President Muhammadu Buhari has inaugurated the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI).
The inauguration ceremony was done shortly before the commencement of this week’s federal executive council meeting at the council chambers of the State house Abuja.
President Buhari tasked the new Governing Council and the Board to raise the value of the MoFI’s portfolio from the current N18tn to N100tn by 2033.
He urged the new leadership to take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive.
The President said the inauguration of Governing Council, Board, and Executive Management Board became necessary to optimize returns on existing investments.
The Governing Council is chaired by the President, with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, as Vice Chair.
Other members include the Minister of Petroleum Resources, Aviation, Industry, Trade and Investment, Transportation; and the Central Bank Governor, also President Buhari appointed three experts to work with the team.
MOFI is an investment vehicle as part of overall measures to revive and restructure non- performing assets and boost government revenue.
According to the president, the governing council is set up as a world class investment company with a new management and board, comprising core professionals with specialisation in portfolio management.
He said the task of MOFI would involve turning the country’s current assets into aggressive cash flow generating entities.
He said the inauguration of Governing Council, Board and Executive Management Board became necessary to optimize returns on existing investments.
The Board members include former Finance Minister, Shamsudeen Umar (Chairman), Permanent Secretaries of the Ministries of Finance and Petroleum Resources, Acting Accountant-General of the Federation, Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the CBN.
Members of the Executive Management Team are: Dr Armstrong Takang (MD), Eric solo (ED, Chief Portfolio Officer), Sani Yakubu (Chief Investment Officer), Oluwakemi Owonubi (Chief Risk Officer).
