President Muhammadu Buhari has 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 in Abuja.
The launch took place ahead of this week’s Federal Executive Council meeting.
At the inauguration, President Buhari challenged the new Governing Council and Board to increase the value of MoFI’s portfolio from N18tn to N100tn ($233m) by 2033.
In his address, the President emphasized that the new leadership will take steps to mobilize capital and invest in assets critical to the Federal Government’s revenue drive.
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This, he stated, will involve reviving and restructuring non-performing assets and transforming them into aggressive cash flow-generating entities.
The President emphasized that the inauguration of the Governing Council, Board, and Executive Management Team was necessary to optimize returns on existing investments.
The governing council is chaired by the President, with Dr. Zainab Ahmed, the Minister of Finance, Budget and National Planning, serving as Vice Chair.
The council also includes several other high-ranking officials, including the Minister of Petroleum Resources, Timipre Sylva, the Central Bank Governor, Dr. Godwin Emefiele, and three experts appointed by the President.
The Board of Directors includes former Finance Minister Shamsudeen Umar as Chairman, Permanent Secretaries of the Ministries of Finance and Petroleum Resources, and an executive from the Central Bank of Nigeria.
The Executive Management Team consists of Dr Armstrong Takang as Managing Director, Eric Solo as Executive Director and Chief Portfolio Officer, Sani Yakubu as Chief Investment Officer, and Oluwakemi Owonubi as Chief Risk Officer.
After the inauguration, President Buhari proceeded to chair the Federal Executive Council meeting, which was attended by Vice President Yemi Osinbajo, Secretary to the Government of the Federation Boss Mustapha, the President’s Chief of Staff, Prof. Ibrahim Gambari, and various ministers and ministers of state.
