The Ministry of Finance Incorporated (MOFI) has entered into a strategic partnership with the Chartered Risk Management Institute of Nigeria (CRMI) to deepen risk management practices and entrench sound governance across state-owned enterprises (SOEs).

The agreement, sealed through a Memorandum of Understanding (MoU) in Abuja, underscores both institutions’ resolve to address long-standing governance gaps in public enterprises, while ensuring sustainability and stronger contributions to Nigeria’s economy.

Speaking at the ceremony, the President and Chairman of the Council of CRMI, Mr. Kevin Ugwuoke, commended MOFI’s pivotal role in the economy, citing its asset base of more than N18 trillion, indirect employment of over 15,000 Nigerians, and holdings in 52 entities. He expressed confidence in MOFI’s long-term target to grow its portfolio to N100 trillion within the next decade, describing the vision as ambitious yet achievable given its ongoing reforms.

Ugwuoke further praised MOFI’s leadership team for driving a culture of risk consciousness in public enterprises. 

According to him, embedding risk management into governance structures of SOEs is critical if they are to deliver value and avoid the pitfalls that undermined similar institutions in the past.

On his part, the Managing Director and Chief Executive of MOFI, Dr. Armstrong Ume Takang, said the partnership marked a turning point for state-owned enterprises. He explained that the collaboration would help address weaknesses that led to failures in public institutions, while positioning MOFI to achieve its four-pronged mandate of asset aggregation, institutional professionalisation, capital mobilisation, and long-term sustainability.

“This collaboration is a meeting of minds. It will enable us to strengthen governance across our portfolio, build resilience in SOEs, and unlock long-term value for the country,” he stated.

Also speaking, MOFI’s Executive Director of Risk Management, Mrs. Oluwakemi Babalogbon, highlighted that the joint programme would tackle risk gaps across six key pillars of SOEs under MOFI’s purview. She added that the training framework, which will be rolled out in two stages, was designed to build capacity across different categories of staff and promote a uniform risk culture.

Similarly, MOFI’s Executive Director of Portfolio Management, Mr. Tajudeen Datti Ahmed, noted that the benefits of the partnership would extend beyond financial services. He explained that knowledge exchange and capacity building initiatives would cut across diverse portfolio companies, equipping them to compete more effectively while maintaining stability.

Both institutions reaffirmed their commitment to advancing global best practices and strengthening the resilience of state-owned enterprises, stressing that effective risk management is indispensable to safeguarding assets, boosting investor confidence, and sustaining Nigeria’s long-term growth.

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