Posts in category: By Benard Ekwegbara

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.

Dr Leemon Ikpea, Chief Executive Officer of Lee Engineering & Construction Company Limited, demonstrates remarkable resilience in business, bringing much-needed certainty and vitality to a world facing unprecedented challenges, even at a time when disruptions and geopolitical tensions are flaring up.

He is one of the eminent Nigerians who have been helping to drive the Nigerian economy, through his organization- Lee Engineering & Construction Company Limited,  as the country intensifies its macro-control in recent years to cope with the impact of “factors beyond expectations” and maintain overall economic and social stability, a hard-won achievement, according to analysts.

He is a great Nigerian brimming with patriotism and a selfless spirit. And with Lee Engineering and Construction Company being a vibrant local player in a dynamic global industry, Ikpea looms large on the nation’s horizon for his devotion to humanity and unflinching commitment to national development. In the last three decades,  Engr Ikpea has been one the Nigerians who have been helping the country undergo a phenomenal transformation in terms of business productivity, industry, and employment to people.”

Great people, it is often said,  are great partly because their personal drive dovetails nicely into good vision and morality than with just the era during which they strut upon the stage of history. Virtue is its own reward; bad money drives out good; you catch more flies with honey than vinegar; do unto others as they would have them do unto you; catch two birds with one stone: pithy Western aphorisms to be sure. And this is what Engr Ikpea stands for.

Of course, countries do not survive or thrive on macroeconomics and politics alone. Those factors are most important; however, there are structural and institutional forces and factors at play that occupy an even larger role in how a nation fares domestically, regionally and globally. In Nigeria, Dr Ikpea is one of these factors, eminent forces driving development of Nigeria. And the country would be prudent to be mindful of such forces and factors. This explains Ikpea was conferred with a national honour last year, 2021. President Muhammadu Buhari honoured him with OON Award.

He was honoured for his vast contributions to the country’s development and service to God and humanity through Lee Engineering & Construction Company Limited and his “Agbonjagwe Foundation.”

The President recognizes Lee Engineering and Construction Company, of which Chief Ikpea is Chairman/Chief Executive Officer, as one of the home-grown investors in the oil and gas industry, with over three decades of service to the nation.  In 2022, the company marked its 31 years of existence and landmark records of contributions to Nigeria’s development.

He believes the Ewato, Esan South Local Government Area of Edo State native, the Adolor of Ewato Kingdom, and Odonlagbon of Warri, will continue to touch lives through acts of philanthropy, for which he is noted,” describing the National Honours Award winner as a point of reference to Nigerian youths that “entrepreneurship pays, with attainments in areas of endeavour like oil, gas, engineering. And Buhari is very right.

To begin, let us look at the roles Lee Engineering & Construction Limited has been playing within the Nigerian economy for over three decades now. Take a look. There is the big picture—three trends that are transforming the global economy in the short to medium term. These are energy cost differentials, nearshoring of supply chains, and remote work. Emerging markets with the right natural resources and institutions can ride these trends and move up the income ladder. With a company like Lee Engineering and Construction Company Nigeria has been a beneficiary in these areas.

Anchored on the philosophy of honesty, integrity hard work and transparency, Ikpea’s life—his exploits and the positive impact on the nation’s oil and construction industries—exemplifies a giant tree that gives both shelter and food to various beings.

He is one of Nigeria’s business firebrands committed to root and branch development of Nigeria carving out channels through which Western concepts, Western manufacturing techniques and business models and prosperity could flow. Then Western scientific thinking and learning, respect for western institutions, and obeisance to God, values of tolerance and empathy and respect for moral laws- all flow in Engr Ikpea.

“For us, integrity is not a concept. It is who we are. With integrity, every business partner, client, supplier, or vendor looks for you because they trust you. Who will do business with you if you are not trusted? Integrity is our watchword. We run an honest business,” he explained. “We have honest and hardworking staff. We are not honest and hardworking some of the time. We are honest and hardworking all the time. The company is transparent. For almost 30 years that we have been in business, there is no stain on our name. Our dedicated staff have ensured that. I have used my exemplary life of honesty, hard work, integrity, and transparency to demonstrate to them how invaluable those values are. They share the dream of the company and run with it.”

Founded on November 11, 1991, Ikpea’s organisation has become a conglomerate. Today, the group deals in retail, tourism, aviation, and manufacturing, including exploration and production. It has a fabrication workshop measuring 2,515sqm, complete with blasting/painting bays and state-of-the-art equipment. The company, Lee Engineering Group and Allied Companies Limited (including Lee Engineering, Tribet Ltd [travels and tours], Tribet Aviation, Tribet Purified Waters, and Lee Oasis), has at least 2,000 employees.

Ikpea’s organisation does more than create wealth and value. As the group’s CEO, he sees to it personally that the less privileged are empowered. He considers philanthropy a “gift from God,” establishing a foundation, Agbonjagwe Leemon Ikpea Foundation (ALIF). The foundation has trained students, the majority of whom are orphans. As of 2019, the foundation has cared for many young children and produced 119 graduates, including dozens of medical doctors, etc.With an office at inception in Warri, Lee Engineering Group has acquired the technical capabilities to execute major projects in the industry. The company still has its operational base in Warri, Delta, then the Port Harcourt branch office, and headquarters in Lagos. Its overseas offices are in the United Kingdom, Italy and the United States of America (Houston).

“ Work in silence and let suc­cess make the noise” seems to be his motto. Ipea worked through dedication, con­sistency, honesty and was able to do well in his business. His illustrious career started as soon as left school.

