Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI) team were sworn in by President Muhammadu Buhari.
The inauguration took place in the Presidential Villa’s Council Chambers in Abuja, just before the start of the week’s meeting of the Federal Executive Council (FEC).
As a means to revitalise and restructure non-performing assets and increase government revenue, MOFI is an investment vehicle.
The new Board, led by former Minister of Finance Shamsudeen Usman, has been tasked by the President with increasing MOFI’s portfolio value from its current N18 trillion to N100 trillion by 2033.
He claimed that the board of directors had been completely reorganised as a top-tier investment firm, complete with a new board of directors and a core group of professionals with expertise in portfolio management.
Pay Attention toWhat I Will Do If I Lose Presidential Election – Atiku
According to him, the new administration will begin taking measures to raise money and put it into assets that are vital to the Federal Government’s revenue stream.
In his words, this will necessitate transforming the country’s existing resources into highly active cash flow generators.
President Buhari has stated that the establishment of a Governing Council, Board, and Executive Management Board is essential for maximising the benefits from already established investments.
Dr. Zainab Ahmed, Minister of Finance, Budget, and National Planning, serves as Vice Chair of the Governing Council under the direction of the President.
It’s members include the Ministers 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).