President Muhammadu Buhari has given his approval to partially exclude the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account, News About Nigeria reports.
The president also agreed to the Board of MOFI’s request to charge management and transaction fees and include the Minister of Power in the Governing Council.
During the 1st Governing Council meeting of MOFI, which the president attended, he emphasized that the company should be supported to achieve strong returns on investments and contribute to the economic development of Nigeria.
The president reminded the attendees that MOFI was launched on February 1, 2023, with the aim of transforming it into a world-class asset and investment management company from a registry of investment records.
As a government-owned investment company, MOFI has a responsibility to fulfill its role and generate solid returns on investments.
The president’s approval to partially exclude MOFI from the Treasury Single Account and grant the Board’s request to charge management and transaction fees will allow MOFI to operate more effectively and efficiently.
Additionally, the inclusion of the Minister of Power in the Governing Council will provide valuable input and expertise on energy and power-related investments.
The president’s decisions demonstrate his commitment to the economic development of Nigeria and the success of MOFI as a key player in the investment management industry.
President Buhari’s approval of the partial exclusion of MOFI from the Treasury Single Account and the Board’s request to charge management and transaction fees, as well as the inclusion of the Minister of Power in the Governing Council, will enable MOFI to fulfill its mandate of generating strong returns on investments and contributing to Nigeria’s broader economic development.
