The President, Major General Muhammadu Buhari (retd.), inaugurated the Governing Council, Board of Directors, and Executive Management Team of the Ministry of Finance Incorporated on Wednesday at the council chambers of the State House in Abuja. This official launch took place just before this week’s Federal Executive Council meeting. During the event, Buhari challenged the new Governing Council and Board to increase the value of the Ministry of Finance Incorporated’s portfolio from the current N18 trillion to N100 trillion (approximately $233 million) by 2033.
In his address, the President emphasized that the new leadership must take decisive steps to mobilize capital and invest in assets that are vital to enhancing the Federal Government’s revenue generation efforts. He highlighted the importance of reviving and restructuring non-performing assets to transform them into profitable cash flow-generating entities. Buhari noted that the establishment of the Governing Council, Board, and Executive Management Team was essential for optimizing returns on existing investments.
The Governing Council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, serving as Vice Chair. Other members include the Minister of Petroleum Resources, Timipre Sylva; the Minister of Aviation, Hadi Sirika; the Minister of Industry, Trade and Investment, Niyi Adebayo; the Minister of Transportation, Mu’azu Sambo; and the Central Bank Governor, Dr. Godwin Emefiele. Additionally, three experts appointed by the President—Prof. Muhammad Sagagi, Dr. Ayo Teriba, and Prof. Ken Ife—are also part of the council.
The Board members consist of former Finance Minister Shamsudeen Umar, who serves as Chairman, along with the Permanent Secretaries of the Ministries of Finance and Petroleum Resources, the Acting Accountant-General of the Federation, Olawale Edun, and other members including Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako, and an executive from the Central Bank of Nigeria. The Executive Management Team includes Dr. Armstrong Takang as Managing Director, Eric Solo as Executive Director and Chief Portfolio Officer, Sani Yakubu as Chief Investment Officer, and Oluwakemi Owonubi as Chief Risk Officer.
Following the inauguration, the President proceeded to chair the Federal Executive Council meeting, which included all council members such as Vice President Yemi Osinbajo, Secretary to the Government of the Federation Boss Mustapha, the President’s Chief of Staff Prof. Ibrahim Gambari, and various Ministers and Ministers of State.
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