The Federal Government has announced plans to strengthen governance and performance standards across state-owned enterprises with the introduction of the MOFI Excellence Awards, an accountability-focused initiative scheduled for rollout in the second quarter of 2026.
The awards, to be implemented by the Ministry of Finance Incorporated (MOFI), are designed to institutionalise transparency, discipline and measurable performance among Federal Government–owned enterprises. The initiative marks a shift from discretionary supervision to a structured, benchmark-driven governance framework.
MOFI said the programme aligns with President Bola Ahmed Tinubu’s economic reform agenda, which prioritises fiscal discipline, value optimisation from public assets and reduced financial exposure from inefficient state enterprises.
Central to the initiative is the MOFI Corporate Governance Scorecard, launched in April 2025, which provides a standardised framework for assessing Boards and management teams against international best practices in transparency, risk management and regulatory compliance.
An independent technical panel, inaugurated in December 2025 by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, will oversee the assessments. Portfolio companies will be evaluated based on defined criteria, including regulatory compliance, Board effectiveness, financial controls and sector-specific impact.
MOFI emphasised that the awards are not intended as ceremonial recognition but as a tool to drive behavioural change by linking governance quality to reputational standing and future oversight.
“The MOFI Excellence Awards represent a structural reset in the management of public enterprises,” the Ministry said in a statement. “Transparency is no longer optional, compliance is measurable, and performance outcomes are central to fiscal responsibility.”
Top-performing institutions will be recognised for strong governance culture, operational discipline and accountability, while underperforming entities are expected to face increased scrutiny and corrective measures.
The Ministry added that the initiative will enhance data-driven policymaking, supporting informed decisions on restructuring, capital allocation and potential private-sector participation.
Analysts say the programme could mark a turning point in public enterprise management if the governance scorecard and awards framework are consistently applied and linked to enforceable outcomes.
