By Ismaila Chafé
President Muhammadu Buhari has tasked the Ministry of Finance Incorporated (MOFI) to increase 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 position at the launch of the new MOFI and the inauguration of the Governing Council and the Board of Directors of the organization shortly before the start of the meeting of the Federal Executive Council.
The president also charged the new board to “be the clearinghouse for managing the Federal Government’s investments and assets in accordance with global best practices to ensure that these investments provide the government with above-adjusted returns for the Federal Government.” risk”.
He also urged the new MOFI to work with other Ministries, Departments and Agencies (MDAs) to create a consolidated national registry of assets with a view to turning them into cash flow generating entities.
This, he said, would support the government’s revenue drive.
Buhari urged the board members to work with the government to use government-owned assets and investments to support the government in meeting its social and economic obligations to the citizenry.
Therefore, he directed the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, to start the process of amending the MOFI Act and other laws 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 administrator of the 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 make the best of it.
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 kind on behalf of the Federal Government in its own name.
He said that MOFI was used as a special purpose vehicle in different sectors to invest in business entities for the past 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 her support and the approvals that made MOFI’s restructuring and repositioning possible.
According to the minister, the members of the council and the board will ensure that the new MOFI fulfills its mandates.
The governing council is chaired by the president, with the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, as vice president.
Its members are: The Minister of State, Petroleum Resources, Timipre Sylva; Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo and Transport, Mu’azu Sambo.
Others are: the 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.
Board members include: former Minister of Finance, 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 board members.
Members of the Executive Management Team are: Dr. Armstrong Takang, Managing Director, Eric Solo, Chief Executive Officer, Director of Portfolio, Sani Yakubu Chief Investment Officer and Oluwakemi Owonubi, Chief Risk Officer. (NAN) (www.nannews.ng)
Edited by Bashir Rabe Mani