President Muhammadu Buhari has approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).
The President conveyed the approval on Tuesday at the first Governing Council meeting of MOFI at the State House, Abuja.
He also granted the request of the Board of MOFI to charge management and transaction fees; and the inclusion of the Minister of Power in the Governing Council.
Buhari, in a statement by his spokesman, Femi Adesina, recalled that the new MOFI was launched on February 1, 2023, to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.
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The President stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country as a government-owned investment company.
He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after inauguration.
“MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.
“With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation, and support economic growth.
“I am glad to note, from the Board and Management update, the crucial activities and positive engagements by MOFI in just three months after inauguration,” he said.
President Buhari, therefore, charged staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions (DFIs), and other stakeholders to ensure that they achieve shared goals and objectives.
On the restructuring of MOFI, the President explained that it was a clear indication of the government’s commitment to harnessing and creating value from its assets and investments.
He added that the Federal Government was positioned to optimize its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises, and increase transparency in the public sector.
