FG Launches MOFI Excellence Awards to Promote Public Sector Governance
By Patience Ikpeme
The federal government has initiated a groundbreaking programme dedicated to recognising superior performance and governance among the Federal Government’s portfolio of state-owned enterprises.
The announcement marks the launch of the inaugural MOFI Excellence Awards and the inauguration of the newly constituted independent judging panel.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the constitution of the excellence award panel as signaling “government’s unwavering commitment to raising the bar of performance and governance in Nigeria’s public sector”.
Speaking at the event, Mr. Edun explained the core purpose of the awards. “The MOFI Excellence Awards are not about applause for its own sake; they were conceived to promote corporate governance excellence, high institutional performance, and strategic alignment across MOFI’s portfolio of public enterprises,” he stated.
The Minister confirmed the programme’s intent to drive fundamental changes in the public sector. He said, “In essence, this programme will shine a spotlight on those boards and management teams that exemplify transparency, accountability, and strong performance”.
He added that, “We intend to recognise agencies and their leaders who demonstrate high standards of transparency, accountability, and performance in managing public assets. By doing so, we send a clear message that good governance and results will be rewarded, and that every entity under MOFI should strive towards the highest ideals of service and stewardship”.
Independent Judging Panel
At the centre of the initiative is an independent judging panel, which will be supported by an expert advisory consultant. Mr. Edun spoke directly to the panel members, stating, “At the heart of this initiative is the independent judging panel supported by an expert advisory consultant. Your role is pivotal – you are entrusted with overseeing a fair, transparent, and rigorous evaluation process for all participating entities”.
To ensure objectivity and credibility, the panel comprises esteemed experts and leaders from institutions renowned for promoting good governance. These institutions include the Financial Reporting Council, the Society for Corporate Governance Nigeria, the Chartered Institute of Directors, Nigeria Exchange Group, and the Chartered Risk Management Institute.
The Minister conveyed the critical importance of the panel’s work. “This underlines the independence and professionalism with which the assessments will be conducted. Your mandate is clear: to uphold integrity, impartiality and diligence at every step, so that the eventual outcomes command public trust and respect”.
Mr. Edun also noted the weighty responsibility placed on the panel. “The decisions you make, the standards you uphold, will have profound implications for our nation’s public sector. We must get it right. This is an open, independent process, and it must be seen by all to be merit-based and free of favouritism,” he concluded.
Earlier, Dr. Armstrong Takang, MD/CEO of MOFI, described the event as a “first-of-its-kind initiative in Nigeria dedicated to recognising excellence in corporate governance and performance across Federal Government-owned and Linked Enterprises”.
Dr. Takang detailed the ambitious reform agenda MOFI has pursued over the past year to transform the management of Nigeria’s public assets. He observed that from launching the MOFI Corporate Governance Scorecard to now instituting an awards programme, MOFI is “translating reform ideas into tangible outcomes”.
He affirmed, “True growth stems from honest investments and transparent strategies, and MOFI is committed to both”.
Takang further explained that the rollout of the Scorecard earlier this year, which involved a pilot implementation round with over half of MOFI’s portfolio companies, was “more than just unveiling a new tool – it was the start of a culture shift”.
The Scorecard, he said, “is more than a checkbox exercise; it fundamentally redefines governance as a strategic asset, driving transparency, accountability, and long-term value creation”.
Dr. Takang asserted that MOFI is committed to leading by example, stating, “This initiative has never been about setting standards for others that we would not meet ourselves. We at MOFI believe in leading by example. MOFI has applied the same governance standards internally – from strengthening our board effectiveness and ethics policies to enhancing risk management and transparency in our own operations”.
This approach, he noted, “ties our reputation to the performance of the enterprises we oversee and sends a clear message: MOFI is not just an asset manager; we are a partner and a participant in this collective effort”.
In his address, the MoFI Board Chairman, Dr. Shamsudeen Usman, conveyed the goal of the initiative. “We want to send a clear message across the public sector that transparency, accountability and performance will be noticed and rewarded,” he stated.
He added that, “We also want to foster a healthy sense of competition and peer learning among our portfolio companies. When an agency sees a peer celebrated for excellence, I expect it to spark inspiration: ‘If they can do it, so can we.”
