President Muhammadu Buhari, on Wednesday, February 1, inaugurated the governing council, board of directors and the executive management team of the Ministry of Finance Incorporated (MOFI), at the council chambers of the state house, Abuja.
Buhari, after the official launch which preceded this week’s Federal Executive Council (FEC) meeting, tasked the new governing council and board to raise the value of the MOFI’s portfolio from the current N18 trillion to N100 trillion ($233 million) by 2033, according to The Punch.
The president, in his address, said that the new leadership will take steps to mobilize capital and invest same in assets that are critical to the federal government’s revenue drive.
This, he said, would involve reviving and restructuring non-performing assets; turning them into aggressive cashflow-generating entities.
According to Buhari, the inauguration of governing council, board and executive management team became necessary to optimize returns on existing investments.
The chairman of the governing council is the president, while the minister of finance, budget and national planning, Dr. Zainab Ahmed, is the vice-chairman.
The members of MOFI’s governing council include the ministers of petroleum resources, Timipre Sylva, aviation, Hadi Sirika, industry, trade and investment, Niyi Adebayo, transportation, Mu’azu Sambo, and the governor of the Central Bank of Nigeria, Godwin Emefiele, 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 (AGF), Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the CBN.
Members of the executive management team include Dr. Armstrong Takang (MD), Eric solo (Executive director, chief portfolio officer), Sani Yakubu (chief investment iifficer), Oluwakemi Owonubi (chief risk officer).
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