The federal government has introduced a new national initiative aimed at promoting accountability, high performance, and strong corporate governance across its portfolio of state-owned enterprises.
The initiative, known as the MOFI Excellence Awards, is the first event dedicated to recognising outstanding governance practices and institutional performance within Federal Government-owned and linked enterprises.
Speaking at the launch and the inauguration of the MOFI Excellence Awards Panel, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the new programme represents a major step toward strengthening governance and operational standards in the public sector.
According to him, the establishment of the awards “signals government’s unwavering commitment to raising the bar of performance and governance in Nigeria’s public sector.”
Edun said the awards were conceived to serve a critical purpose, noting that “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 explained that the programme is designed to “shine a spotlight on those boards and management teams that exemplify transparency, accountability, and strong performance.”
The minister added that the government intends to commend agencies and leaders who consistently demonstrate sound stewardship in the management of public assets.
“We intend to recognise agencies and their leaders who demonstrate high standards of transparency, accountability, and performance in managing public assets,” he said.
According to him, “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.”
Edun stated that the credibility of the awards rests heavily on the independence and expertise of the judging panel. He described the panel as central to ensuring a fair and transparent process, noting that “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.”
The panel is composed of experts and institutional leaders from organisations known for advancing good governance, including the Financial Reporting Council, the Society for Corporate Governance Nigeria, the Chartered Institute of Directors, the Nigeria Exchange Group and the Chartered Risk Management Institute.
Edun said this selection “underlines the independence and professionalism with which the assessments will be conducted,” adding that the panel’s mandate is “to uphold integrity, impartiality and diligence at every step, so that the eventual outcomes command public trust and respect.”
Addressing the panel members, the Minister of Finance stressed the importance of their work, describing them as pioneers of a process that will shape expectations in the public enterprise sector for many years.
He said, “I cannot overstate the weight of responsibility that rests on your shoulders. You are pioneers in this endeavour, custodians of a process that will set the benchmark for years to come. 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.”
Earlier, the Managing Director/CEO of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, described the awards as a groundbreaking development in Nigeria’s approach to public asset management.
He said, “It is a first-of-its-kind initiative in Nigeria dedicated to recognising excellence in corporate governance and performance across Federal Government-owned and Linked Enterprises.”
Takang explained that MOFI’s broader reform agenda over the past year is aimed at transforming how Nigeria manages its public investments.
“From launching the MOFI Corporate Governance Scorecard to now instituting an awards programme that recognises outstanding performance, we are translating reform ideas into tangible outcomes,” he said.
According to him, MOFI’s strategy is anchored on “honest investments and transparent strategies,” which are essential for sustaining growth.
Reflecting on the launch of the Corporate Governance Scorecard earlier this year, Takang said the tool has initiated a shift in mindset across public enterprises.
“When we launched the Scorecard earlier this year and conducted a pilot implementation round with participation from more than half of MOFI portfolio companies, it was more than just unveiling a new tool – it was the start of a culture shift,” he said. He added that the scorecard “fundamentally redefines governance as a strategic asset, driving transparency, accountability, and long-term value creation.”
Takang also noted that MOFI is applying the same standards internally. He said the organisation has strengthened board effectiveness, ethics policies, and risk management systems within its operations.
“This approach 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” he said.
In his remarks, the Chairman of the MOFI Board, Dr Shamsudeen Usman, represented by Hajia Fatima Nana Mede, said the awards are intended to motivate public sector agencies to raise their performance standards. “We want to send a clear message across the public sector that transparency, accountability and performance will be noticed and rewarded,” he said.
Usman added that MOFI also hopes to foster positive competition among its portfolio companies. “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.”
The Chairman of the Awards Panel, Chief JK Randle, said the initiative represents a timely opportunity to elevate governance standards and inspire stronger performance across public enterprises.
The inaugural MOFI Excellence Awards will be conducted through a fully independent process, with the judging panel expected to begin evaluating qualifying agencies in the coming months.
The go says the programme will become an annual benchmark for excellence in Nigeria’s public enterprise ecosystem.