By Jennete Ugo Anya
The Ministry of Finance Incorporated (MOFI) has launched the maiden MOFI Excellence Awards, aimed at recognising outstanding performance and promoting good corporate governance across Federal Government-owned (FOEs) and linked enterprises. The awards are scheduled to debut in 2026.
Dr Amstrong Takang, Managing Director of MOFI, announced the initiative at a formal launch in Abuja recently. He said that the awards would reinforce transparency, accountability, and high performance in public sector entities, while deepening the culture of good governance.
“The awards build on the MOFI Corporate Governance Scorecard launched earlier this year as part of ongoing reforms. It will recognise excellence and highlight governance as a strategic asset driving long-term value in government-owned entities,” Dr. Takang said.
The Corporate Governance Scorecard evaluates entities based on key pillars including board effectiveness and independence, control and risk management, strategic alignment, financial reporting, and emerging issues such as environmental, social and governance (ESG) practices, innovation, and stakeholder engagement.
Dr. Takang emphasised that strong institutions are the backbone of a strong economy. In incentivising public entities to adopt global best practices adapted to Nigeria’s context, the government hopes to strengthen the nation’s overall economic outlook.
According to MOFI, the awards process will involve the submission of performance documentation by portfolio companies, followed by a technical review by independent consultants and experts. The findings will then be presented to an independently adjudicated panel tasked with selecting the awardees.
On that vein, an independent panel was inaugurated which includes representatives from the Financial Reporting Council (FRC), the Society for Corporate Governance Nigeria, the Chartered Institute of Directors, Nigeria Exchange Group (NGX), and the Chartered Risk Management Institute.
While inaugurating the panel, Mr. Wale Edun, Honourable Minister of Finance and Coordinating Minister of the Economy, charged members to uphold transparency and integrity in the awards process. “The success of this initiative depends on your diligence and commitment to a fair, merit-based process,” he said, stressing that the awards would set the benchmark for corporate governance in government-owned entities.
Also speaking, Chairman of the panel, Bashorun J. K. Randle, commended the government for the confidence placed in the members. A former CEO of KPMG Nigeria and KPMG Africa, Randle said the diverse and reputable composition of the panel would ensure evaluations remain independent, credible, and beyond reproach.
The MOFI Excellence Awards will celebrate state-owned enterprises that demonstrate strong corporate governance, prudent risk management, sound ESG practices, and operational excellence. Entities showing marked improvement over time will also be recognised, fostering healthy competition and peer learning among portfolio companies.
“The awards send a clear message: transparency, accountability, and performance will be noticed and rewarded,” Randle said. The initiative is part of MOFI’s broader mandate to ensure that public investments and state-owned enterprises are managed professionally and responsibly.
