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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
Troops arrest suspected kidnapper in Damboa LGA of Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have arrested a suspected kidnapper in Azir community, Damboa Local Government Area of Borno State.
Sources told Zagazola Malama that the suspect was apprehended at about 5:00 p.m. on March 28 by troops of 25 Brigade and 19 Battalion (Mechanised) deployed at a Forward Operating Base in Azir.
The source disclosed that the suspect was alleged to have been involved in kidnapping activities within the Damboa and Azir general areas.
“During preliminary investigation, the suspect claimed to be a cattle courier operating within Damboa and its environs,” the source said.
He added that one bicycle was recovered from the suspect at the point of arrest.
The suspect and the recovered item are currently in troops’ custody for further investigation and necessary action.
Troops arrest suspected kidnapper in Damboa LGA of Borno
Troops arrest 58 illegal miners in Edo state
By: Zagazola Makama
Troops of Operation MESA have arrested 58 suspected illegal miners at an illegal gold mining site in Ososo general area, Akoko-Edo Local Government Area of Edo State.
A security source disclosed that the suspects were apprehended at about 1:00 p.m. on March 28 during a fighting patrol conducted by troops of 195 Battalion (Rear).
According to the source, the troops stormed the mining site and arrested the suspects without resistance.
“The suspects are currently in troops’ custody for further action,” the source said.
He noted that the operation forms part of ongoing efforts to curb illegal mining activities and other criminal enterprises within Edo State and its environs.
Troops arrest 58 illegal miners in Edo state
Army troops arrest two suspected Boko Haram logistics suppliers in borno
By: Zagazola Makama
Troops of Operation Hadin Kai, in collaboration with operatives of the Joint Intelligence Fusion Centre (JIFC), have arrested two suspected logistics suppliers to Boko Haram terrorists in Gubio town, Borno State.
A military source disclosed that the suspects, identified as Mal Bunu Gojemi and Zanna Alhaji Mallam, were apprehended at about 11:30 a.m. on Saturday during a joint logistics strangulation operation conducted by troops in the area.
According to the source, the suspects confessed during preliminary interrogation to being long-time suppliers of logistics to the Boko Haram.
Items recovered from them include three mobile phones, a traditional cap, and the sum of N40,000.
“The suspects have since been handed over to operatives of the Joint Intelligence Fusion Centre for further investigation,” the source said.
He added that the operation was carried out without any incident.
The Nigerian Army and other security agencies have continued to intensify operations aimed at cutting off logistics supply chains to insurgents as part of ongoing counter-terrorism efforts in the North-East.
Army troops arrest two suspected Boko Haram logistics suppliers in borno
Troops arrest suspected kidnapper in Damboa LGA of Borno
Troops arrest 58 illegal miners in Edo state
Army troops arrest two suspected Boko Haram logistics suppliers in borno
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