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    Ministry of Finance Incorporated gets first management board after 64 years


    Jan 20, 2023

    By Bassey Udo

    More than 64 years after its establishment, the Ministry of Finance Incorporated is set to have its inaugural board of directors and executive management team.

    The MOFI was established by the instrumentation of the provisions of Sections 2 and 3 of the Ministry of Finance Incorporated (MOFI) Act 1959, as an assets holding company incorporated under the Federal Ministry of Finance vested with the responsibility as the sole manager of all federal government investments interests, estates, easement and rights.

    Despite its important mandate, MOFI has been functioning without a management board.

    With increasing commitment by the present administration to ensure the effective coordination and harnessing of value from all government assets and investments within and outside the country, President Muhammadu Buhari has approved the appointment of management board and members for this special division in the Office of the Accountant-General for the sole purpose of taking charge of all State Investment in accordance with the State Policies.

    Announcing members of the new management board of MOFI on Friday in Abuja, the Minister of Finance, Budget and National Planning said the board of directors would provide strategic direction and oversight, while the executive management team would drive effective day-to-day operations of the business, to be supported by the middle management team.

    The constituted board whose members would be part-time include Dr. Shamsudeen Usman, as Chairman.
    The non-executive directors include Permanent Secretaries, Federal Ministries of Finance, Budget and National Planning and Petroleum Resources; the Accountant-General of the Federation, along with the representative of the Central Bank of Nigeria (CBN).

    Others include Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda, and Alheri Bulus Nyako, a lawyer.

    The statement said the President also approved the Executive Management of MOFI to include Dr. Armstrong Takang as Chief Executive Officer; Eric Ojo, Executive Director, Portfolio; Sani Yakubu, Executive Director, Investment, and Oluwakemi Owonubi, Executive Director, Risk.

    All the above persons were identified with key competencies to drive the achievement of MOFI’s governance and management objectives.

    The Governing Council of MOFI would be inaugurated by Mr. President on a later date.

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