Of course, before starting Lee Engineering & Construction Company , he had first worked with some white men. That was 45 years ago, when  his working life began. He was part of those who built Warri refinery over 40 years ago. It was inaugurated by President Muhammadu Buhari (then Col. Buhari) , who was then a federal commissioner under General Olusegun Obasanjo. Ikpea was there for years with three different companies during the construction phase.

He reflected  on that time.“There was the one based in Darlington, UK, which specialised in building oil storage tanks. I had never been used to sitting down in the office. I am an office man, but I don’t confine myself to the office. When I resumed in the office, I checked that everything was in order, and then I moved on to the field. Nigerians were the ones doing the welding, electrical, the erection, and putting everything together at the refinery, but the white people supervised. That was the role they played.”

Explaining further, Ikpea said, “They also came with their own equipment. I took note of that. If I had stayed in the office, I wouldn’t know the roles Nigerians were playing all over the place. Nigerians are very hardworking and committed. After three years, the UK company left, and as they were leaving, I was the only Nigerian national remaining. So, they handed me over to the Italian company. In my heart, I know I am an honest and hardworking person, and my late father would tell me that integrity is important. I guess they took note of all these qualities. Because as an orphan, you must have sense, even if by force.”

Ikpea is committed to deepening the country’s success stories, facing the challenges and building bigger frontiers for national prosperity, stressing the matchless contributions of the Nigerian Content Development and Monitoring Board (NCDMB) to strengthening the hands of local players in the oil and gas industry.

“The NCDMB are a group of Nigerians brimming with patriotism and selfless spirit,” Ikpea noted. “They’re highly skilled with international technical expertise.”Established in 2010 by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the NCDMB is to make procedures that will guide, monitor, coordinate, and implement the provisions of the NOGICD Act, signed into law on April 22, 2010, by then-President Goodluck Jonathan, giving birth to the NCDMB.“I have been in this industry for 44 years,” added Ikpea. “Out of these 44 years, the last decade or so, the board has continued to place a premium on local oil and gas players, increasing their technical know-how and capacity to increase Nigeria’s commonwealth.”

Now having acquired  marginaloil fields, Lee Engineering is ready to contribute more to national development and prosperity.  By the time the company starts production, it will not need to import many resources into the country because it will use equipment manufactured in its fabrication plant, which is cost-effective. Ikpea will bring to bear his 14 years of experience in the construction industry. His leading indigenous EPCOM (engineering, procurement, construction, operation, and maintenance) company, the Lee Engineering and Construction Company, has achieved several milestones and received numerous commendations, awards, and certificates from local and international organisations.

Delighted about the federal government’s unrelenting efforts to plug the leaks in the oil sector, Ikpea was full of praises for the NNPC Chief Executive Officer Melee Kyari’s over his  unwavering determination to stem the tide of oil theft in Nigeria.

“The NNPC CEO is doing fantastically well in curtailing oil theft. Nigerians should praise him for what he is doing to put Nigeria’s oil industry in good shape to reinforce investors’ confidence in the country and increase national earnings,” Ikpea said. “It took his tremendous efforts in collaboration with local security to uncover the extensive stealing at the Forcados. I am convinced his latest effort has sent a message to economic saboteurs that it will no longer be business as usual.”

The oil magnate reiterated that “Nigerians earnestly need individuals like Kyari to sanitise the industry. With oil theft and other wastages blocked, leading to an increase in our oil exports, we can rest assured that there will be enough funds to execute capital projects, among other things,” noting the potential strides of Nigeria in the gas industry amid a challenging atmosphere that pervades Europe as Russia continues its violent aggression against Ukraine.“Nigeria is exploring several opportunities in the gas sector. Nigeria and Morocco recently signed an agreement on a gas pipeline project linking Nigeria to Morocco, which will also supply West Africa and Europe. This 6,000-kilometer project will cross 13 African countries along the Atlantic coast,” added Ikpea. “From there, it will reach other parts of the world. That’s a huge step. In addition, other projects are going on in the country, including that of the NLNG.”Notwithstanding that, he understands the country requires a huge financial outlay to fully develop the oil and gas sector and disclosed that the federal government and the NNPC are committed to exploring the gas potential.

Right out of the starting gate, Lee Engineering is in an exceptionally strong position to deliver values to society any day.  And with its foray into oil/gas sector, it is going to help push the country’s fortune forward.

Ikpea is right.  Oil has been and will continue to be the locomotive that drives the economy, for sometimes more. Nigeria is home to one of the largest oil deposits in the last five decades, with over 41 billion barrels found to date. Mining, agriculture, and construction are also doing relatively well.

A moral compass in upgrading the standards of public conduct and behaviour he is, truly. That he couples with transparency model of business with a moral imperative calling for virtuous community-oriented ethics is another matter altogether. That Ikpea acts as a model to Nigerian youth aspiring to leadership cannot be over emphasized. The story of his life should give young Nigerians a clearcut roadmap of turning hard work into wealth.

There is no doubt that Engr Ikpea is a sincere believer in both Islam and the Christainity he imbibed in his youth. He believes that business could be carried on according to moral ethics.  He is steadfast in asserting that capitalists could and should place a strong emphasis on righteousness and benevolence, despite engaging in competition.

How much of this commitment is due to Islam per se and how much of it is due to experience with Christian-inspired Western thought is less clear. What is clear is that, in his own view,  adhering to degrading values drives out good morals; virtue is noble; giving back to the community through philanthropy is essential.  And these he has been demonstrating over the years.