Dr Armstrong Ume Takang, the Managing Director/CEO of Ministry of Finance Incorporated (MOFI), is a forward-thinking leader with ability to cultivate high-performing teams, fostering a culture of continuous learning and collaboration. He is one of the brightest resources in the landscape of finance and governance in Nigeria. And he is more than capable to meet the present challenges and proactively shape the future of financial governance in Nigeria through MOFI.
Happily, his being in office as the CEO of MOFI is a strategic move toward ushering in a new era of financial leadership, inclusivity, and discipline in managing public investments. Under his watch, MOFI has been strongly supporting the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy.
This year brings a landmark action at MOFI, so dedicated to financial governance and performance from government assets, all of which are being revived for strong performance so they continue to earn revenue for government. Much of this work is inspired by the commitment of Dr Takang, as someone who feels deeply connected to a commitment to transparency, innovative thinking, and talent development.
Takang is fascinated by practices, such as,transparency that fosters trust and high standards of fiscal responsibility. But he has progressive mindset for success in the face of evolving economic landscapes. He also places a premium on talent development and team collaboration to drive sustainable growth.
He could, of course, just be a big metaphor for something great and encouraging in Nigeria and in the human psyche. He perhaps represents order at a time of chaos. Perhaps, most of all, he represents something within us, that part of ourselves which strives to achieve the best for one’s country.
His blend of academic excellence, extensive experience, commitment to transparency, innovative thinking, and emphasis on talent development makes him the perfect fit for steering MOFI towards greater heights at this time when government’s revenue earnings need to be improved.
Amazingly, not many are aware that Dr Armstrong was pivotal in designing and implementing several national initiatives like the Integrated Payroll and Personnel Information System (IPPIS), the Office for Nigerian Content Development in ICT under NITDA, the ICT component of the Economic and Financial Crimes Commission (EFCC)/Nigeria Financial Intelligence Unit (NFIU), among others.
And with his experience, track record and what he represents, Takang is a most ideal candidate for the leadership role at the Ministry of Finance Incorporated, bringing with him a wealth of experience, a proven track record, and a vision for transformative change.
This transformation he has started with the power sector now. This January, MOFI took over the Federal government 40 equity holdings in the eleven power Distribution Companies from the Bureau of Public Enterprises (BPE).
The federal government had in 2013 privatised the Power Holding Company of Nigeria.
According to a statement signed by Dr Takang, it followed a directive by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to the Board of Directors of MOFI to terminate the Power of Attorney (POA) granted by MOFI to the Bureau of Public Enterprises (BPE) in 2012.
According to Takang, MOFI is to assume ownership, control and management of all outstanding federal government equity in all existing electricity successor companies. MOFI is a statutory corporation-sole established by the MOFI Act, 1959.
Takang explained that because MOFI could not exercise its powers due to constraints posed by the Act, the power of Attorney had to be given to the BPE to enable it fulfill the legal requirements and complete the various electricity privatisation (share sale) transactions.
“BPE had since then held shares in the Discos on behalf of MOFI. This continued for over 10 years after the sales were completed in 2013, until the recent order by the Minister of Finance, Takang said.
According to him, “MOFI would restructured and repositioned as an active asset management corporation; develop a strategy for creating a National Assets Register that aggregates and profiles all national assets and investments; develop and implement policies and regulations that ensure the creation and management of assets from debt-related transactions; develop and implement policies and regulations that ensure creation and management of assets from concession-related transactions; and create a robust pipeline of FG-owned and FG-linked investment opportunities.
“It was further determined that in line with global best practice, MOFI would take on an expanded and more active role, not to directly take over and run the corporate entities created around these FG assets but rather to work with its co-promoters and co shareholders to develop and implement corporate policies and practices that ensure that these assets are operated for maximum value.”
Takang further said that the process of reform and restructuring would lead to consolidation and assumption of the ownership rights of MOFI’s shareholdings across various asset classes.
“This strengthens the FG’s shareholder rights and ensures that entities in which MOFI holds equity stakes fulfil their socio-economic responsibilities and generate substantial financial returns for the FGN.
“MOFI’s resumption of its rights of management of the FG’s 40% shareholding in the eleven electricity distribution companies and the various equity stakes in related energy sector companies is an essential element of this consolidation. It will drive operating efficiency, best corporate governance practices and ultimately maximise the value derived from these electricity assets, in line with alignment with the President’s economic growth agenda.
“MOFI extends its gratitude to the BPE for its stewardship of these shares. As a reformed and active entity, MOFI is taking significant steps to ensure that these assets deliver full value to the country.
