•••APPOINTS SHAMSUDEEN USMAN AS MINISTRY OF FINANCE BOARD CHAIRMAN
President Muhammadu Buhari on Wednesday, before the commencement of the Federal Executive Council (FEC), appointed the former minister of Finance, Shamsudeen Usman as Board chairman.
Buhari made the appointment at the official inauguration of the Governing Council, Board of Directors and Executive Management Team of the Ministry of Finance Incorporated (MOFI), at the council chambers of the State House, Abuja.
The Governing Council is going to be chaired by the President, while the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice Chairman.
MOFI is an investment vehicle, as part of overall measures to revive and restructure non- performing assets and boost government revenue.
Speaking at the event, the President tasked the new Board chaired by former minister of Finance, Shamsudeen Usman, to raise the value of MOFI’s portfolio from the current N18 trillion to N100 trillion this year.
According to the President, the governing council is fully set up as a world class investment company with a new management and board, with core professionals with specialisation in portfolio management.
He said the new leadership will take steps to mobilise capital and invest same in assets that are critical to the Federal Government’s revenue drive.
The President said, he would be involved in turning the country’s current assets into aggressive cash flow generating entities.
Buhari, however said the inauguration of Governing Council, Board and Executive Management Board became necessary to optimize returns on existing investments.
The members of the Council include the 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 an executive from 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).
