Buhari makes new appointments to manage N30 trillion-worth MOFI

President Muhammadu Buhari has began the restructuring of the Ministry of Finance Incorporated (MOFI), as he approves the appointment of Dr. Shamsudeen Usman as board chairman.

Buhari also approved the appointment of Armstrong Katang as the Chief Executive Officer to lead the Executive Management of MOFI.

According to a statement reported by multiple media outlets on Friday, the Special Adviser to the Minister of Finance, Budget and National Planning on Media and Communications, Yunusa Tanko Abdullahi, revealed six members were appointed into the board, while five were appointed into the Executive Management.

The statement says, “The constituted part-time board members are: Dr. Shamsudeen Usman, Chairman. The non-executive directors are Permanent Secretaries, Finance and Petroleum. Accountant-General of the Federation, and representative of Central Bank of Nigeria (CBN). Others are Mr. Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda; and Barrister Alheri Bulus Nyako.

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“Mr. President also approved Executive Management including Dr. Armstrong Katang as CEO, Eric Ojo, 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,” Abdullahi added.

The appointees are to reposition MOFI, which was established to manage all investments, interests, estates, easements and rights of the Federal Government.

MOFI is a N30 trillion investment vehicle charged with the responsibility of managing the special and trust funds that usually appear in assets and liabilities statements.

It also keeps records and investments on the credit balances of the various funds.

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