Ministry of Finance Incorporated (MOFI)

The Ministry of Finance Incorporated (MOFI) is saddled with the responsibility of creating accurate and purposeful performance assessment of both commercial and non-commercial government-owned enterprises, as well as on the consistent attainment of the highest returns possible on all investments made in trust of the Nigerian people. 

The MOFI (Ministry of Finance Incorporated) new Board and Management team was a approved on 24 November 2024 by President Bola Tinubu as reported by FOB News and they include:
  1. Dr. Shamsudeen Usman – Board Chairman
  2. Dr. Armstrong Ume Takang – CEO/Managing Director
  3. Mr. Tajudeen Datti Ahmed – Executive Director, Portfolio Management
  4. Mr. Femi Ogunseinde – Executive Director, Investment Management
  5. Mrs. Oluwakemi Owonubi – Executive Director, Risk
  6. Mrs. Fatima Nana Mede – Non-Executive Director
  7. Mr. Ike Chioke – Non-Executive Director
  8. Ms. Chantelle Abdul – Non-Executive Director
  9. Mr. Alheri Nyako – Non-Executive Director
  10. Mr. Bolaji Rafiu Elelu – Non-Executive Director
History of MOFI

MOFI was incorporated under the provisions of Sections 2 and 3 of the Ministry of Finance Incorporated (MOFI) Act of 1959 as an asset holding company under the Federal Ministry of Finance.

Its mandate as the sole manager of all federal government investment interests, estates, easement and rights, positions it as a strategic institution to support the Federal Government’s effort to address several economic challenges and spur a renewal of the economy.

Over the decades of its existence, MOFI, by virtue of the provisions of its enabling Act, has been is in charge of the management of a significant portfolio of Federal Government investments, spanning a wide range of about 130 asset classifications, including Government Owned Entities (GOEs) and Government Linked Companies (GLCs), in which it controls a majority stake in more than half of them.

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