FG Begins Restructuring of MOFI as Buhari Approves Board Members, Mgt Team

* Shamsudeen Usman chairs new board

Ndubuisi Francis in Abuja

About three months after the federal government disclosed plan to restructure the Ministry of Finance Incorporated (MOFI), its  investment vehicle, President Muhammadu Buhari, has approved the appointment of members of the board and the executive management team of the new MOFI, in order to commence the execution of its mandate.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed had last October disclosed that MOFI would be restructured as part of overall measures to revive over N30 trillion non-performing assets and boost government revenue.

To achieve this, the federal government seeks to fully set up MOFI as a world-class investment company with a new management and board to move from the civil service structure where it sits, as a unit under the Office of the Accountant General of the Federation, with core professionals with specialisation in portfolio management.

In line with the goal of restructuring the investment vehicle, Buhari, yesterday approved the appointment of members of the board and the executive management team of the new MOFI.
A statement issued by the Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, Yunusa Tanko Abdullahi said the board of directors of MOFI was to provide strategic direction and oversight while the executive management team is to drive effective day-to-day operations of the business and will be supported by the middle management team.

He said: “The constituted part-time board members are: Dr. Shamsudeen Usman, Chairman.
“The non-executive directors are Permanent Secretaries, Finance and Petroleum. Accountant-General of the Federation, and representative of Central Bank of Nigeria (CBN). Others are Mr. Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda; and Barrister Alheri Bulus Nyako.

“Mr. President also approved Executive Management including Dr. Armstrong Katang as CEO, Eric Ojo, Executive Director, Portfolio, Sani Yakubu, Executive Director, Investment, and Oluwafemi Owonubi, Executive Director, Risk.”
The statement added that, “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 is to be inaugurated by Buhari on a later date.
Pursuant to Sections 2 and 3 of the MOFI Act 1959, MOFI is a corporation solely vested with the responsibility to manage all federal government investments, interests, estates, easement and rights.