News
Buhari inaugurates new MOFI Board
Published
4 years agoon
By
News Editor
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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News
Police Arrest 5 PakistanI Nationals, Recover 35 Phones in Benue Intelligence Ooperations
Published
23 hours agoon
August 8, 2026
The Benue State Police Command has arrested five Pakistani nationals and recovered thirty-five mobile phones in separate intelligence-led operations in Otukpo and Ugbokolo areas of the state.
The arrests were disclosed in a statement issued on Thursday, August 7, 2026, by the Command’s Public Relations Officer, DSP Orchia Peter Aondongu.
According to the statement, operatives acting on credible intelligence arrested three Pakistanis at Adoka Motor Park, Otukpo Local Government Area, on August 4, 2026.
The suspects were identified as Younas Mohammad, 36; Ahmad Nunil, 38; and Aslam Muhammad, 46. They were intercepted while attempting to board a vehicle to Adoka village.
During preliminary questioning, the suspects claimed they were in Otukpo to market cosmetics and mobile gadgets, none of which were found in their possession.
“This made their explanation, activities and movements within the area suspicious, requiring more clarification,” the PPRO stated.
In a separate operation on August 5, 2026, two other Pakistanis, Juma Sharif, 30, and Muhammed Sharif, 25, were arrested at a local hotel in Ugbokolo following another credible intelligence.
The two claimed to be dealers in Android phones. A search of their belongings led to the recovery of eleven Tecno Camon 50 Pro mobile phones.
Further investigation and operational follow-up resulted in the recovery of an additional twenty-three Tecno Camon 50 Pro phones and one Infinix Hot 60 phone, bringing the total number of recovered mobile phones to thirty-five.
The five suspects have been transferred to the State Criminal Investigation Department, SCID, Makurdi, where discreet and comprehensive investigations are ongoing to establish the circumstances surrounding their presence, activities and movements within the state.
The Command said it strongly suspects that the possession of the mobile phones may be a decoy for clandestine activities in rural areas of the state, noting that the suspects “hardly speak or understand English.”
The Commissioner of Police, Benue State Command, CP Cletus C. N. Nwadiogbu, commended the officers involved in the operations and members of the public whose timely information contributed to the arrests.
He reassured residents that the operations form part of the Command’s proactive, intelligence-led policing strategy aimed at identifying potential security threats, preventing criminal activities and safeguarding lives and property across the state.
CP Nwadiogbu further urged residents to remain vigilant and promptly report suspicious persons, movements or activities to the Police.
“The Command will continue to work with relevant stakeholders and members of the public to maintain peace and security across Benue State. The public will be updated as the investigation progresses,” the statement added.
News
HURIWA Calls for Probe of Adeyemi’s Govt Collaborators
Published
24 hours agoon
August 8, 2026
The Human Rights Writers Association of Nigeria (HURIWA) has dismissed the interim report of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on the controversial Presidential Foreign Intervention Promotion Council (PFIPC), alleging that its findings have raise more questions than answers.
HURIWA, National Coordinator, Comrade Emmanuel Onwubiko, in a statement, on Friday, argued that the report appeared to focus largely on alleged offences committed by one individual while failing to establish how a purportedly non-existent government agency operated within official circles for an extended period.
The organisation therefore opposed the prosecution of Prince Adeniyi Adeyemi, ICPC’ sole accused for forging documents, falsely presenting himself as Director-General of the PFIPC, creating additional agencies, opening bank accounts with forged instruments and exploiting weaknesses in government institutions.
HURIWA insisted that the alleged activities of Adeyemi could not, on their own, explain how the PFIPC acquired the appearance of an official government institution.
In HURIWA’s view, the central issue was not merely who allegedly forged documents, but how such documents were accepted and acted upon by government institutions.
It asked how a non-existent agency could acquire official legitimacy, who admitted its operators into government circles, who authorised meetings and engagements with public institutions and why elementary verification procedures failed to detect the alleged fraud.
The group also questioned how the PFIPC found its way into the 2026 Appropriation Act with a budgetary allocation running into billions of naira if it did not legally exist.
“The questions confronting Nigeria are neither difficult nor complicated,” HURIWA said.
It said there is a need to establish who processed documents linked to the agency, who ignored red flags and who enabled it to operate without challenge.
The organisation expressed concern that the ICPC’s interim findings could give the impression that the scandal was essentially the work of a lone individual.
It argued that such a conclusion would be difficult to reconcile with the scale and duration of the alleged activities, particularly given the involvement of multiple Ministries, Departments and Agencies (MDAs).
“HURIWA refuses to accept the proposition that one private citizen, acting entirely alone, successfully penetrated multiple Ministries, Departments and Agencies, operated for an extended period, secured official interactions and allegedly built an elaborate structure involving forged instruments without significant failures or possible complicity within the public service,” Onwubiko stated.
The association noted that the ICPC itself had identified weaknesses in inter-agency coordination, verification mechanisms and internal controls, arguing that such weaknesses required further investigation.
It said Nigerians deserved to know whether the failures were merely administrative lapses or whether some officials deliberately facilitated the activities of the alleged fake agency.
HURIWA was particularly critical of any recommendation for administrative sanctions against public officers whose negligence may have enabled the operation.
News
Why Alia revamped Abandoned Benue N70bn Taraku Mill After 40 Years
Published
1 day agoon
August 8, 2026
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