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Buhari names Shamsudeen Usman, chairman of MOFI, Armstrong Katang, CEO

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President Muhammadu Buhari has approved the appointment of a former Finance Minister, Dr. Shamsudeen Usman as the chairman of Ministry of Finance Incorporated (MOFI), and Armstrong Katang as the Chief Executive Officer (CEO).

This was revealed in a statement by the Special Adviser to the Minister of Finance, Budget and National Planning on Media and Communications, Yunusa Tanko Abdullahi, on Friday.

Ministry of Finance Incorporated is a N30 trillion investment vehicle of the Federal Government which manages all investments, interests, estates, easements and rights belonging to the FG, as empowered by sections 2 and 3 of MOFI Act, 1959. 

President Buhari approved the constitution of MOFI Executive Management and board, which consist of Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda; and Barrister Alheri Bulus Nyako. 

“The constituted part-time board members are: Dr. Shamsudeen Usman, Chairman. The non-executive directors are Permanent Secretaries, Finance and Petroleum. Accountant-General of the Federation, and representative of Central Bank of Nigeria (CBN). Others are Mr. Olawale Edun, Hajiya Fatima Mede, Ike Chioke, Muhammad Nda; and Barrister Alheri Bulus Nyako. 

“Mr. President also approved Executive Management including Dr. Armstrong Katang as CEO, Eric Ojo, Executive Director, Portfolio, Sani Yakubu, Executive Director, Investment, and Oluwafemi Owonubi, Executive Director, Risk,” the statement reads. 

Also, Abdullahi said: “all the above persons were identified with key competencies to drive the achievement of MOFI’s governance and management objectives.” 

The appointments are part of the government’s plan to restructure the Ministry of Finance Incorporated, which is a special division in the Office of the Accountant-General. 

Part of its responsibilities include taking charge of all State Investment in accordance with the State Policies, oversee special and trust funds that usually appear in assets and liabilities statements, and keep records and investments on the credit balances of the various funds. 

It was learnt that President Buhari will inaugurate the Governing Council of MOFI later.

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