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Saturday, April 13, 2024

Buhari Restructures Ministry of Finance Investment Vehicle, Appoints New CEO

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By Abdulwaheed Olayinka Adubi

President Muhammadu Buhari has restructured the Ministry of Finance Incorporated (MOFI) with the constitution of a new board and executive management team.

The restructuring was said to help drive the government’s objectives and execute its expected mandate.

The new board is to be chaired by Dr. Shamsudeen Usman, while the new Chief Executive Officer (CEO), who will lead the new executive management team is Dr. Armstrong Katang.

This disclosure is contained in a statement issued by the Special Adviser to the Minister of Finance, Budget and National Planning on Media and Communications, Yunusa Tanko Abdullahi.

According to Abdullahi, the board of directors of MOFI was to provide strategic direction and oversight while the executive management team is to drive effective day-to-day operations of the business and will be supported by the middle management team.

In the statement Abdullahi said, “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 the Central Bank of Nigeria (CBN). Others are Mr. Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda; and Barrister Alheri Bulus 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 added, “all the above persons were identified with key competencies to drive the achievement of MOFI’s governance and management objectives.”

This is coming barely 3 months after the Federal Government announced the commencement of the process of restructuring the MOFI, the investment vehicle of the Federal Government with over N30 trillion in assets, some of which are non-performing.

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