President Muhammadu Buhari has charged the newly inaugurated Governing Council and Board of Directors, to grow the assets of the Ministry of Finance Incorporated (MOFI) under management from the current value of N18 trillion to at least N100 trillion in the next 10 years.
The president, who gave the charge while inaugurating the Governing Council and Board of Directors, said his administration is restructuring the MOFI to operate in line with global best practices, as a trusted custodian and manager of Nigerian government investments and assets.
President Buhari stated this in a statement via his official Twitter handle on Thursday.
Confident that the restructured and repositioned MOFI will help identify what Nigeria owns and how to get the best out of them, President Buhari said he will head the Governing Council while the Board of Directors will be led by a former Minister of Finance, Dr. Shamsudeen Usman, and an Executive Management Team would be headed by Dr. Armstrong Takang.
The statement reads, "We are reforming the Ministry of Finance Incorporated (MOFI). The old MOFI was not structured to deliver on the mandate expected of it. The new MOFI will operate in line with global best practices, as a trusted custodian and manager of @NigeriaGov investments and assets.
"To this end, I have charged the new Governing Council and Board of Directors, which I inaugurated yesterday, to grow MOFI's Assets Under Management from the current value of 18 trillion Naira, to at least 100 trillion Naira in the next 10 years.
"I have also directed the following: MOFI to work with other MDAs to create a consolidated National Asset Register for @NigeriaGov assets.
“@FinMinNigeria to ensure the amendment of the MOFI Act & other legislations, to further institutionalize this reform.
"As part of the governance structure for the new MOFI, there will be a Governing Council headed by me, a Board of Directors led by a former Minister of Finance, Dr. Shamsudeen Usman, and an Executive Management Team headed by Dr. Armstrong Takang.
"I am confident that the restructured and repositioned MOFI will help us identify what we own and how to get the best out of them. MOFI is now on a journey towards becoming a global investment brand, like many of its counterparts around the world."