1st February, 2023
President Muhammadu Buhari on Wednesday officially launched the Ministry of Finance Incorporated (MOFI) Board.
The MOFI was established in 1959 by an act of parliament as a custodian of the Federal government’s investments in various Government-linked companies and Government-owned Enterprises.
Before the Federal Executive Council meeting, he inaugurated the Ministry of Finance Incorporated’s Governing Council, Board of Directors, and Executive Management Team.
The President (Buhari) will preside over the Governing Council, with Zainab Ahmed, the Minister of Finance, Budget, and National Planning, serving as his deputy.
Addressing the council, Buhari said the new leadership will take steps to mobilise capital and invest it in assets critical to the Federal Government’s revenue drive, primarily to convert the nation’s current assets into cash-flow generating entities.
Buhari charged the new governing council and board with increasing the portfolio’s value from N18 trillion to N100 trillion by 2033.
According to the President, the establishment of the council is required to maximise the returns on existing investments.