On Tuesday in Abuja, President Muhammadu Buhari gave his approval for the Ministry of Finance Incorporated to be partially excluded from the Treasury Single Account.
Along with granting the inclusion of the Minister of Power in the Governing Council, Buhari also agreed to the Board of MOFI’s request to levy administration and transaction fees.
In order to turn MOFI from a register of investment records into a premier asset and investment management organization, the new MOFI was launched on February 1, 2023, according to the president who delivered the permission at the first Governing Council meeting of MOFI.
As a government-owned investment company, the president stressed that MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.
Details later…