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MOFI: President Buhari Appoints CEO, Board Members

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President Muhammadu Buhari has approved the appointment of the Chief Executive Officer (CEO) and Board Members of the newly restructured Ministry of Finance Incorporated (MOFI), which was set up to drive the government’s investment initiatives.  This development was made known on Thursday in a statement issued by Yunusa Abdullahi, the Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.


According to the statement, “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 representatives of Central Bank of Nigeria (CBN). Others are Mr. Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda and Barrister Alheri Nyako.

“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.”

The statement further disclosed that “all the above persons were identified with key competencies to drive the achievement of MOFI’s governance and management objectives.”

According to Sections 2 and 3 of the MOFI Act, 1959, MOFI is a corporation solely vested with the responsibility of managing all Federal Government investments, estates, interests, easements and rights.

In October 2022, Mrs. Zainab Ahmed, the Minister of Finance, Budget and National Planning stated that MOFI will be restructured with the aim of reviving over N30 trillion in non-performing assets and also boost government revenue.

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