Nigeria’s president named former finance minister Shamsuddeen Usman to lead Ministry of Finance Incorporated (MOFI), a state-owned asset management firm being overhauled to make it more efficient.
(Bloomberg) —
Nigeria’s president named former finance minister Shamsuddeen Usman to lead Ministry of Finance Incorporated (MOFI), a state-owned asset management firm being overhauled to make it more efficient.
The appointment of Usman as MOFI chairman was made “to provide strategic direction and oversight,” Yunusa Abdullahi, finance ministry spokesman, said in a statement.
Usman, 73, is a veteran public servant and government official who holds a PhD from the London School of Economics. He’s a former Nigerian central bank official and represented the nation at the World Bank and the International Monetary Fund.
The 10-member MOFI board also includes Ike Chioke, an investment banker and managing director at Afrinvest West Africa. and Olawale Edun, former chairman of Chapel Hill Denham.
MOFI was established 64 years ago to manage Nigeria’s government investments, estates, rights and interests in companies.
The board appointment is a strategic step toward transitioning MOFI as a standalone investment company. The firm currently manages state assets in organizations including Nigerian National Petroleum Co., Bank of Industry and Development Bank of Nigeria.
Nigerian President Muhammadu Buhari also approved executive management for MOFI to be led by Armstrong Takang as chief executive, Abdullahi said.
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