“We look forward to collaborating with our key stakeholders and, through our concerted efforts, making a tangible impact in contributing to a thriving, resilient and growing Nigeria,” he further said.
Indeed, the appointment of a CEO/Managing Director of MOFI has been a blessing to the country. This plays a pivotal role in shaping the trajectory of landscape of finance and governance in Nigeria. One of Dr. Takang’s standout qualities is his commitment to transparency and accountability.
At a time when financial governance is under intense scrutiny, his track record of implementing robust financial controls and ensuring adherence to international standards is commendable.This commitment to transparency not only fosters trust but also aligns with MOFI’s mission to uphold the highest standards of fiscal responsibility. Furthermore, Dr. Takang’s innovative approach to problem-solving sets him apart as a forward-thinking leader.
All these were what prompted President Bola Tinubu to re-appoint him last year. Last November, President, Bola Ahmed Tinubu appointed a new leadership for the Ministry of Finance Incorporated (MOFI), an asset holding and management company under the Federal Ministry of Finance, with mandate as the sole manager of all federal government investment interests.
According to a statement by Presidential Spokesman, Ajuri Ngelale, former Finance Minister, Dr. Shamsudeen Usman is reappointed as Chairman of a 10-man Board of Directors of MOFI, while Dr. Takang is also reappointed to serve as the Managing Director/CEO of the organisation. According to analysts, there is no gainsaying the fact that the leadership of MOFI, is a perfect combination.
The other appointees include Tajudeen Datti Ahmed, Executive Director, Portfolio Management; Femi Ogunseinde, Executive Director, Investment Management and Mrs. Oluwakemi Owonubi, Executive Director, Risk. The non-executive directors are Mr. Ike Chioke, Ms. Chantelle Abdul, Mr. Alheri Nyako, Mr. Bolaji Rafiu Elelu and Mrs. Fatima Nana Mede.
And this tumultuous time of social and economic headwinds sets the stage for the emergence of best in MOFI. And Takang is a potent symbol for financial governance navigating a predominantly a tough scene to achieve great results, having been saddled with the responsibility of the day-to-day running of the organization.
Dr. Takang’s academic background, marked by advanced degrees in Computer Science, Finance and Business exposure/experience, sets the stage for his understanding of the intricate dynamics within the financial, business and investment sector(s). He is well equipped with strategies for exploring progressive solutions to economic challenges.
Prior to being appointed MOFI’s CEO, Takang was the CEO of Growth Alliance Partners (GAP), a pan-African firm focused on providing post-investment value-add services to Private Equity backed businesses. He helped to turn around several businesses to create shareholder value.
His decades-long career in investment consultancy and public reforms traverses the public and private sectors across Africa, and in the US, where he worked at the New York Office of the KPMG.
He was Team Lead for a Private Banking Group, managed the Integrated Financial and Economic Management Information System (IFEMIS) Project in Nigeria, and led the Voluntary Asset and Income Declaration Scheme (VAIDS).
His tenure as the Chief Executive Officer of a leading multinational corporation showcased his ability to navigate complex landscapes, implement strategic financial planning, and drive sustainable growth.
These experiences uniquely position him to bring a fresh perspective to the Ministry of Finance Incorporated.
His past initiatives, such as spearheading digital transformation in financial processes and advocating for sustainable financial practices, underscore his ability to embrace change and leverage technology to deliver result. And at a time when agility and adaptability are crucial, Takang’s progressive mindset positions MOFI for success in the face of evolving economic landscapes.
As a leader, Dr. Takang places a premium on talent development and team collaboration. His previous roles have seen him cultivate high-performing teams by fostering a culture of continuous learning and collaboration.
This emphasis on human capital is pivotal for the MOFI, ensuring that it can effectively navigate the challenges of an ever-changing global economy. Beyond his professional acumen, Dr. Takang is known for his civic engagement and commitment to corporate social responsibility.
His involvement in community development projects demonstrates a great understanding of the impact businesses can have on society. His previous positions, leadership roles and achievements speak volumes for him.
No wonder analysts hailed President Tinubu’ decision to re-appoint the duo of Shamsudeen Usman and Armstrong Takong is an act of patriotism. They also praised him for the appointment of Mr. Ike Chioke, the Group Managing Director at Afrinvest West Africa Limited, as a non-executive director. These analysts are of the view that with the calibre of persons on the present MOFI leadership team, failure is not an option.
MOFI is shaking the finance governance landscape positively to support the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy. And these are already happening under the watch of Dr Takang., shaping Economic Renaissance & Safeguarding the Commonwealth of Nigeria.
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