Members of the new board of the Ministry of Finance Incorporated (MOFI) should deploy their knowledge, expertise and strategy to optimise the aggregate value of Nigeria’s assets, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.
The Minister gave the charge in his office in Abuja on Friday at the inauguration of the reconstituted Board of MOFI.
The new Board has a one-time Minister of Finance, Dr. Shamsudeen Usman, as the Chairman, with Dr. Armstrong Ume Takang, an astute technocrat, as the Chief Executive Officer/Managing Director.
Other members include Tajudeen Datti Ahmed as Executive Director, Portfolio Management; Femi Ogunseinde as Executive Director, Investment Management; OluwakemiOwonubi- Babalogbon as Executive Director, Risk.
Fatima Nana Mede is also serving as a Non-Executive Director, just as Ike Chioke, Chantelle Abdul, AlheriNyako, and Bolaji Rafiu Elelu.
In his charge at the inauguration, the Minister as owners, holders and managers of Nigeria’s assets at home and abroad, members of the Board should do their very best to first enumerate those assets to be sure of what Nigeria owns physically and other assets around the world that have been built up over time.
Also, the Minister implored the Board to adopt strategies to maximise the returns on the values of those assets Nigeria owns, apart from what it earns from export revenues from crude oil and non-oil exports as well as other government sources of revenues, particularly those assets that can earn returns to add to the budget and the country’s foreign exchange reserves.
“I think we are talking about around N18 trillion as the value of assets under the management of MOFI at the moment. But I think the figure needs to be interrogated further. I am sure with the very rigorous and robust analysis and uncovering and proper valuation of the assets the Federal Government owns, MOFI will find out that the figures are even much bigger than the current estimates, not to talk of the fact that we should be able to comfortably reach and axceed N100 trillion in the value of those assets in the next decade,” the Minister said.
He expressed confidence that with the calibre of persons appointed into the Board, MOFI would set out the strategies to ensure it emerged as a world class organisation along the likes of its peers in the Middle East and other national firms and holders of sovereign wealth assets around the world.
The Minister said the expectation of the government was that the Board would take the first step by demonstrating commitment to imbibe high-level world class corporate governance, transparency and accountability in the management of the assets under MOFI’s portfolio.
Besides, he urged members of the Board to be bold, courageous and aggressive in the discharge of their assignment and mandate on behalf of Nigerians.
These qualities, he pointed out, would enable the Board to take the best opportunities to invest and collect the returns on those assets on behalf of the Nigerian people.
What should flow into the coffers of the Nigerian Government in terms of revenue, the Minister stressed, should be diligently identified and collected on behalf of the government as similar organisations around the world do.
“We expect MOFI to perform. The target we have set for MOFI and the challenge that they set for themselves are reasonable and achievable. They will be held to account to achieve them. This is no more an era of broken promises. The promise to Nigerians is to be able to really maximise the returns on the assets of Nigeria by MOFI or they will have to explain why they couldn’t achieve such,” he said.
In his remarks, the Chairman of the Board, Dr. Shamsudeen Usman, said members of the Board were fully aware of the expectations of Nigerians from their assignment.
He gave the assurance that members of the Board were determined and committed to exceed the expectations by raising the value of the assets from the current N18 trillion to not less than a N100 trillion in the next ten years.
“I believe it is possible, because we will be very innovative in managing the assets properly. I will like to give Nigerians the assurance that their assets are in safe hands, because we have already adopted standards of integrity and accountability. Every member of the Board is going to be subjected to a code of conduct that we have designed for ourselves and we are bound by it, to ensure we are manage these assets in the best interest of Nigerians, not in our own personal interest or the personal interest of anybody else,” he said.
On insinuations in some quarters that MOFI’s mandate could conflict that of the Bureau of Public Enterprises (BPE), Usman said both agencies have been in discussion on the issue, and both do not see any conflict in their respective roles.
In a chat shortly after a brief inaugural meeting of the Board in his office, the Managing Director/CEO, Dr Amstrong Takang, said the inauguration of the new board marks a turning point in the history of the agency.
Takang said the exercise signified the commitment of the Federal Government to a bold and progressive future under the guidance of renowned experts in investment banking, financial management, corporate governance, and public administration in the country.
“These newly appointed board members bring a wealth of knowledge and experience to MOFI, aligning perfectly with the organisation’s unwavering dedication to excellence inpublic finance management,” the statement said.
“Their diverse perspectives and proven track records will be instrumental in driving MOFI’s strategic vision and securing its position as a leader in the public asset management landscape,” he added.
He lauded the Board members’ expertise and capacity to help achieve the mandate and vision of the organisation and highlighted their crucial roles in advancing MOFI’s commitment to Nigeria’s economic development.
He underlined their collective insights and leadership and their capacity to be immensely instrumental in achieving MOFI’s strategic objectives and contributing to national economic resilience.
“As MOFI embarks on this new chapter, it’s core mandate remains steadfast – Professionalising the management of State-owned assets; creating a comprehensive register of State-owned assets and infrastructures, and effectively managing Nigeria’s assets across key sectors of the economy,“ Takang said.
With the guidance of its exceptional new board, Takang said MOFI was poised to propelhese initiatives forward, solidifying its position as a pillar of financial stability and a driving force for Nigeria’s economic prosperity.
