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

$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

By: Michael Mike

Nigeria’s push to strengthen food security and cut dependence on poultry imports is set to gain fresh momentum as the $1 billion National Integrated Poultry Project moves into its pilot phase in Enugu, Kaduna and Oyo states.

The project, driven under the Nigeria–China Strategic Partnership (NCSP), is designed as one of the most ambitious agricultural investments in the country’s history, targeting large-scale egg and meat production, expanded feed cultivation and direct support for local farmers.

Director-General and Global Liaison of the NCSP, Joseph Tegbe, announced the take-off of the pilot phase at the weekend during the Chinese New Year Temple Fair in Abuja, held to mark the 55th anniversary of diplomatic relations between Nigeria and China.

According to Tegbe, the initiative is structured to go beyond commercial farming. When fully operational, it is expected to produce about six million eggs daily, house more than seven million laying birds and over two million broilers, while supporting the cultivation of more than 60,000 hectares of maize and soybeans for feed.

He said the scale of the project positions it as a game-changer for Nigeria’s poultry value chain, with direct implications for employment, farmer incomes and food affordability.

“This is not just a farming project. It is a strategic intervention to stabilise food supply, create jobs across the value chain and restore dignity to agricultural livelihoods,” Tegbe said.

A key component of the initiative, he explained, is the provision of subsidised feedstock, which will not only serve the integrated farms but also support existing poultry farmers who have been hit by rising feed costs.

Beyond agriculture, Tegbe highlighted parallel Nigeria–China collaboration in heavy industry, particularly the planned revitalisation of the Ajaokuta Steel Complex. He said renewed operations at Ajaokuta are projected to yield up to 10 million metric tonnes of steel annually, potentially reshaping Nigeria’s industrial landscape.

“A functional Ajaokuta will power manufacturing, unlock jobs and reposition Nigeria as an industrial force in Africa,” he said, adding that the government is determined to translate long-standing plans into measurable economic outcomes.

On human capital development, Tegbe noted that educational and knowledge-exchange programmes between Nigeria and China are expanding, with more scholarships, joint research initiatives and industrial parks in the pipeline to support technology transfer and innovation.

China’s Chargé d’Affaires to Nigeria, Zhou Hongyou, said the poultry project and other joint initiatives reflect the maturity of bilateral relations built over 55 years. He described the Year of the Horse—under which the celebration falls—as symbolic of hard work, perseverance and progress, values he said mirror the trajectory of Nigeria–China cooperation.

Also speaking, Director of the China Cultural Center in Nigeria, Yang Jianxing, described the growing partnership as one rooted in mutual trust and shared development, stressing that cooperation must continue to deliver concrete benefits for ordinary Nigerians.

The anniversary celebration featured cultural performances, exhibitions and a showcase of Chinese traditions, underscoring the people-to-people dimension of the Nigeria–China relationship as both countries pursue deeper economic and cultural ties.

$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes

By: Michael Mike

Legal, financial and Islamic scholars have urged Nigerians to embrace structured Islamic estate planning, warning that informal and undocumented wealth transfer practices continue to expose families to conflict, asset loss and prolonged court battles.

The call was made in Abuja at the 8th Annual Islamic Estate Planning Clinic, themed “From Informality to Legacy: Structuring Islamic Wealth Transfer.” The event was organised by The Metropolitan Law Firm in partnership with First Trustees Limited and Al-Ameen Trustees Limited.

Speakers at the forum stressed that increasing reliance on verbal agreements and family-based arrangements often undermines the intentions of asset owners and creates avoidable disputes among beneficiaries.

Managing Partner of The Metropolitan Law Firm, Hajia Ummahani Amin, said many Nigerian families fail to document their estate plans, leading to mismanagement and outcomes that contradict Islamic inheritance principles.

She explained that estate planning enables individuals to organise their affairs ahead of death and ensure their wishes are carried out in line with both legal and religious requirements.

“Leaving assets with relatives or friends without proper documentation has resulted in serious challenges for many families,” Amin said.

She noted that while Islamic law provides clear inheritance guidelines, individuals are permitted to allocate up to one-third of their estate through structured instruments such as wills, trusts and endowments. According to her, these tools are essential for protecting beneficiaries and sustaining long-term family legacies, especially as Nigeria adjusts to digitalisation and emerging tax reforms.

Delivering the keynote address, Professor Isa Pantami, Co-Chairman of the African Union’s 4th Industrial Revolution Policy Council, called for a shift from informal practices to properly documented, Sharia-compliant estate planning systems.

Pantami said verbal agreements are unreliable and often fuel disputes, adding that structured wealth transfer is both a legal necessity and a religious obligation in Islam.

He advocated the use of modern technologies, including blockchain-based systems, to secure wills and estate documents, while also highlighting challenges such as delayed will-writing, undocumented property ownership and cultural practices that conflict with Islamic inheritance laws.

Chairperson of the Better Life Programme for the African Rural Woman, Dr Hajiya Aisha Babangida, emphasised the need for sustained public education on Islamic financial instruments.

She noted that tools such as waqf (Islamic endowment), trusts and Sukuk could be leveraged to support education, infrastructure and community development if properly understood and utilised.

“Awareness and education are critical,” she said. “Structured planning helps families preserve wealth while contributing to broader social development.”

Also speaking, Associate Director of First Trustees Limited, Mr Abimbola Ajinibi, identified cultural misconceptions as a major obstacle to effective estate planning among Muslims.

He explained that many wrongly assume Islamic inheritance laws eliminate the need for wills, whereas individuals retain discretionary powers over a portion of their estate.

“Failure to plan often results in intestate estates and lengthy probate processes, which can cost as much as 10 per cent of the estate value,” Ajinibi said.

He added that estate planning goes beyond wills to include trusts, gifts and powers of attorney designed to ensure smooth wealth transition.

On regulatory developments, Rotimi Obende of First Trustees highlighted the impact of tax reforms effective from January 1, 2026, noting that income generated from estates and trusts is now subject to reporting and taxation.

“Although inheritance transfers remain largely unaffected, income earned during estate administration must be declared,” he said, adding that proper structures help ensure taxes are assessed on net income.

Representative of Al-Ameen Trustees Limited, Ms Mutiat Olatunji, underscored the importance of regulated, faith-based trustees in ensuring ethical, transparent and Sharia-compliant estate management.

She said professional trusteeship plays a critical role in regulatory compliance and responsible wealth stewardship for both private beneficiaries and community development initiatives.

Participants concluded the clinic by urging Nigerians to combine religious guidance with legal expertise, professional trusteeship and modern technology to secure their families’ futures.

They agreed that structured Islamic estate planning is vital not only for preserving wealth, but also for promoting social stability, accountability and intergenerational prosperity.

Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes