President Bola Tinubu, on Friday, approved the appointment of a former Minister of Finance, Dr Shamsudeen Usman, and 9 other qualified Nigerians to serve on the Board of Directors of the Ministry of Finance Incorporated (MOFI).
This disclosure is contained in a press statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Friday, November 24, 2023.
The newly appointed Board members
Ajuri in the statement listed the following as the newly appointed Chairman and members of the board of directors of the MOFI:
- Shamsudeen Usman — Board Chairman
- Armstrong Ume Takang — CEO/Managing Director
- Tajudeen Datti Ahmed — Executive Director, Portfolio Management
- Femi Ogunseinde — Executive Director, Investment Management
- Oluwakemi Owonubi — Executive Director, Risk
- Fatima Nana Mede — Non-Executive Director
- Ike Chioke — Non-Executive Director
- Chantelle Abdul — Non-Executive Director
- Alheri Nyako — Non-Executive Director
- Bolaji Rafiu Elelu — Non-Executive Director
The statement also stated that President Tinubu places a premium on accurate and purposeful performance assessment of both commercial and non-commercial government-owned enterprises, as well as on the consistent attainment of the highest returns possible on all investments made in trust of the Nigerian people.
As a result, the President expects nothing less than the highest level of results-driven performance from this highly experienced and qualified MOFI Board and Management team.
What you should know
- MOFI was incorporated under the provisions of Sections 2 and 3 of the Ministry of Finance Incorporated (MOFI) Act of 1959 as an asset holding company under the Federal Ministry of Finance.
- Its mandate as the sole manager of all federal government investment interests, estates, easement and rights, positions it as a strategic institution to support the Federal Government’s effort to address several economic challenges and spur a renewal of the economy.
- Over the decades of its existence, MOFI, by virtue of the provisions of its enabling Act, has been is in charge of the management of a significant portfolio of Federal Government investments, spanning a wide range of about 130 asset classifications, including Government Owned Entities (GOEs) and Government Linked Companies (GLCs), in which it controls a majority stake in more than half of them.
That’s a good move by the government. I am not aware that previous governments have appointed a board for this all important agency of government.
We hope that the board will give them performance metrics so that they will not be allowed to do as they please. Kudos to the government.