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Buhari inaugurates new MOFI Board

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President-Muhammadu-Buhari
President Muhammadu Buhari
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President Muhammadu Buhari has charged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years.

The president gave the charge at the launch of the new MOFI and inauguration of the Governing Council and Board of Directors of the body shortly before the commencement of the Federal Executive Council meeting.

The president also tasked the new board to “be the clearing house for the management of Federal Government’s investments and assets in line with global best practices with a view to ensuring that these investments are delivering superior risk-adjusted returns to the government.”

He also called on the new MOFI to work with other Ministries, Departments and Agencies (MDAs) to create a consolidated national assets register with a view to converting them into cash-flow-generating entities.

This, he said, would support the government’s revenue drive.

Buhari urged members of the board to work with the government with a view to using government-owned investments and assets to support the government in delivering on its social and economic obligations to the citizenry.

He, therefore, directed the Minister of Finance, Budget and National Planning, Dr  Zainab Ahmed to commence the process of amending the MOFI Act and other legislations to further institutionalize this reform.

According to him, the amendments when carried out, would ensure that MOFI was restructured and repositioned to become a trusted custodian and manager of Federal Government’s investments and assets.

Buhari said the event was significant as the restructured MOFI would help identify “what we own” and how to get the best out of them.

According to the president, the MOFI Act of 1959, now Cap. 229, Laws of the Federation, 2004, explicitly empowers MOFI to enter into commercial transactions of any description on behalf of the Federal Government in its own name.

He said that MOFI was used as a Special Purpose Vehicle across different sectors to invest in commercial entities over the last 64 years, adding that MOFI was created even before Nigeria’s independence.

In her remarks, the Minister of Finance, Budget and National Planning thanked Buhari for his support and approvals that had made the restructuring and repositioning of MOFI possible.

According to the minister, the council members and board will ensure that the new MOFI delivers on its mandates.

The governing council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice Chair.

It’s members include: The Minister of State, Petroleum Resources, Timipre Sylva; Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo and Transportation, Mu’azu Sambo.

Others are: Governor of the Central Bank, Dr Godwin Emefiele and three experts appointed by the President, namely: Prof. Muhammad Sagagi, Dr Ayo Teriba and Prof. Ken Ife.

The board members include: Former Finance Minister, Shamsudeen Usman as Chairman, Permanent Secretaries of the Ministries of Finance and Petroleum Resources and acting Accountant-General of the Federation.

Others are; Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the Central Bank of Nigeria (CBN) are also members of the board

Members of the Executive Management Team are: Dr Armstrong Takang, Managing Director, Eric solo, Executive Director, Chief Portfolio Officer, Sani Yakubu Chief Investment Officer and Oluwakemi Owonubi, Chief Risk Officer.

 

 

(NAN)

 

 

 

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Immigration Officers Seize Natasha’s Passport For A Moment at Abuja Airport

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Natasha Akpoti-Uduaghan
Natasha Akpoti-Uduaghan
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A drama ensued at the Nnamdi Azikiwe International Airport in Abuja on Thursday, July 24, 2025, as the officers of the Nigeria Immigration Service (NIS) seized the international passport of suspended senator representing Kogi Central, Natasha Akpoti-Uduaghan.

The senator’s passport was seized at the Abuja airport while on her way to board a British Airways flight to London.

Eyewitnesses disclosed that the senator arrived at the international terminal of the airport with her husband, Emmanuel Uduaghan, only to be stopped by immigration officials who flagged her as a “national security risk.”

Natasha was said to have remained calm and composed throughout the ordeal, insisting that the officers have no legal authority to seize her passport.

“The court never authorised this. You have no right to hold my passport,” the lawmaker said.

Her husband was later seen making a series of urgent phone calls as the delay dragged on.

Minutes later, the senator’s passport was returned without any formal explanation, allowing her to swiftly proceed through immigration and board her flight.

 

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NLC Supports Senate On Local Content Enforcement

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The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has thrown his weight behind the Senate’s push for stricter enforcement of Local Content laws, describing ongoing violations as a national crisis that continues to rob Nigerian workers of their rights and opportunities.

During a courtesy visit by the Senate Committee on Local Content, led by its Chairman, Senator Joel-Onowakpo Thomas, Ajaero lamented that many companies continue to violate Local Content provisions with impunity, employing hundreds of expatriates while sidelining qualified Nigerians.

“We need a clear strategy to enhance monitoring because this problem has persisted for too long.

“I’m with you in this cause to save this country from this calamity. Some of these violators appear untouchable, even when taken to court. Who enforces the law?” Ajaero asked.

The labour leader expressed concern that, despite the existence of robust legislation such as the Nigerian Oil and Gas Industry Content Development (NOGIC) Act, poor enforcement has allowed widespread abuse to continue, including salary discrimination and job displacement of Nigerians by foreign workers.

“While we complain about unemployment, expatriates earn double and Nigerian workers are treated as second-class citizens in their own country. This discrimination must stop,” he said.

Ajaero called for the creation of a centralised databank to document cases of violations and convictions, stressing that there must be public accountability. “We need to keep a record of how many convictions have been secured. That’s the only way to measure progress,” he said.

He also raised questions over the commitment of some government agencies, alleging that compromised enforcement officers were part of the problem. “When those meant to enforce the law become compromised, the entire system breaks down,” he stated.

Highlighting cases where refineries and large industrial projects are staffed predominantly by foreigners, the NLC president said various unions within the Congress will begin compiling and submitting detailed reports to assist the Senate Committee in its oversight duties.

“There’s a lot of good work being done under the Local Content policy in the oil and gas sector, but we are not there yet. We must go further to stop capital flight and empower our people,” he added.

The Senate committee therefore pledged to review all complaints and investigate reported violations, as part of its renewed push to enforce compliance and protect Nigerian jobs.

 

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Recess: Senate Adjourns To September 23, Tasks Committees On Pending Reports

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The Senate has adjourned plenary to September 23, 2025, marking the end of the current legislative year, with a directive to all committees to conclude work on pending reports ahead of resumption.

Senate President Godswill Akpabio made the announcement on Thursday after a closed-door executive session that lasted over an hour.

He charged all standing and ad hoc committees to make effective use of the two-month break to finalise their assignments in order to ease legislative consideration and adoption upon resumption.

In his earlier remarks, Senator Akpabio also encouraged lawmakers to use the recess period to inspect road construction projects in their constituencies and across the country.

Meanwhile, senators are expected to travel to Jos, Plateau State on Friday to attend the burial of the wife of their colleague, Senator Diket Plang.

 

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