By Bassey Udo
The Ministry of Finance Incorporated (MOFI) is set to debut with itself Excellence Awards aimed at recognising excellence in public enterprise governance among Federal Government-owned and Linked Enterprises.
MOFI said on Sunday in Abuja that the award scheduled for the second quarter of this year is a milestone event underscoring its commitment to promoting transparency, accountability, and good governance across Federal Government-owned enterprises.
In December 2025, the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, unveiled the award, saying it was designed to deepen the culture of good corporate governance, transparency, and accountability in the public sector of the nation’s economy.
The unveiling was followed with the inauguration of an independent panel charged with the responsibility of selecting the entities qualified for the awards.
The independent technical panel made up of individual experts and representatives of institutions renowned for promoting good governance will assess portfolio companies against stringent criteria, including regulatory compliance, Board effectiveness, and sectoral impact.
Members of the panel include representatives of the Financial Reporting Council (FRC), the Society for Corporate Governance Nigeria (SCGN), the Chartered Institute of Directors (CIOD), Nigeria Exchange Group (NX) and the Chartered Risk Management Institute (CRMI).
At the unveiling of the awards, the Managing Director of the MOFI, Dr Amstrong Takang, said the initiative followed the MOFI Corporate Governance Scorecard launched early last year as a part of its ongoing reform agenda, to recognise outstanding performance as well as redefine governance as a strategic asset driving transparency, accountability, and long-term value creation in government-owned entities.
The MOFI Corporate Governance Scorecard, he said, revolves around key pillars that reflect global best practices adapted to Nigeria’s context, including effectiveness and independence of boards; robustness of the control and risk management environment; strategic alignment and performance management; quality and timeliness of financial reporting and disclosure; and emerging issues of environmental, social and governance (ESG) as well as innovation, stakeholder engagement and sustainability.
Takang said the MOFI Excellence Award is a culmination of the effort by the Federal Ministry of Finance to establish a robust governance framework that aligned with President Bola Ahmed Tinubu’s economic reform agenda.
The MOFI Corporate Governance Scorecard will provide the foundation for evaluating Board and Management teams against global standards of transparency and risk management.
“The MOFI Excellence Awards mark a structural shift in how Nigeria manages public enterprise: transparency is mandated, compliance is measured, and institutional outcomes remain the ultimate measure of fiscal discipline,” said the Ministry.
The Awards will recognise institutions that demonstrate exceptional governance, discipline, and performance, reinforcing the notion that “Good Governance is Not optional.”
