The President has officially launched the Ministry of finance incorporated (MoFI).
The President inaugurated the Governing Council, Board of Directors and the Executive Management Team of the Ministry of Finance Incorporated, at the council chambers of the State House, Abuja, on Wednesday.
The launch of the MoFI was a significant event for the country as it was established in 1959 through an act of parliament, as the custodian of the Federal government’s investments in various government-linked companies and government-owned enterprises.
At the official launch which preceded this week’s Federal Executive Council meeting, Buhari tasked the new Governing Council and Board to raise the value of the MoFI’s portfolio from the current N18tn to N100tn ($233m) by 2033.
In his address, the President believes that the new Governing Council and Board will play a vital role in mobilizing capital and investing it in assets that are crucial to the Federal Government’s revenue drive.
The President further explained that the new leadership will take steps to revive and restructure non-performing assets, turning them into aggressive cash-generating entities.
According to the president, the inauguration of the Governing Council, Board, and Executive Management Team 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, serving as Vice Chair.
Other members include the Minister of Petroleum Resources, Timipre Sylva; 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.
The Board of Directors includes former Finance Minister, Shamsudeen Umar as 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.
The Executive Management Team is comprised of Dr Armstrong Takang as Managing Director, Eric Solo as Executive Director and Chief Portfolio Officer, Sani Yakubu as Chief Investment Officer, and Oluwakemi Owonubi as Chief Risk Officer.
The official launch was attended by the Vice President, Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha, the President’s Chief of Staff, Prof. Ibrahim Gambari, and Ministers and Ministers of State of various ministries.
The President then proceeded to chair the Federal Executive Council meeting properly.
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