‎FG Unveils MOFI Excellence Awards, Tasks Panel to Be Transparent, Impactful
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‎The Federal Government has unveiled the maiden MOFI Excellence Awards and inaugurated an independent panel mandated to drive a transparent, credible and impactful evaluation process for State-Owned Enterprises (SOEs) ahead of the inaugural ceremony in 2026.
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‎At the formal announcement in Abuja on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the initiative marks a major step in raising the bar of performance, accountability and governance across Federal Government-owned and linked enterprises.
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‎He said the Awards, first of their kind in Nigeria, were created to recognise boards and management teams that demonstrate transparency, ethics and strong institutional performance. “This is about setting a new standard,” the Minister said. “We want to make it clear that results, integrity and sound governance will be rewarded. Every MOFI portfolio entity must aspire to these ideals.”
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‎He noted that the Awards Panel comprises reputable experts drawn from institutions renowned for promoting good governance, including the Financial Reporting Council, Society for Corporate Governance Nigeria, Chartered Institute of Directors, Nigeria Exchange Group and the Chartered Risk Management Institute. According to him, the panel’s independence and professionalism are central to ensuring public trust.
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‎Delivering the keynote address, Dr. Armstrong Takang, MD/CEO of the Ministry of Finance Incorporated (MOFI), described the Awards as the next phase in Nigeria’s public-asset reform journey. He highlighted MOFI’s introduction of the Corporate Governance Scorecard, which has begun reshaping expectations for how public institutions are assessed.
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‎“The Scorecard is redefining governance as a strategic asset,” he said. “The Excellence Awards will build on this by recognising institutions that demonstrate strong, evidence-based performance and measurable improvement.”
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‎Dr. Takang added that MOFI is leading by example by applying the same governance standards internally, strengthening its board effectiveness, ethics and risk management practices.
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‎He outlined the road to the inaugural 2026 ceremony, noting that portfolio companies will undergo rigorous assessments by an independent consultant, after which findings will be presented to the Awards Panel for final decisions. “This is not a popularity contest,” he stressed. “It is an evidence-driven process designed to reward genuine excellence.”
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‎He said the combined Scorecard and Awards framework will serve as a national benchmark and a strong signal to investors of Nigeria’s commitment to transparency and reform.
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‎The independent panel members include:
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‎- Bashorun J.K. Randle – Chairman/CEO, J.K. Randle Group; Former Chairman/CEO, KPMG Nigeria & KPMG Africa.
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‎- Ismaila Zakari, mni, FBR, FCA – Managing Partner, Ahmed Zakari & Co.; IFAC Board Member; Former President, ICAN.
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‎- Rabi Isma, FCIOD, FCIPD – Board Member, Stanbic IBTC Bank; SCGN; ActionAid Nigeria.
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‎- Dr. Gabriel Ita Asuquo Ukpeh – Former Independent Non-Executive Director, Zenith Bank Plc; Former Senior Partner & Africa Risk Quality Leader, PwC.
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‎- Funmi Oyetunji, FCCA, FCA, FCIOD – Managing Director, Abitos Financial Services Ltd; Chairman, Prestige Assurance Plc; Governing Council Member, Institute of Directors.
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‎Institutions’ Panel Representatives
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‎- Dr. Jazuli Lawal – Representative of the MD/CEO, Chartered Institute of Directors (CIoD).
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‎- Mrs. Chioma Mordi – Chief Executive Officer, Society for Corporate Governance Nigeria (SCGN).
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‎- Mr. Jude Chiemeka, FCS – Chief Executive Officer, Nigeria Exchange Limited (NGX).
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‎- Dr. Rabiu Olowo, FICSAN (Hons) – Executive Secretary/CEO, Financial Reporting Council of Nigeria (FRCN).
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‎- Mrs. Eneni Oduwole, CRM, QRD – First Vice President, Chartered Risk Management Institute of Nigeria (CRMIN), representing Registrar/CEO.
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‎The Federal Government expects the MOFI Excellence Awards to deepen accountability, enhance service delivery, reduce fiscal risks and position SOEs as credible, well-governed institutions that contribute meaningfully to national development.
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