The federal government has launched a new national initiative designed to promote accountability, high performance, and good governance across its portfolio of state-owned enterprises. The programme, called the MOFI Excellence Awards, is the first event focused specifically on recognising outstanding governance practices and strong institutional performance within Federal Government-owned and linked enterprises.
Speaking at the launch and inauguration of the MOFI Excellence Awards Panel, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the initiative marks an important step in 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 explained that the awards are intended to play a strategic role beyond simple recognition. He said, “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.” With this, he noted that the programme will “shine a spotlight on those boards and management teams that exemplify transparency, accountability, and strong performance.”
The minister added that government wants to commend agencies and leaders who show consistent stewardship in managing national assets. “We intend to recognise agencies and their leaders who demonstrate high standards of transparency, accountability, and performance in managing public assets,” he said. He stressed that this public recognition is expected to serve as a signal to all relevant agencies. 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 highlighted that the credibility of the awards depends heavily on the independence and professional capability of the judging panel. He described the panel as central to ensuring a fair and transparent process. He told panel members, “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 includes experts and institutional leaders from organisations known for promoting good governance practice. These include 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 their inclusion “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.”
While addressing the panel members, the Minister of Finance emphasised the importance of their responsibility. He described them as pioneers of a process that will influence expectations in the sector for years. “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,” he said.
Earlier, the Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, described the awards as a groundbreaking development for how Nigeria manages public assets. 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 the awards form part of MOFI’s broader reform agenda aimed at transforming public investment management.
“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 he believes are essential for sustainable growth.
Reflecting on the launch of the Corporate Governance Scorecard earlier in the year, Takang said the tool influenced thinking 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 stated. 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 these same governance 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 aim to drive sector-wide improvements. “We want to send a clear message across the public sector that transparency, accountability and performance will be noticed and rewarded,” he said. He also expressed hope that the programme will encourage competition among state-owned enterprises. “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 provides a timely opportunity to strengthen governance standards and inspire improved performance among public enterprises.
The inaugural MOFI Excellence Awards will be conducted through a fully independent screening process. According to officials, the judging panel is expected to begin evaluating qualifying agencies in the coming months. Government officials say the programme is expected to become an annual benchmark for excellence in Nigeria’s public enterprise ecosystem.
