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Buhari inaugurates new MOFI Board

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President-Muhammadu-Buhari
President Muhammadu Buhari
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President Muhammadu Buhari has charged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years.

The president gave the charge at the launch of the new MOFI and inauguration of the Governing Council and Board of Directors of the body shortly before the commencement of the Federal Executive Council meeting.

The president also tasked the new board to “be the clearing house for the management of Federal Government’s investments and assets in line with global best practices with a view to ensuring that these investments are delivering superior risk-adjusted returns to the government.”

He also called on the new MOFI to work with other Ministries, Departments and Agencies (MDAs) to create a consolidated national assets register with a view to converting them into cash-flow-generating entities.

This, he said, would support the government’s revenue drive.

Buhari urged members of the board to work with the government with a view to using government-owned investments and assets to support the government in delivering on its social and economic obligations to the citizenry.

He, therefore, directed the Minister of Finance, Budget and National Planning, Dr  Zainab Ahmed to commence the process of amending the MOFI Act and other legislations to further institutionalize this reform.

According to him, the amendments when carried out, would ensure that MOFI was restructured and repositioned to become a trusted custodian and manager of Federal Government’s investments and assets.

Buhari said the event was significant as the restructured MOFI would help identify “what we own” and how to get the best out of them.

According to the president, the MOFI Act of 1959, now Cap. 229, Laws of the Federation, 2004, explicitly empowers MOFI to enter into commercial transactions of any description on behalf of the Federal Government in its own name.

He said that MOFI was used as a Special Purpose Vehicle across different sectors to invest in commercial entities over the last 64 years, adding that MOFI was created even before Nigeria’s independence.

In her remarks, the Minister of Finance, Budget and National Planning thanked Buhari for his support and approvals that had made the restructuring and repositioning of MOFI possible.

According to the minister, the council members and board will ensure that the new MOFI delivers on its mandates.

The governing council is chaired by the President, with the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, as Vice Chair.

It’s members include: The Minister of State, Petroleum Resources, Timipre Sylva; Aviation, Hadi Sirika; Industry, Trade and Investment, Niyi Adebayo and Transportation, Mu’azu Sambo.

Others are: Governor of the Central Bank, Dr Godwin Emefiele and three experts appointed by the President, namely: Prof. Muhammad Sagagi, Dr Ayo Teriba and Prof. Ken Ife.

The board members include: Former Finance Minister, Shamsudeen Usman as Chairman, Permanent Secretaries of the Ministries of Finance and Petroleum Resources and acting Accountant-General of the Federation.

Others are; Olawale Edun, Fatima Mede, Ike Chioke, Muhammad Nda, Alheri Nyako and an executive from the Central Bank of Nigeria (CBN) are also members of the board

Members of the Executive Management Team are: Dr Armstrong Takang, Managing Director, Eric solo, Executive Director, Chief Portfolio Officer, Sani Yakubu Chief Investment Officer and Oluwakemi Owonubi, Chief Risk Officer.

 

 

(NAN)

 

 

 

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#EndSARS Movement Was Funded From US To Ambush Tinubu From Becoming President – Bisi Akande 

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Asiwaju Bola Tinubu
President Bola Ahmed Tinubu
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The former interim National Chairman of the ruling All Progressives Congress (APC), has claimed that the #EndSARS movement was designed and funded from the United States of America against President Bola Tinubu.

According to him, the #EndSARS movement was heavily funded from the US with support from America and only brought to Nigeria to ambush Tinubu from becoming President.

Speaking in an interview with Edmund Obilo, as seen in a video which has now gone viral on social media, he mentioned that the .obedient movement were the ones behind the #EndSARS movement and protest.

He added that it was after the protest they attempted to transform into a political party and when it became impossible, they all migrated into another political party.

“EndSARS was designed to be the end of Tinubu. Those behind the EndSARS knew that’s what they were doing,” Akande declared during the interview.

Asked by the interviewer to identify those behind the EndSARS movement, Akande replied, “The obidients.”

“The Obidients were behind EndSARS; it was manufactured in America and brought in just to stop him (Tinubu).

“Obideints came from America to do the EndSARS and later became a movement to form a party, and they couldn’t form a party and joined whichever party,” the APC chieftain said.

Pushing further, the interviewer noted that Obidients are tied to Peter Obi and Akande, in response said: “Well, maybe Obi’s party, I don’t know, maybe Obi’s movement, I don’t know, but the obidients were behind the EndSARS.

“It was well planned with a lot of money from America.”

He added that it was an ambush that President Tinubu wasn’t aware of.

