MOFI, CRMI sign landmark MoU to institutionalise risk culture in state-owned enterprises

The Ministry of Finance Incorporated (MOFI) and the Chartered Risk Management Institute of Nigeria (CRMI) have signed a Memorandum of Understanding (MoU) to deepen risk management capacity building across Federal Government portfolio companies.

The MoU is a move set to strengthen corporate governance and sustainability within Nigeria’s state-owned enterprises (SOEs).

The signing ceremony, held at MOFI’s headquarters in Abuja, marks a significant step towards institutionalising risk culture in Nigeria’s public sector enterprises. Both organisations pledged their commitment to improving risk management practices across MOFI’s portfolio companies.

Speaking at the event, Kevin Ugwuoke, president and chairman of Council, CRMI who commended MOFI for its leadership and economic impact, highlighted that with an estimated asset value of N18 trillion, over 15,000 indirect employees, and confirmed shareholding in more than 52 entities, MOFI is on the right track to achieving its long-term goal of expanding its portfolio to at least N100 trillion within the next decade.

Ugwuoke further applauded the leadership of Armstrong Ume Takang, MD/CEO of MOFI, alongside Oluwakemi Babalogbon, Executive Director of Risk Management, and Tajudeen Datti Ahmed, Executive Director of Portfolio Management, for their dedication to embedding strong risk practices. He reaffirmed CRMI’s commitment to partnering with MOFI in advancing international best practices in risk management.

In his remarks, Takang praised CRMI’s consistent advocacy for risk management in Nigeria, noting that its mission aligns perfectly with MOFI’s mandate. “Many public institutions in the past failed due to weak or absent risk management practices. This partnership represents a meeting of minds and will help MOFI achieve its objectives of asset aggregation, professionalization of institutions, capital mobilization, and long-term sustainability,” he said.

Babalogbon, MOFI’s Executive Director of Risk Management, emphasized that the partnership will directly address gaps identified across the six pillars of SOEs under MOFI. She explained that the capacity-building programme, structured into Level 1 and Level 2, will target skills enhancement across all staff cadres.

Also speaking, Ahmed, Executive Director of Portfolio Management, stressed that beyond financial services, other portfolio companies stand to benefit significantly from the training and knowledge exchange facilitated through the collaboration.

The event concluded with MOFI’s reaffirmation of its commitment to promoting best practices in risk management, as both institutions pledged to work closely in building a stronger, more resilient framework for Nigeria’s state-owned enterprises.