Buhari wants new finance ministry board to raise national asset to N100trn

President Muhammadu Buhari on Wednesday, charged the newly inaugurated Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI) to raise national assets to N100trillion from current N18 trillion in 10 years.

President Buhari gave the charge while inaugurating the body at the Council Chambers of the Presidential Villa, Abuja, just before the commencement of the week’s Federal Executive Council (FEC) meeting.

MOFI is conceived as an investment vehicle, set up to revive and restructure non- performing assets and boost government revenue.

The board which comprises major players in the nation’s finance sector, is headed by former Minister of Finance, Shamsudeen Usman, as Chairman, while 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, are members.

Members of the Executive Management Team include; Armstrong Takang (MD), Eric solo (ED, Chief Portfolio Officer), Sani Yakubu (Chief Investment Officer), Oluwakemi Owonubi (Chief Risk Officer).

In his address, the President said the governing council is fully set up as a world class investment company with a new management and board, with core professionals with specialisation in portfolio management.

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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.

This, he said, will involve turning the country’s current assets into aggressive cash flow generating entities.

According to Buhari, the inauguration of Governing Council, Board and Executive Management Board became necessary to optimize returns on existing investments.

The Governing Council is chaired by the President, with the Minister of Finance, Budget and National Planning, Zainab Ahmed, as Vice Chair.

It’s 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, Godwin Emefiele and three experts appointed by the President: Muhammad Sagagi, Ayo Teriba and Ken Ife.