Buhari Inaugurates Board, Council of Ministry of Finance Incorporated

* Charges board to raise MOFI’s portfolio to N100trn by 2033

* Presides over FEC meeting

Deji Elumoye in Abuja 

President Muhammadu Buhari has inaugurated the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI).

The president performed the inauguration ceremony Wednesday in the Council Chambers of the State House, Abuja, just before the commencement of the week’s Federal Executive Council (FEC) meeting.

MOFI is an investment vehicle, as part of overall measures to revive and restructure non-performing assets and boost government revenue.

The president tasked the new Board, chaired by former Minister of Finance, Dr Shamsudeen Usman, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion by 2033. 

President Buhari said the governing council is fully set up as a world class investment company with a new management and board, with core professionals with specialisation in portfolio management. 

According to him, the inauguration of the 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 Ministers 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 the 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), and Oluwakemi Owonubi (Chief Risk Officer).

Shortly after the inauguration, President Buhari presided over the weekly FEC meeting with Vice-President Yemi Osinbajo; Chief of Staff to the President, Prof Ibrahim Gambari; Secretary to Government of the Federation, Boss Mustapha and ministers in attendance.

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