Okays minister of power in governing council

President Muhammadu Buhari has approved partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA). The President also granted request of the board of MOFI to charge management and transaction fees, and inclusion of the minister of power in the governing council.

The President, who conveyed approval at the first governing council meeting of MOFI, in Abuja, yesterday, recalled that the new MOFI was launched on February 1, 2023 to transform it from a registry of investment records to a world-class asset and investment management company.

As a government-owned investment company, the President stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.

He commended Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman, Board of MOFI, Shamsuddeen Usman, and the Executive Team of MOFI for a job well done, three months after inauguration.

He said: “MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.

“With a vast portfolio and strategic investments that span multiple sectors, MOFI has the potential to shape industries, spur innovation and support economic growth.

“I am glad to note, from the board and management update, the crucial activities and positive engagements by MOFI in just three months after inauguration.”
Buhari, therefore, charged staff and management team of the investment company to continue to work closely with government agencies, the private sector, development finance institutions and other stakeholders to ensure achievement of shared goals and objectives.

On the restructuring of MOFI, the President said it is an indication of government’s commitment to harness and create value from its assets and investments, adding that the Federal Government is now positioned to optimise its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.

The President further reminded members of the council that they have been carefully chosen because of their expertise, experience and dedication to serving the nation.

While expressing confidence in the abilities of each council member to bring unique perspectives, insights and skills that would enrich collective decision-making, the President said: “Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.

“We must ensure that we put in place strong governance policies. We must uphold the highest standards of governance and transparency.

“We must engage with MOFI to understand their aspirations, needs and challenges. We must continue to adapt and innovate in a rapidly changing world.”