President Muhammadu Buhari has inaugurated the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI).
President Buhari performed the ceremony on Wednesday in the Council Chambers of the Presidential Villa, Abuja, before the commencement of the week’s meeting of the Federal Executive Council.
MOFI is an investment vehicle as part of overall measures to revive and restructure non- performing assets and boost government revenue.
At the inauguration, the President urged the new Board, chaired by former Minister of Finance, Shamsudeen Usman, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion by 2033.
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 new leadership would take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive.
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 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 Minister 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 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).