The Ministry of Finance Incorporated (MOFI) is preparing to unveil its first- ever Excellence Awards, slated for the second quarter of 2026. This initiative aims to cultivate a culture of robust corporate governance within Government- owned Enterprises (GOEs).
This pioneering initiative, dedicated to celebrating achievements in corporate governance and performance across Federal Government-owned and affiliated enterprises, saw its awards panel established in December. MOFI announced on Sunday that while the awards ceremony is scheduled for the second quarter of 2026, a specific date has not yet been confirmed.
The statement elaborated that "this significant event highlights MOFI's dedication to advancing transparency, accountability, and sound governance practices throughout Federal Government-owned enterprises."
It further stated, "The MOFI Excellence Awards represent the culmination of the Ministry's efforts to implement a strong governance framework, in alignment with President Bola Ahmed Tinubu's economic reform objectives."
"The MOFI Corporate Governance Scorecard, introduced in April 2025, serves as the basis for assessing the performance of Boards and Management teams against international benchmarks for transparency and risk management."
"An independent technical panel, appointed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in December 2025, will evaluate portfolio companies using strict criteria, encompassing regulatory adherence, Board effectiveness, and impact within their respective sectors."
The MOFI Excellence Awards signal a fundamental change in how Nigeria manages its public enterprises; transparency will be mandated, compliance will be measured, and institutional results will ultimately determine fiscal discipline.
The awards will acknowledge institutions that exhibit outstanding governance, discipline, and performance, reinforcing the principle that "Good Governance is Not optional."
During the inauguration of the awards panel, chaired by Chief J.K. Randle in December, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, remarked, "The MOFI Excellence Awards are not intended for mere recognition; they were conceived to foster corporate governance excellence, high institutional performance, and strategic alignment across MOFI's portfolio of public enterprises."
He indicated that the programme is designed to drive significant transformations in the public sector, adding that "in essence, this programme will highlight the boards and management teams that embody transparency, accountability, and strong performance."
The minister emphasized that the awards aim to honor agencies and their leaders who maintain high standards of transparency, accountability, and performance in managing public assets. He stated that this action sends a clear message from the federal government that good governance and tangible results will be recognized, and that all entities under MOFI are expected to pursue the highest standards of service and stewardship.
Additionally, the Managing Director of MOFI, Dr. Armstrong Takang, characterized the awards as a "first-of-its-kind initiative in Nigeria dedicated to recognizing excellence in corporate governance and performance across Federal Government-owned and Linked Enterprises."
He highlighted the ambitious reform agenda MOFI has been actively pursuing over the past year to enhance the management of Nigeria's public assets, noting that from the introduction of the MOFI Corporate Governance Scorecard to the establishment of this awards program, MOFI is "translating reform ideas into concrete achievements."
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