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Court Grants Sowore ₦10m Bail

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Omoyele Sowore
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The judge gave him 24 hours to perfect the bail conditions or be remanded by the police until the bail is perfected.

The convener of #Revolutionnow movement, Omoyele Sowore, has been granted bail to the tune of ₦10 million and one surety in like sum.

The surety must be a responsible individual with landed property valued in like sum.

The surety is expected to deposit the original documents of landed property and a passport photograph to the registrar of the court.

While ruling on the bail application, the trial judge, Justice Musa Liman, ordered Sowore to deposit his international passport with the registrar of the court.

The judge, however, gave him 24 hours to perfect the bail conditions or be remanded by the police until the bail is perfected.

Sowore had honoured the invitation of the police on Monday, January 27, 2025, when he was questioned at the Force Criminal Investigation Department.

He was subsequently granted administrative bail but rejected the conditions of bail and remained in custody.

The police later filed a 16-count charge of cybercrime against him.

In count three, the police said Sowore on December 20, 2024, through his X handle, called the Inspector General of Police, Kayode Egbetokun, “the illegal IG of Nigeria Police Force”.

Sowore is being accused by the police of posting the picture Egbetokun on his X handle with the caption: “Mediocrity, incompetence, corruption, a country run by characterless people can not make progress”.

The police also alleged that Sowore, through his X handle, said, “IGP Kayode Egbetokun will destroy the Nigeria police if we don’t act now”.

He pleaded not guilty to 16 count charge of alleged cybercrime.

 

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Nigeria Was On Life Support When Tinubu Assumed Office – Akpabio

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President Bola Tinubu and Senate President Godswill Akpabio
President Bola Tinubu and Senate President Godswill Akpabio
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The Senate President and Chairman of the 10th National Assembly, Senator Godswill Akpabio, has said the country was on a “life support” as at the time President Bola Tinubu assumed office in May 2023.

Speaking at his 2024 Constituency Briefing and Empowerment Programme held at the Ikot Ekpene Township Stadium, Akpabio, who represents Akwa Ibom Northwest Senatorial District, he called on Nigerians, particularly the people of Akwa Ibom State, to continue supporting President Tinubu as he works to address Nigeria’s economic challenges.

“Nigeria Was on Life Support,” he said.

His stance comes following ongoing major reforms such as the introduction of the tax bills, removal of fuel subsidies, floating of the naira, and others introduced by Tinubu.

Akpabio recounted a conversation with President Tinubu about the state of the economy inherited from the previous administration.

“Nigeria was on life support when Asiwaju Bola Tinubu took over. I once asked him, ‘Are you excited about being president after seeing the economy left behind by Emefiele?’ He replied, ‘I must tell you, I didn’t know it was this bad.’”

The Senate President expressed optimism about ongoing economic reforms, noting that while they may be painful, they are necessary for sustainable growth.

“You did it in Lagos, and you will do it again for Nigeria. It’s just a matter of time. We are praying for you, and God will grant you the wisdom to lead us to El Dorado.”

He advised beneficiaries not to sell their empowerment tools but to use them to uplift their families economically.

“We have enough foodstuff to distribute; there should be no stampede. These items are being extended beyond Ikot Ekpene to other senatorial districts in the state.”

“Your support has not only enhanced our educational experience but also inspired us to strive for excellence. Thank you for your unwavering support.”

Akpabio commended Governor Umo Eno for promoting peace and inclusivity in Akwa Ibom.

“Without peace, there cannot be development. The governor has embraced all Akwa Ibom people, regardless of political affiliations.”

He also acknowledged the governor’s Christmas gesture of distributing 1,000 bags of rice to the APC family in the state and announced an additional 1,500 bags of rice for the PDP State Chairman.

Akpabio praised Senate Minority Leader, Senator Abba Moro, for fostering unity in the Senate.

“Everyone in the Senate has an equal voice, regardless of party affiliation. Opposition is good, but it should be constructive.”

Senator Abba Moro described Akpabio as a leader committed to empowering his people.

“It takes wisdom to know what to give people for lasting benefits rather than instant gratification.”

Senator Asuquo Ekpenyong, Chairman of the Senate Committee on NDDC, called the empowerment programme “mega, marvellous, and magnificent.”

The event was attended by key political and community leaders, including,

Obongemem Ekperikpo Ekpo (Minister of Petroleum Resources, Gas) Senator Ita Enang (APC Chieftain), Senator Ekong Sampson (Akwa Ibom South), Paramount Rulers of Ikot Ekpene and Essien Udim

In closing, Akpabio emphasised the importance of collective effort in building a better Nigeria and assured constituents of continued representation and development-focused initiatives.

 

 

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