The Managing Director/Chief Executive Officer of the Ministry of Finance Incorporated, Dr. Armstrong Takang has stated that the continious narrative that government should not be involved in the business of growing Nigeria’s economy is a fallacy, noting that government at all levels have critical roles to play in the growth and development of any country.
Takang made the disclosure in Abuja on Wednesday during the formal announcement of the MOFI excellence awards and inauguration of panelists
He stated that countries like China have deminstrated that there are alternative forms of capitalism and different forms of government interventions which is the type of capitalism Nigeria wants
He cited Singapore airline was owned by MOFI equivalent agency in the.country has been one of the most sustained airline for decades.
“Our view is that government has a pivotal role to play due its sovereign status and unihindered access to resources. There are certain amount of capital government can mobilise where private sector can’t
“Its a fallacy that only private sector can grow business because we at MOFI believe that government leverage on its sovereign status to drive business enterprise and create mdules for private sector where thet wont have that access capital to do that. Because in terms of resources, private sector is not there yet they need goverment. And its our view that state owned enterprises have a role to play,” Takang
Speaking on the Execellencewe want to create that governance structure of excellence, performance and impact because we want these state owned enterprise to function and thats why we want MOFI excellence award.
The idea is to have a tool that allow us ecaluate corporate governance in these organisations
Job created, contribution to GDP and other sevtors, we will track reeard these agencies to encourgage that. We have seen that from our Portfollio businesses who have started prioritising dividend payment
By institution these awards, we are creating the culture and we are. Non of MOFI member is part of thr panel to enaure credibility and accountability.
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.”
