President Muhammadu Buhari has approved the partial exclusion of the Ministry of Finance Incorporated, MOFI from the Treasury Single Account, TSA.
The President also granted the request of the Board of MOFI to charge management and transaction fees; and the inclusion of the Minister of Power in the Governing Council.
The President, who conveyed the approval at the 1st Governing Council meeting of MOFI on Tuesday, recalled that the new MOFI was launched on February 1, 2023 to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.
As a government-owned investment company, the President stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.
He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after inauguration.
“MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.
“With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.
“I am glad to note, from the Board and Management update, the crucial activities and positive engagements by MOFI in just three months after inauguration,” he said.
President Buhari, therefore, charged the staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions, DFIs, and other stakeholders to ensure that they achieve shared goals and objectives.
On the restructuring of MOFI, the President explained that it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments, adding that the Nigerian Government is now positioned to optimize its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.
The President reminded members of the council that they have been carefully chosen because of their expertise, experience, and dedication to serving the nation.
Expressing confidence in the abilities of each Council member to bring unique perspectives, insights, and skills that would enrich collective decision-making, the President said: ‘‘Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.
“We must ensure that we put in place strong governance policies; We must uphold the highest standards of governance and transparency. We must engage with MOFI to understand their aspirations, needs, and challenges, we must continue to adapt and innovate in a rapidly changing world,” he added.
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