The Ministry of Finance Incorporated (MOFI) has launched the inaugural MOFI Excellence Awards, an initiative designed to promote high standards of corporate governance, transparency, and performance across federal government–owned and linked enterprises. The first edition of the awards will hold in 2026.
Speaking at the unveiling ceremony in Abuja on Wednesday, MOFI Managing Director, Dr. Armstrong Takang, said the awards are a key component of the agency’s ongoing reform agenda, aimed at strengthening public institutions and enhancing accountability in the management of national assets.
Takang explained that the initiative builds on the MOFI Corporate Governance Scorecard introduced earlier in the year, which measures entities against global best-practice pillars adapted for Nigeria. These include board effectiveness and independence, risk management, strategic alignment, financial reporting quality, as well as Environmental, Social and Governance (ESG) standards, innovation, stakeholder engagement and sustainability.
He emphasised that strong corporate governance is essential for a strong national economy. Incentivising public institutions to maintain best practices, he said, would ultimately elevate Nigeria’s economic outlook.
According to him, the awards process will involve the submission of documentation and performance data by portfolio companies, followed by a technical review conducted by independent experts. The findings will then be submitted to an Awards Panel mandated to ensure impartial evaluation and determine honourees.
“What the Excellence Awards is building is a national Corporate Governance Scorecard for state-owned enterprises and an independently adjudicated awards programme that can serve as a model for other jurisdictions and as a signal to investors,” he said.
To ensure credibility and independence, MOFI inaugurated a diverse Awards Panel made up of experts and representatives of institutions known for advancing corporate governance, including the Financial Reporting Council, Society for Corporate Governance Nigeria, Chartered Institute of Directors, Nigerian Exchange Group, and Chartered Risk Management Institute.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, who inaugurated the panel, charged members to uphold transparency and rigour throughout the selection process. He noted that the integrity of the awards rests squarely on the integrity of the panel.
Edun said the MOFI Excellence Awards would become the national benchmark for good governance, financial discipline, and institutional performance in public enterprises. “Your roles are pivotal. We want to see that companies are run efficiently, lawfully, and with timely financial reporting. The process must be open, independent, and merit-based,” he said.
He added that the awards would celebrate agencies and leaders who demonstrate excellence in transparency, accountability, and the prudent management of public assets, sending a clear message that good governance will be rewarded.
Awards Panel Chairman and Chairman/CEO of the J.K. Randle Group, Bashorun J.K. Randle, pledged that the panel would deliver credible and unimpeachable assessments. He said the diverse composition of the panel would ensure a well-rounded, independent evaluation process.
He explained that the awards would spotlight enterprises demonstrating strong corporate governance, sound risk management, robust ESG practices, and improved operational performance, while also recognising entities that show significant improvement over time.
Meanwhile, Takang dismissed the notion that government should not play an active role in driving economic growth, describing such views as a misconception. He said global examples—including Singapore Airlines and China’s state-led development model—demonstrate that public enterprises can thrive alongside private-sector activity.
“The government has a pivotal role because of its sovereign status and ability to mobilise resources private companies cannot,” he said. “It’s a fallacy to suggest that only the private sector can grow businesses. State-owned enterprises have a significant role in the economy.”
He added that several MOFI portfolio companies have begun prioritising dividend payments, reflecting a cultural shift toward performance, accountability, and value creation.
Takang said institutionalising the Excellence Awards would help embed a culture of governance and performance across public enterprises and ensure they make meaningful contributions to GDP, job creation, and national development.
