President Muhammadu Buhari has charged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years.
The president gave the charge at the launch of the new MOFI and inauguration of the Governing Council and Board of Directors of the body shortly before the commencement of the Federal Executive Council meeting.
The president also tasked the new board to “be the clearing house for the management of Federal Government’s investments and assets in line with global best practices with a view to ensuring that these investments are delivering superior risk-adjusted returns to the government.”
He also called on the new MOFI to work with other Ministries, Departments and Agencies (MDAs) to create a consolidated national assets register with a view to converting them into cash-flow-generating entities.
This, he said, would support the government’s revenue drive.
Buhari urged members of the board to work with the government with a view to using government-owned investments and assets to support the government in delivering on its social and economic obligations to the citizenry.
He, therefore, directed the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed to commence the process of amending the MOFI Act and other legislations to further institutionalize this reform.
According to him, the amendments when carried out, would ensure that MOFI was restructured and repositioned to become a trusted custodian and manager of Federal Government’s investments and assets.
Buhari said the event was significant as the restructured MOFI would help identify “what we own” and how to get the best out of them.
According to the president, the MOFI Act of 1959, now Cap. 229, Laws of the Federation, 2004, explicitly empowers MOFI to enter into commercial transactions of any description on behalf of the Federal Government in its own name.
He said that MOFI was used as a Special Purpose Vehicle across different sectors to invest in commercial entities over the last 64 years, adding that MOFI was created even before Nigeria’s independence.
In her remarks, the Minister of Finance, Budget and National Planning thanked Buhari for his support and approvals that had made the restructuring and repositioning of MOFI possible.
According to the minister, the council members and board will ensure that the new MOFI delivers on its mandates.
The governing council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice Chair.
It’s members include: The Minister of State, Petroleum Resources, Timipre Sylva; Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo and Transportation, Mu’azu Sambo.
Others are: Governor of the Central Bank, Dr Godwin Emefiele and three experts appointed by the President, namely: Prof. Muhammad Sagagi, Dr Ayo Teriba and Prof. Ken Ife.
The board members include: Former Finance Minister, Shamsudeen Usman as Chairman, Permanent Secretaries of the Ministries of Finance and Petroleum Resources and acting Accountant-General of the Federation.
Others are; Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the Central Bank of Nigeria (CBN) are also members of the board
Members of the Executive Management Team are: Dr Armstrong Takang, Managing Director, Eric solo, Executive Director, Chief Portfolio Officer, Sani Yakubu Chief Investment Officer and Oluwakemi Owonubi, Chief Risk Officer.