President Muhammadu Buhari on Tuesday in Abuja approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).
Buhari 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.
A statement by Mr Femi Adesina, the President’s spokesman, said the president conveyed the approval at the 1st Governing Council meeting of MOFI in Abuja.
The new MOFI was launched on Feb. 1, 2023, to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.
The president maintained that as a government-owned investment company, MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to the 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 the 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.
The president, therefore, charged 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, Buhari explained that "it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments”.
According to him, the Federal Government is now positioned to optimise 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.
While 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.’’