MOFI, CRMI Partner To Strengthen Risk Management In State-owned Enterprises

The Ministry of Finance Incorporated (MOFI) and the Chartered Risk Management Institute of Nigeria (CRMI) have signed a Memorandum of Understanding (MoU) to deepen risk management in state-owned enterprises (SOEs).
The deal is aimed at entrenching sound governance and sustainability across government portfolio companies.
Speaking at the signing, CRMI president and chairman of council, Mr. Kevin Ugwuoke, commended MOFI’s role in the economy, noting its asset base of over N18 trillion, indirect employment of 15,000 people, and holdings in 52 entities.
He expressed confidence in MOFI’s long-term target to grow its portfolio to N100 trillion within 10 years. Ugwuoke also lauded MOFI’s leadership team, for driving risk culture in public enterprises.
Also speaking at the signing, managing director and chief executive of MOFI, Dr. Armstrong Ume Takang, said the partnership would help prevent the failures that plagued past public institutions.
“This collaboration is a meeting of minds. It will enable MOFI to achieve its mandate of asset aggregation, institutional professionalisation, capital mobilisation and long-term sustainability,” he stated.
Also, MOFI executive director of risk management, Mrs. Oluwakemi Babalogbon, noted that the joint programme would address risk gaps across six pillars of SOEs under MOFI. She explained that the training, structured in two levels, will target capacity building across staff categories.
MOFI executive director of portfolio management, Mr. Tajudeen Datti Ahmed, argued that beyond financial services, other portfolio companies would benefit from the knowledge exchange and capacity building initiatives.
Both organisations reaffirmed commitment to advancing best practices and building stronger, more resilient state-owned enterprises.