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•charges it to raise N100trn portfolio
The President performed the ceremony just before the commencement of the weekly Federal Executive Council (FEC) at…
President has inaugurated the Governing Council, Board of Directors and the Executive Management Team of the Ministry of Finance Incorporated (MoFI) with a charge for it to raise the value of its portfolio from the current N18 trillion to N100 trillion ($233m) by 2033.
The President performed the ceremony just before the commencement of the weekly Federal Executive Council (FEC) at the Presidential Villa, Abuja on Wednesday.
He said the new leadership will take steps to mobilise capital and invest same in assets that are critical to the federal government’s revenue drive.
According to him, this will entail reviving and restructuring non-performing assets; turning them into aggressive cashflow-generating entities.
He added that the inauguration of Governing Council, Board and Executive Management Team became imperative to optimize 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.
Members include the Minister of State for Petroleum Resources, Timipre Sylva; Minister of Aviation, Hadi Sirika; Minister of Industry, Minister Trade and Investment, Niyi Adebayo, Transportation, Mu’azu Sambo; Central Bank Governor, Godwin Emefiele, and three experts appointed by the President including Prof. Muhammad Sagagi, Dr Ayo Teriba and Prof. Ken Ife.
The Board members are 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.
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Members of the Executive Management Team are Armstrong Takang (Managing Director), Eric solo (Executive Director), Chief Portfolio Officer), Sani Yakubu (Chief Investment Officer), Oluwakemi Owonubi (Chief Risk Officer).
The president noted that since MoFI was established over 64 years ago, its governing council, board of directors and management team had never been formed.
It is being constituted just four months before the expiration of the present administration.
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