Buhari approves MOFI board members, management team

President Muhammadu Buhari on Thursday approved the appointment of the inaugural members of the board and the executive management team of the new Ministry of Finance Incorporated.

The newly approved team will kickstart the execution of the crucial mandate of MoFI, an investment arm of the federal government with about 130 corporate entities.

A statement signed by Yunusa Abdullah, the Special Adviser on Media and Communications to Finance Minister, Zainab Ahmed, said the board of directors is to provide strategic direction and oversight.

Mr. Abdullah said the executive management team is to drive effective day-to-day operations of the business and will be supported by the middle management team.

The constituted part-time board members include Shamsudeen Usman as Chairman; non-executive directors who are permanent secretaries finance and petroleum; Accountant-General of the Federation, and representative of the Central Bank of Nigeria (CBN).

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Others are Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, and Alheri Nyako.

Mr Buhari also approved the Executive Management including Armstrong Katang as CEO; Eric Ojo as Executive Director, Portfolio; Sani Yakubu, Executive Director, Investment; and Oluwafemi Owonubi, Executive Director, Risk.

“All the above persons were identified with key competencies to drive the achievement of MOFI’s governance and management objectives,” the statement said.

“The Governing Council of MOFI is to be inaugurated by Mr. President on a later date.

MOFI, Pursuant to sections 2 and 3 of MOFI Act 1959, is a corporation sole vested with the responsibility to manage all federal government investments, interests, estates, easements and rights.”