By Modupe Gbadeyanka
The Ministry of Finance Incorporated (MOFI) has been partially excluded from the Treasury Single Account (TSA) to allow it to exercise its responsibility of achieving strong returns on investments while also contributing to the broader economic development of the country.
The exclusion was approved by President Muhammadu Buhari on Tuesday in Abuja at the first governing council meeting of MOFI.
MOFI was inaugurated on February 1, 2023, and was given the mandate to change its status from a registry of investment records to a world-class asset and investment management company.
The team is headed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and has been given the powers to charge management and transaction fees and have the Minister of Power as a member of the governing council.
President Buhari, who conveyed the approval to the group yesterday, charged the 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.
He reminded members of the council that they had been carefully chosen because of their expertise, experience, and dedication to serving the nation.
“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.
Adedapo Adesanya