MOFI Unveils Excellence Awards to Boost Institutional Performance
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has launched the Ministry of Finance Incorporated (MOFI) Excellence Awards to recognize agencies and leaders demonstrating high standards of transparency, accountability, and performance in managing public assets.
Edun inaugurated the Awards Panel in Abuja, describing the initiative as the first of its kind, aimed at celebrating excellence among federal government state-owned enterprises. He noted that the recognition seeks to drive economic transformation by improving state-owned enterprises to meet global standards of transparency, ethics, and performance, ensuring prosperity for all Nigerians.
“The Awards is a chance to publicly acknowledge institutions that have risen to the challenge of strong governance and high performance,” Edun said. He highlighted MOFI’s recently introduced Corporate Governance Scorecard, designed to assess and enhance State-Owned Enterprises (SOEs) performance.
Edun emphasized that MOFI’s mandate as Federal Government’s asset managers is to ensure good governance and results are rewarded. “By so doing, we send a clear message that every entity under MOFI should strive towards the highest ideals of service and stewardship, in realization of the Renewed Hope Agenda.”
The Minister who stressed that the Panel’s roles are pivotal in overseeing a transparent and rigorous process, ensuring the highest standard of institutional performance, added, “We want to see companies run efficiently, according to the rule of law, sanctity of contracts and regulations, and timely financial reporting. There must be an open and independent process that is merit-based,”
He therefore charged the members to ensure an open, independent, and merit-based process, free from favoritism.
“Together, let us make the MOFI Excellence Awards a model of transparency and impact, deepen the culture of good governance in our nation, and solidify the link between strong institutions and a strong economy.”
MOFI’s Managing Director, Dr. Armstrong Takang, emphasized the significance of the Excellence Awards, stating that strong institutions are the backbone of a strong economy. He noted that the awards will encourage agencies to adopt best practices, drive improvements, and promote good management among Nigerian SOEs, ultimately contributing to national development.
Dr. Takang explained that the awards process will involve submitting documentation and data for performance scorecard assessments, which will be reviewed by independent consultants and experts, described the moment as a significant step towards achieving tangible outcomes.
The Chairman of the Panel, Bashorun Randle, thanked the government for the opportunity and assured that the panel will bring their expertise to the task.
Members of the 2026 MOFI Excellence Awards Panel nclude representatives from the Financial Reporting Council, Society for Corporate Governance Nigeria, Chartered Institute of Directors, and Nigeria Exchange.
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