FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises

FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises

By: Michael Mike

The Federal Government is set to tighten oversight and raise performance standards across its portfolio of state-owned enterprises with the launch of the MOFI Excellence Awards, a new accountability-driven initiative scheduled for the second quarter of 2026.

The awards, to be introduced by the Ministry of Finance Incorporated (MOFI), are aimed at institutionalising transparency, discipline and measurable performance in Federal Government-owned enterprises, marking a shift from discretionary oversight to structured, benchmarked governance.

MOFI said the initiative is part of broader reforms aligned with President Bola Ahmed Tinubu’s economic agenda, which seeks to improve fiscal discipline, unlock value from public assets and reduce the burden of inefficient enterprises on the national treasury.

At the core of the process is the MOFI Corporate Governance Scorecard, launched in April 2025, which now serves as a standardised tool for assessing Boards and management teams against international best practices in transparency, risk management and compliance.

An independent technical panel, inaugurated in December 2025 by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, will conduct the assessments. Portfolio companies will be evaluated using strict criteria, including regulatory compliance, Board effectiveness, financial controls and sectoral impact.

According to MOFI, the awards are not intended as ceremonial recognition but as a mechanism to drive behavioural change across public enterprises by linking governance quality to reputational standing and future oversight.

“The MOFI Excellence Awards represent a structural reset in the way public enterprises are managed,” the Ministry said in a statement. “Transparency is no longer optional, compliance is measurable, and performance outcomes are central to fiscal responsibility.”

Institutions that emerge as top performers will be recognised for demonstrating strong governance culture, operational discipline and accountability, while underperforming entities are expected to face closer scrutiny and corrective interventions.

MOFI said the initiative will also provide policymakers with clearer data on enterprise performance, enabling more informed decisions on restructuring, capital allocation and potential private-sector participation.

Analysts say the move could signal a turning point in public enterprise management, particularly if the scorecard and awards framework is consistently applied and tied to consequences.

Further details on the awards and governance framework are available on MOFI’s official website, www.mofi.com.ng.

FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises