleyi, with an intimidating résumé, has over 30 years of post-qualification experience in diverse sectors, including manufacturing, fast-moving consumer goods (FMCG), investment & commercial banking, project finance, telecommunications, infrastructure, and public administration. He was the board chairman of the Federal Mortgage Bank of Nigeria (FMBN) and Commissioner for Finance in Lagos State from 2013 to 2015.

Agbaje; entering at a difficult time in nation’s pension administration

To be appointed chairman of PenCom at this time comes with a lot of expectations. Given his pedigree as a financial services expert and iconic banker, it is expected that he will bring his wealth of experience to bear on the nation’s pension sub-sector to expand and deepen penetration, particularly in the informal sector of the economy where the larger workforce resides.

The expectation of many is that he must find a way to enable Pension Fund Administrators invest offshore. They need more window to enable them make progress.

In his supervisory cum regulatory roles, the new PenCom chairman should ensure that the tears of contributors and retirees must not continue to flow. The Commission must continue to enhance retirees’ welfare so that agitations to exit the scheme should reduce.

It is expected that with the good moves by President Tinubu to carry out the reform plans in the sub-sector, the narrative will change very soon. And it is also expected that the new chairman will work in tandem with the management team of the Commission to bring to fruition the reforms that are said to soon take off.

Before his appointment, some groups and individuals had raised concerns over the non-payment of their pensions. The recent protest by Police retirees was the peak of such agitations.

Recently, Omolola Oloworaran, director general of the Commission, had declared that massive reforms would take place in Police pension, although the Nigeria Police retirees have called for a total exit from the Contributory Pension Scheme (CPS).

“I am committed to police pension reform. I will make proposal to government. We are looking at gratuity of 100 percent to retired policemen and monthly pension of 75 to 100 percent,” she said.

Agbaje will need to roll up his sleeves to confront the tasks that would frequently confront him and demand his urgent attention, too.

For instance, one of the main objectives of the new pension scheme, according to the Commission, is to ensure that every person that worked in either the public or private sector in Nigeria receives his/her retirement benefits as and when due. He should ensure that this is achieved in a record time through his robust inputs.

A player in the private sector of the nation’s economy, who spoke to BusinessDay on condition of anonymity, said: “In this part of the world whenever someone is appointed to a public office, such a person is considered to have landed a goldmine. With that mindset, everyone associated to such individual will begin to seek one favour or the other, which most times places the appointee under pressure. My candid advice to Opeyemi, who I have known for many years, is that he should be himself, and prioritise the interest of his fatherland far and above any pecuniary interest and undue pressure, no matter where they may come from.”

A professional to the core

He is a seasoned professional whose career spans law, banking, academia, consulting, and public service, and he brings a wealth of experience and thought leadership to Nigeria’s pension sector at a time when the industry is navigating growth, reform, and heightened public expectations.

A few citations will suffice. He graduated with honours in law from the University of Ife (now Obafemi Awolowo University) in 1985 and was called to the Nigerian Bar in 1986. He went on to earn an LLM from the University of Lagos in 1989, an MBA from the IESE Business School in Spain in 1997, and is currently close to completing a Doctorate in Business Administration (DBA) from Eaton Business School.

His working experience has taken him to many organisations such as Kola Kola Awodein & Co., First Bank of Nigeria Plc, Guaranty Trust Bank (GTBank), among others. He also founded RTC Advisory Services Ltd, a consultancy firm specialising in economy, policy, strategy, and organisational transformation.

He is not a political novice…

In 2019, he was the first governorship aspirant under the Social Democratic Party (SDP) in Ogun State to pay for his nomination form. He had in July 2018 declared his intention to seek the nomination of the party.

At that time, he said he had plans to transform Ogun State into “a developed, first world region with human capital, quality of life, infrastructure, economic development, institutions and governance standards comparable to leading regions in developed countries by 2035.” But whatever happened after the purchase of the form remains history.

He had also served in public roles before now. He was a two-term board member of the Lagos State Security Trust Fund (LSSTF) between 2011 and 2019 and later served briefly as CEO of the Ogun State Security Trust Fund from 2019 to 2021.

Not a ‘Jonny Just Come’ in insurance

His ties to the pension sector run deep. In 2005, while at Capital Alliance, a private equity firm, he led internal consultancy and asset management reviews as the firm evaluated opportunities in Nigeria’s emerging contributory pension system.

Someone said: “With his blend of legal training, banking leadership, academic grounding, and policy expertise, industry watchers expect him to bring fresh perspectives to pension administration and regulatory oversight in Nigeria”.

A crown of thorns on Agbaje?

Observers have said that although the Pension Reform Act 2014, under which PenCom was established and has the objective to ensure the smooth operation of the Contributory Pension Scheme and to guarantee that everyone who has worked in the public service—whether at the federal level, in the Federal Capital Territory, or within states and local government councils—receives their retirement benefits promptly, there has been a lack of political will and empathy from successive federal and state governments to make it work.

They also observed that many public servants, including those at the local government level, have retired and gone over one or two years, or even more, without receiving their pension benefits.

These are the challenges Agbaje will confront as the head of the Board that would require him to roll up his sleeves and ensure that the ugly trend would not continue.

Another knotty issue that experts in the pension subsector have noted that the PenCom has been battling with over the years is the discriminatory treatment of pensioners under the CPS compared to those under the old Defined Benefit Scheme, which contradicts the provisions of Section 173(3) of the Constitution and Section 39(3) of the Pension Reform Act 2014.

To ensure that this is corrected, Agbaje may need to be brave but “as wise as a serpent” to be able to get all the supports and backing of the Aso Rock Villa to make a good success of the job he has been appointed to do.