Buhari inaugurates Ministry of Financial Council and Administrative Council

• charges it to retrieve N100trn wallet

The President has inaugurated the Board of Directors, the Board of Directors and the Executive Management Team of the Ministry of Finance Incorporated (MoFI) with the mandate to increase the value of his portfolio from the current N18 trillion to N100 trillion ($233) by 2033 million) .

The president performed the ceremony just before the start of the weekly Federal Executive Council (FEC) at the presidential villa, Abuja on Wednesday.

He said the new leadership will take steps to mobilize capital and invest the same in assets critical to federal government revenue.

In his view, this means reviving and restructuring non-performing assets; they turn into aggressive cash flow generating entities.

He added that the inauguration of the Board of Directors, the Board of Directors and the Executive Management Team became necessary to optimize returns on existing investments.

The Board of Directors is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, as Vice-Chairman.

Members include Secretary of State for Petroleum Resources, Timipre Sylva; Minister of Aviation Hadi Sirika; Industry Minister, Trade and Investment Minister, Niyi Adebayo, Transportation, Mu’azu Sambo; Central Bank Governor Godwin Emefiele and three experts appointed by the President, including Prof. Muhammad Sagagi, Dr. Ayo Teriba and Prof. Ken Ife.

The board members are former Finance Minister Shamsudeen Umar (Chairman), Permanent Secretaries of the Finance and Petroleum Resources Ministries, Acting Accountant General of the Federation, Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive power of the CBN.

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Members of the Executive Management Team are Armstrong Takang (Managing Director), Eric Solo (Executive Director), Chief Portfolio Officer), Sani Yakubu (Chief Investment Officer), Oluwakemi Owonubi (Chief Risk Officer).

The president noted that since MoFI was founded more than 64 years ago, its board of directors, board of directors and management team had never been formed.

It is established just four months before the current government expires.