Nigeria’s Ministry of Finance Incorporated (MOFI) has entered into a strategic partnership with the Chartered Risk Management Institute of Nigeria (CRMI) to strengthen risk management practices across government-owned portfolio companies.
The collaboration, formalised through a Memorandum of Understanding signed in Abuja, is aimed at embedding a stronger risk culture within public sector enterprises while positioning them for long-term growth and sustainability.
According to a statement issued on Tuesday, the President and Chairman of Council of CRMI, Mr. Kevin Ugwuoke, commended MOFI’s leadership for its economic impact. He noted that with an estimated asset value of N18 trillion, more than 15,000 indirect employees, and confirmed shareholding in over 52 entities, MOFI is well on its path to realising its target of expanding its portfolio to at least N100 trillion in the next decade.
Ugwuoke also applauded the leadership of MOFI’s Managing Director/CEO, Dr. Armstrong Ume Takang, alongside Executive Director of Risk Management, Mrs. Oluwakemi Babalogbon, and Executive Director of Portfolio Management, Mr. Tajudeen Ahmed, for championing risk-driven practices. He reaffirmed CRMI’s readiness to align with MOFI in advancing international best standards in risk management.
In his remarks, Dr. Takang stressed that many public institutions in the past collapsed due to poor or non-existent risk management systems. He said the partnership will support MOFI’s objectives of asset aggregation, professionalisation of public enterprises, capital mobilisation, and sustainability.
Mrs. Babalogbon explained that the joint capacity-building programme, structured into Level 1 and Level 2 training modules, will target skills development for staff at all levels.
Mr. Ahmed added that beyond financial services, other state-owned enterprises will also benefit significantly from the knowledge exchange enabled by the collaboration.
The event ended with both institutions reaffirming their commitment to strengthening Nigeria’s risk management framework, ensuring state-owned enterprises operate with resilience and global best practices.
