President Muhammadu Buhari, GCFR recently inaugurated the governing council of the Ministry of Finance incorporated, MOFI,as part of the ongoing efforts to reposition government institutions to improve revenue generation and support the economic development of Nigeria.

It has as the Chairman of the Board of the Ministry of Finance Incorporated, Dr. Shamsudeen Usman and the CEO, Ministry of Finance Incorporated Dr. Armstrong Takang. 

The Governing Council is chaired by the president, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice-Chair. 

Its members include the Ministers of Petroleum Resources, Timipre Sylva (State); Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo; Transportation, Mu’azu Sambo; Central Bank Governor, Dr Godwin Emefiele and three experts appointed by the president: Prof. Muhammad Sagagi, Dr. Ayo Teriba and Prof. Ken Ife. 

The Board members include the 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), and Oluwakemi Owonubi (Chief Risk Officer).

Giving her remarks at the event the Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed said “In transforming the Ministry of Finance Incorporated into an active investor that drives value, the Nigerian government stands to reap significant rewards, as estimates indicate that the financial value derivable from MOFI’s current portfolio could reach up to N100trn($232bn) by 2033”.

According to her MOFI was set up to provide strategic direction, accelerate take-off process, implement approvals and facilitate the transition of MOFI into a world-class assets and investment management company.

The Ministry of Finance Incorporated was set up in 1959 through an Act of Parliament,  as a custodian of the Federal Government’s investments in various Government Owned Enterprises and Government Linked Companies.