President Muhammadu Buhari has inaugurated the governing council, board of directors and executive management team of the Ministry Of Finance Incorporated (MOFI) the Cable News reports.

MOFI is a corporation solely vested with the responsibility to manage all Federal Government investments, interests, estates, easements and rights.

The ceremony was performed before the commencement of the Federal Executive Council (FEC) meeting at the state house, Abuja, on Wednesday.

Two weeks ago, Buhari approved the appointment of the members of the board and the executive management team of MOFI.

Buhari, speaking at the event, asked the new board, chaired by Shamsudeen Usman, a former minister of finance, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion by 2033.

He said the governing council was fully set up as a world-class investment company with a new management and board, with core professionals with specialisation in portfolio management.

According to Buhari, the new leadership would take steps to mobilise capital and invest same in assets that are critical to the federal government’s revenue drive.

Related News

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

Buhari said the inauguration of the governing council, board and executive management team became necessary to optimise returns on existing investments.

The governing council is chaired by Buhari, with Zainab Ahmed, minister of finance, budget and national planning, as vice-chair.

Its members include Timipre Sylva, minister of state for petroleum resources; Hadi Sirika, aviation minister; Niyi Adebayo, trade minister; Mu’azu Sambo; transportation minister; Godwin Emefiele, Central Bank of Nigeria (CBN) governor; and three experts appointed by the president: Muhammad Sagagi, Ayo Teriba, and Ken Ife.

The board members include Umar as chairman, permanent secretaries of the ministries of finance and petroleum resources, and acting accountant-general of the federation.

Others are Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako, and an executive from the CBN.

Members of the executive management team are: Armstrong Takang as managing director; Eric Ojo as executive director, portfolio; Sani Yakubu as executive director, investment; and Oluwakemi Owonubi as executive director, risk.