President Muhammadu Buhari has inaugurated the governing council, board of directors and executive management team of the Ministry of Finance incorporated (MOFI) with a charge to raise its portfolio to N100 trillion within 10 years.
The appointment of the board members and executive management team was approved by the president about a fortnight ago.
MOFI is a corporation vested with the responsibility to manage all federal government investments, interests, estates, easement and rights.
Speaking at the event shortly before the commencement of the Federal Executive Council (FEC) meeting at the State House, Abuja, on Wednesday, President Buhari charged the new board, chaired by Shamsudeen Usman, a former minister of finance, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion by 2033.
He said the governing council was fully set up as a world-class investment company with a new management and board, with core professionals with specialisation in portfolio management.
The president urged the new leadership to take steps to mobilise capital and invest the same in assets that are critical to the federal government’s revenue drive, saying this would involve turning the country’s current assets into aggressive cash flow generating entities.
The governing council is chaired by Buhari, with Zainab Ahmed, minister of finance, budget and national planning, as vice-chair.
Its members are Timipre Sylva, minister of state for petroleum resources; Hadi Sirika, aviation minister; Niyi Adebayo, trade minister; Mu’azu Sambo; transportation minister; Godwin Emefiele, Central Bank of Nigeria (CBN) governor; and three experts appointed by the president: Muhammad Sagagi, Ayo Teriba, and Ken Ife.
The board members include Umar 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 CBN.
Members of the executive management team are: Armstrong Takang as managing director; Eric Ojo as executive director, portfolio; Sani Yakubu as executive director, investment; and Oluwakemi Owonubi as executive director, risk.
