Buhari urges new Ministry of Finance Incorporated board to raise current value from N18tn to N100tn

President Muhammadu Buhari on Wednesday inaugurated the Board of Directors, Governing Council and Executive Management Team of the Ministry of Finance Incorporated (MOFI) before proceeding to chair the Federal Executive Council meeting.

The President challenged the elected officials to create policies that will push up the MOFI’s current value from N18 trillion to possibly N100 trillion by 2023.

The Ministry of Finance Incorporated (MOFI) is a corporation vested with the responsibility to manage all federal government investments, interests, estates, easement and rights.

Buhari approved the appointments of the members of the board on January 20, 2023 hence the inauguration to kickstart MOFI’s crucial mandate, which include mobilization of capital and investing same in assets that are critical to the Federal Government’s revenue drive.

Persecondnews reports that the Governing Council is chaired by the President, Mrs Zainab Ahmed , the Minister of Finance, Budget and National Planning, as Vice Chair.

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 alsy include former Finance Minister, Shamsudeen Umar (Chairman), Permanent Secretaries of the Ministries of Finance and Petroleum Resources, Acting Accountant-General of the Federation, Mr 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).