By CHIKA NWACHUKWU

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has launched an initiative to promote transparency and accountability in state-owned enterprises, with the introduction of the MOFI Excellence Awards.

The awards, which will be presented for the first time in 2026, aim to recognize and reward state-owned enterprises that demonstrate high standards of corporate governance, transparency, and performance.

Speaking at the formal announcement of the awards, on Wednesday, December 3, 2025 at the Federal Ministry of Finance in Abuja, the Minister emphasised the importance of good governance and accountability in the public sector, and urged all stakeholders to approach the initiative in the spirit of partnership and nation-building.

“We intend to recognise agencies and their leaders who demonstrate high standards of transparency, accountability, and performance in managing public assets.

“By doing so, we send a clear message that good governance and results will be rewarded, and that every entity under MOFI should strive towards the highest ideals of service and stewardship,” he said.

The MOFI Excellence Awards will be judged by an independent panel of experts, comprising representatives from institutions such as the Financial Reporting Council, the Society for Corporate Governance Nigeria, and the Chartered Institute of Directors.

He explained that the panel will assess participating state-owned enterprises based on a range of criteria, including transparency, accountability, and performance, with the aim of promoting a culture of good governance and excellence in the public sector.

Edun noted that the initiative is part of the government's broader efforts to improve the performance of state-owned enterprises and promote economic reform, and is seen as a key step towards enhancing transparency and accountability in the public sector.

“Let me emphasise why these awards have been created and the purpose they serve. The MOFI Excellence Awards are not about applause for its own sake; they were conceived to promote corporate governance excellence, high institutional performance, and strategic alignment across MOFI’s portfolio of public enterprises.

“In essence, this programme will shine a spotlight on those boards and management teams that exemplify transparency, accountability, and strong performance,” he said.

The Minister urged members of the awards panel to be transparent and dedicated in their duties to ensure that standards are upheld.

"I cannot overstate the weight of responsibility that rests on your shoulders. You are pioneers in this endeavour, custodians of a process that will set the benchmark for years to come.

“The decisions you make, the standards you uphold, will have profound implications for our nation’s public sector. We must get it right. This is an open, independent process, and it must be seen by all to be merit-based and free of favouritism,” he said.

In his address, MD/CEO of MOFI, Dr. Armstrong Takang, stated that the award will incentivise agencies to adopt best practices, spur improvements across the board, and ensure that Nigerian SOEs are seen as dynamic, well-managed organisations that contribute meaningfully to our national development goals.

“The Excellence Awards sit within a broader reform agenda, which MOFI has been championing over the past two years. As the Federal Government’s investment vehicle and asset manager, MOFI’s mandate is to professionalise, optimise and unlock value from the public portfolio, while strengthening governance, transparency and accountability across State-Owned Enterprises,” he said.