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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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Bamidele: 2026 Electoral Act Reflects Stakeholders’ Consensus, Not Legislative Imposition

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Senate Leader, Senator Michael Opeyemi Bamidele
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The Leader of the Senate, Opeyemi Bamidele, has stated that the provisions of the 2026 Electoral Act were the outcome of broad consultations with stakeholders rather than unilateral decisions by the National Assembly.

In an Easter message issued on Sunday through his Directorate of Media and Public Affairs, Bamidele explained that the new electoral law aligns with global best practices and was not designed to serve any political interest. He urged political actors to adhere to the rules collectively established to ensure stability, peace, and order within Nigeria’s democratic system.

His remarks come amid criticisms from opposition parties, particularly the African Democratic Congress (ADC), which alleged that certain provisions—such as Sections 77 and 84 of the Act—were introduced to weaken their chances ahead of the 2027 general elections. However, Bamidele dismissed the claims, insisting that all sections of the law were products of consensus involving civil society groups, development partners, and other stakeholders.

He defended the requirement for political parties to submit a digital register of members to the Independent National Electoral Commission (INEC), describing it as a transparency measure aimed at preventing undue influence by individuals outside party structures. According to him, the reform is essential for strengthening internal democracy and ensuring that party decisions reflect the will of legitimate members.

Bamidele also justified the restriction of candidate nomination processes to either direct primaries or consensus arrangements, noting that the move is intended to eliminate the delegate system, which he said had been susceptible to manipulation by wealthy individuals. He added that the new system empowers party members and reinforces majority rule in line with democratic principles.

Beyond electoral matters, the Senate leader condemned recent violent attacks in Plateau and Kaduna states, describing them as unacceptable acts against innocent citizens. He assured that the National Assembly is collaborating with federal and state authorities to tackle insecurity and prevent further loss of lives.

He disclosed that ongoing legislative efforts, including amendments to the Terrorism (Prevention and Prohibition) Act, are aimed at introducing stricter penalties for kidnappers, their sponsors, and collaborators. Bamidele expressed confidence that these measures would help restore security and stability across the country.

Reflecting on Easter, Bamidele called on Nigerians, especially political leaders, to embrace the values of sacrifice, tolerance, and unity exemplified by the resurrection of Jesus Christ, urging a collective commitment to nation-building.

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FG to Deploy AI Cameras to Tackle Insecurity in Plateau — Tinubu

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Tinubu has announced that the Federal Government will deploy over 5,000 artificial intelligence-enabled digital cameras across Plateau State to help security agencies combat rising insecurity.

The President made this known on Thursday during a visit to Jos, following the March 29 gun attacks in Angwan Rukuba, Jos North Local Government Area, which claimed several lives. He assured residents that such incidents would not recur, pledging decisive action to bring perpetrators to justice.

Tinubu directed security chiefs, including the Minister of Defence, Chief of Army Staff, and Inspector General of Police, to track down those responsible for the killings. He also tasked the Minister of Communications and Digital Economy, Bosun Tijjani, with overseeing the immediate installation of the surveillance system, starting in Jos and later expanding across the state.

Expressing sympathy to affected families, the President said no compensation could replace lost lives but promised government support and justice. He also directed the Ministry of Humanitarian Affairs to compile data on victims to ensure fair distribution of relief.

Plateau State Governor Caleb Mutfwang described the incident as a temporary setback, noting that the state had previously enjoyed relative peace. He expressed confidence in ongoing security efforts and thanked the Federal Government for approving the recruitment of 1,000 forest guards to strengthen local security.

Stakeholders at the meeting, including former governors and political leaders, called for greater collaboration and dialogue among Plateau indigenes, stressing that lasting peace would require collective responsibility.

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El-Rufai Returned to ICPC Custody After Court Appearance in Kaduna

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Former Kaduna State Governor,Nasir El -Rufai
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Former Kaduna State governor, Nasir El-Rufai, has been returned to the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) following court proceedings in Kaduna.

El-Rufai, who had earlier left custody on March 27, 2026, due to the death of his mother, was re-arraigned on Tuesday.

He first appeared before the Kaduna State High Court over a separate charge filed by the ICPC. However, proceedings were stalled due to the absence of the second defendant, prompting the court to adjourn the case until April 10, 2026.

Following the adjournment, El-Rufai was taken to the Federal High Court in Kaduna, where his application for bail was scheduled to be heard.

The court had earlier fixed March 31, 2026, for the hearing of his bail application.

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