Buhari inaugurates ministry of financial council and council

The President, Major General Muhammadu Buhari (Retd), inaugurated the Board of Directors, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated, in the Council Chamber of the State House, Abuja, on Wednesday.

In the official launch ahead of this week’s Federal Executive Council meeting, Buhari instructed the new Board of Directors and the Board of Directors to increase the value of the MoFI’s portfolio from the current N18tn to N100tn ( $233 million) by 2033.

In his speech, the president said the new leadership will take steps to mobilize capital and invest in assets that are vital to the federal government’s revenues.

This, he said, would involve reviving and restructuring non-performing assets; they turn into aggressive cash flow generating entities.

According to Buhari, 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 Minister of Petroleum Resources Timipre Sylva (State); Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo, Transportation, Mu’azu Sambo; Central Bank Governor Dr. Godwin Emefiele and three experts appointed by the President: Prof. Muhammad Sagagi, Dr. Ayo Teriba and Prof. Ken Ife.

The board members include: Former Finance Minister Shamsudeen Umar (Chairman), Permanent Secretaries of the Ministries of Finance and Petroleum Resources, Acting Accountant General of the Federation, Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and a director of the CBN.

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

After the inauguration, the president proceeds to preside over the actual meeting of the Federal Executive Council.

In attendance are all Council members, including Vice President, Yemi Osinbajo, Federation Government Secretary, Boss Mustapha; the President’s Chief of Staff, Prof. Ibrahim Gambari; Ministers and state secretaries of various ministries.