The Ministry of Finance Incorporated and the Chartered Risk Management Institute of Nigeria have signed a landmark Memorandum of Understanding to boost the risk management capacity across Federal Government portfolio companies.

The signing ceremony, held at MOFI’s headquarters in Abuja, marked a significant step towards institutionalising risk culture in Nigeria’s public sector enterprises.

According to a statement on Tuesday, the President and Chairman of Council, CRMI, Mr. Kevin Ugwuoke, commended MOFI for its leadership and economic impact.

Ugwuoke highlighted that with an estimated asset value of N18tn, 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 N100tn within the next decade.

He further applauded the leadership of Dr. Armstrong Ume Takang, Managing Director/Chief Executive Officer of MOFI, alongside Executive Director of Risk Management, Mrs. Oluwakemi Babalogbon, and Executive Director of Portfolio Management, Mr. Tajudeen Ahmed, 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, Dr. 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, professionalisation of institutions, capital mobilisation, and long-term sustainability,” he said.

Babalogbon noted 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, the executive, 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.