February 01, (THEWILL) – President Muhammadu Buhari on Wednesday, at the Council chambers of the State House, Abuja, inaugurated the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI).
MOFI is an investment vehicle, as part of overall measures to revive and restructure non-performing assets and boost government revenue.
Speaking at the event, which preceded the weekly Federal Executive Council (FEC) meeting, the President charged the new Governing Council and Board to raise the value of the MoFI’s portfolio from the current N18 trillion to N100 trillion ($233m) by 2033.
He tasked the new leadership to take steps to mobilise 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.
He said the inauguration of Governing Council, Board and Executive Management Team became necessary to optimise returns on existing investments.
The governing council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice Chair.
Its members include the Minister 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).
After the inauguration, the President proceeds to chair the Federal Executive Council meeting proper.
Present are all council members including Vice President, Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha; the President’s Chief of Staff, Prof. Ibrahim Gambari; Ministers and Ministers of State of various ministries.
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