Nigerian Minister of Finance and Coordinating Minister of Economy, Wale Edun, has inaugurated the Board of Directors of the Ministry of Finance Incorporated.
While inaugurating the board members in his office on Friday in Abuja, Edun said a high performance culture, reputation, integrity as well as productivity were expected from the board members to enable them deliver on their mandate.
It could be recalled that President Bola Ahmed Tinubu approved membership of the Board last month.
According to Edun, MOFI was set out to become national, world class organisation amongst other holders of sovereign assets that should uphold transparency, accountability in the management of government funds.
This was disclosed in a statement released by the Ministry Spokesperson as the Minister added that board members were carefully selected to develop MOFI in line with world class standards.
Edun said, “Their mandate as holders and husbandry of Nigerian assets is to optimize those assets and do the best they can firstly to enumerate those assets, so that we are sure of what Nigeria owns, physical and other assets that have been built up over time and also to maximize returns on those assets.
“These are what the country owns apart from what it earns from export revenue, oil revenue and other govt revenues.
“These assets can also earn returns on investments to add to the budget and foreign exchange reserve under the care of the Ministry of Finance Incorporated (MOFI).”
While responding to a question on how to meet up with the 100 Trillion Naira target in the nation’s economy, Edun explained that the figure should be interrogated with rigorous and robust analysis to ascertain the evaluation of the assets owned by Nigeria.
He said further that the figures are even more bigger than the current estimate, not to talk of the fact that we should comfortably reach N100 trillion in the next decade in the value of those assets.
The Minister highlighted the priority areas of MOFI as diversifying MOFI’s investments across different industries, sectors, assets classes as well as making company more resilient, leveraging technology, artificial intelligence, improve portfolio monitoring, risk management, transparency, diligent oversight to maximize returns on investments.
While congratulating the newly inaugurated Board members of MOFI, Edun noted that there was need to collaborate and cooperate with other National and World funds bodies so as to function more effectively, adding that he was confident in their ability to deliver.
Earlier, the Chairman of the inaugurated Board of Ministry of Finance Incorporated, Dr. Shamsudeen Usman while speaking on behalf of the Board members appreciated President Bola Ahmed Tinubu and Wale Edun, for the opportunity given to them to serve, noting that they were aware of the huge expectations about MOFI.
He pledged that they would do their very best not just to the current administration but to the country as a whole.
Dr.Usman said, “We will do our work with the greatest level of transparency, firstly the enumeration and maximization of value because we are expected to actually extract as much values from those assets as possible for Nigerians.
Adding that, “Issues of diversification and leveraging technology, diligent oversight as well as productivity. We will set up the highest level of corporate governance, so that we become an example to other companies we are managing.”
Usman, pledged their commitment to make significant contributions to the board.
The Board of Directors of Ministry of Finance Incorporated is comprised of: The Chairman, Dr. Shamsudeen Usman, MD/CEO, Dr. Armstrong Takang, eight other members: Tajudeen Datti Ahmed, Mr.Femi Ogunseinde.
Others are, Mrs.Oluwakemi Owonubi, Hajia Fatima Nana Mede, Mr.Ike Chioke, Ms Chantelle Abdul, Mr.Alheri Nyako and Mr.Bolaji Rafiu-Elelu.