FG Turns Spotlight on SOEs with First-Ever MOFI Excellence Awards
Unveils Independent Panel to Enforce Accountability Across State-Owned Enterprises
By Fatima Saka
The Federal Government, through the Ministry of Finance and the Ministry of Finance Incorporated (MOFI), has formally launched the MOFI Excellence Awards, a landmark initiative aimed at strengthening transparency, accountability and performance across Nigeria’s state-owned enterprises (SOEs), with the inauguration of an independent, multi-institutional awards panel ahead of the maiden ceremony scheduled for 2026.
Independent Non-Executive Director, MOFI (centre) and Managing Director, MOFI, Dr Amstrong Takeng
He said the Awards were designed not just to celebrate excellence, but to institutionalise a culture of effective management, accountability, strategic alignment and measurable performance across MOFI’s portfolio.
“This initiative is not about applause for its own sake. It is about setting clear standards and rewarding transparency, accountability and results. It sends a strong message that every state-owned enterprise must rise to the highest ideals of service and stewardship,” Edun stated.
The minister explained that as the Federal Government’s asset manager, MOFI is responsible for ensuring that public investments and institutions are managed prudently, professionally and in line with global best practices. He noted that the Excellence Awards are a direct extension of the MOFI Corporate Governance Scorecard introduced earlier in the year to track, assess and strengthen the performance of SOEs.
“The Scorecard is a test of institutional responsibility. The Excellence Awards represent the culmination of that test — publicly recognising those entities that truly embody good governance,” he said, adding that the initiative complements President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises structural reforms, transparency and efficiency in national development.
To guarantee credibility and independence, the Federal Government inaugurated a high-level, independent Awards Panel, made up of respected professionals and institutional leaders renowned for their commitment to good governance.
Individual Panel Members include:
Mr. Bashorun J. K. Randle, OFR, FCA (Chairman) – Chairman/CEO, J. K. Randle Group; former Chairman and CEO of KPMG Nigeria and former Chairman of KPMG Africa.
Mr. Ismaila Zakari, mni, FBR, FCA – Managing Partner, Ahmed Zakari & Co.; IFAC Board member and former ICAN President.
Ms. Rabi Isma, FCIOD, FCIPD – Board member of Stanbic IBTC Bank, Society for Corporate Governance Nigeria and ActionAid Nigeria; former Special Adviser to the Kano State Governor.
Dr. Gabriel Ita Asuquo Ukpeh – Fellow of ICAN and member of CITN; former Independent Non-Executive Director at Zenith Bank Plc and former Senior Partner at PwC.
Mrs. Funmi Oyetunji, FCCA, FCA, FCIOD – Managing Director of Abitos Financial Services; Chairman of Prestige Assurance Plc and Chairman of the Investment Committee of the MOFI Real Estate Investment Fund (M-REIF).
Institutional Representatives on the Panel include:
Dr. Jazuli Lawal – Representing the Chartered Institute of Directors (CIoD)
Mrs. Chioma Mordi – CEO, Society for Corporate Governance Nigeria (SCGN)
Mr. Jude Chiemeka, FCS – CEO, Nigeria Exchange Limited (NGX)
Dr. Rabiu Olowo, FICSAN (Hons) – Executive Secretary/CEO, Financial Reporting Council of Nigeria (FRCN)
Mrs. Eneni Oduwole, CRM, QRD – Representing the Chartered Risk Management Institute of Nigeria (CRMI)
Edun charged the panel members to ensure a transparent, merit-based and objective evaluation process, stressing that the success of the initiative rests largely on their integrity and professionalism.
“You are pioneers in a process that must be above reproach. The decisions you make will shape the future of governance in Nigeria’s public sector and must inspire trust and confidence,” the minister told the panel.
In his remarks, MOFI Board Chairman, Dr. Shamsudeen Usman, described the Awards as a continuation of a “governance revolution” in the public sector, following the launch of the Corporate Governance Scorecard. He said the initiative will recognise SOEs that demonstrate excellence in corporate governance, risk management, ESG practices, transparency and overall operational efficiency.
“We are shifting from passive government ownership to active, value-driven oversight. These awards will promote healthy competition and continuous improvement across the public sector,” Usman noted.
Also speaking, MOFI’s Managing Director/CEO, Dr. Armstrong Takang, said the Awards and Scorecard represent a major cultural shift in the way Nigeria manages its public assets. He disclosed that more than half of MOFI’s portfolio companies have already participated in the pilot implementation of the Scorecard.
“This is not a popularity contest. It is an evidence-based, data-driven process that will redefine how Nigerian state-owned enterprises are perceived locally and globally,” he said.
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Takang explained that in the coming months, SOEs will submit documentation for assessment by an independent consultant, after which the consolidated findings will be reviewed by the Awards Panel to determine institutions that meet the threshold for recognition.
The Federal Government expressed confidence that the MOFI Excellence Awards, scheduled to debut in 2026, will become a national benchmark for public sector governance, help reduce fiscal risks, improve service delivery, attract investment and strengthen Nigeria’s economic foundations through strong institutions.
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