Buhari Inaugurates Ministry of Finance Incorporated Board, Targets 100trn in 10 years

President Muhammadu Buhari has officially launched the Ministry of finance incorporated (MOFI), which was originally set in 1959 through an act of parliament, as a custodian of Federal government’s investments in various Government linked companies and Government owned Enterprises.

Inaugurating the Governing Council, Board of Directors and an Executive Management Team of the Ministry of Finance Incorporated at the council chambers, President Buhari tasked the new Governing Council and the Board to raise the value of the MoFI’s portfolio from the current 18 trillion naira to 100 trillion naira by 2033.

Addressing the council, the President stated that the new leadership take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive, to primarily convert the nation’s current assets into cash flow generating entities.

According to the President who is Chairman of the Governing Council alongside the Minister of Finance, Budget and National Planning, Zainab Ahmed as Vice Chair, the inauguration of the council has become 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 Minister 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: Former Finance Minister, Shamsudeen Umar (Chairman), 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), Oluwakemi Owonubi (Chief Risk Officer).

After the inauguration, the President proceeded to chair the Federal Executive Council meeting proper.