Edun Seeks High Institutional Performannce by State-owned Companies

Ndubuisi Francis in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has again called for high institutional performance by State-Owned Enterprises (SOES), saying the Ministry of Finance Incorporated (MOFI) has the mandate to giarantee this.Edun, who spoke in Abuja, yesterday while inaugurating the 2026 MOFI Excellecnce Awards panel, noted that despite the challenges, government revenues surpassed the previous year’s, with economic growth at about 4 per cent.The minister noted that while the President Bola Tinubu administration continues to build a reslient economy, his 7 per cent growth target was being pursued vigorously.He explained that a cardinal pillar of the Renewed Hope Agenda was to transform the economy and deliver prosperity for Nigerians.“A central pillar of this vision is improving how our state-owned enterprises function to meet global standards of transparency, ethics, and performance to achieve that goal.“These awards directly advance those principles by elevating transparency and accountability as virtues worth celebrating,” he said, urging the awards panelists chaired by Bashirun J.K. Rundle to embrace the highest form of transparency in selecting the awardees.In his address, the MOFI Managing Director, Dr. Armstrong Takang made a strong case for the continued involvement of government in businesses because of its reach and unmatched resources.Takang, dismissed as fallacious, claims that government has no business in business.Citing China as an example of a country with an alternative brand of capitalism where government-owned enterprises have thrived, the MOFI chief executive also referenced countries in Asia with successful publicly-managed business.He listed Qatar with a well-run airline; United Arab Emirates with Emirates airline and Singapore with a successful airline, among others.He argued that the fact that some state- owned enterprises (SOEs) such as the defunct Nigeria Airways Limited, Nigerian National Shiiping Line, and NITEL, among others, failed ditd not mean the government cannot play a pivotal role in business.According to him, the government has a pivotal role to play in creating and sustaining successful public enterprises not only because of the scale but because it has access to resources that the orivate sector does not.While applauding the private sector for its catalytic investment role, Takang, however said: “Our private sector is not yet there in terms of the resources. State-owned enterprises have a role to play.”He underscored the need for the creation of solid and governance structures that can guarantee successful outcomes irrespective of who is at the helm of affairs at any particular time.On the MOFI Excellence Awards, with the theme, “Institutionalising Governance and Operational Excellence Across Nigeria’s Public Enterprises,” Takang noted that since MOFI’s Corporate Governance Scorecard was initiated in April, all the enterprises under the company’s structure are on the verge of paying dividends.This, he stated, was a function of improved governance mechanism which followed the introduction of Corporate Governance Scorecard by MOFI.“It is a first-of-its-kind initiative in Nigeria dedicated to recognising excellence in corporate governance and performance across Federal Government-owned and Linked Enterprises.” For us at MOFI, this moment marks a significant step in transitioning from policy commitments to tangible, measurable outcomes.“Over the past year, MOFI has embarked on an ambitious reform agenda to transform how Nigeria manages its public assets and investments. From launching the MOFI Corporate Governance Scorecard to now instituting an awards programme that recognises outstanding performance, we are translating reform ideas into tangible outcomes.” True growth stems from honest investments and transparent strategies, and MOFI is committed to both. When we launched the Scorecard earlier this year and conducted a pilot implementation round with participation from more than half of MOFI portfolio companies, it was more than just unveiling a new tool – it was the start of a culture shift.“The scorecard is more than a checkbox exercise; it fundamentally redefines governance as a strategic asset, driving transparency, accountability, and long-term value creation.“Crucially, this initiative has never been about setting standards for others that we would not meet ourselves. We at MOFI believe in leading by example. MOFI has applied the same governance standards internally – from strengthening our board effectiveness and ethics policies to enhancing risk management and transparency in our own operations.” This approach ties our reputation to the performance of the enterprises we oversee and sends a clear message: MOFI is not just an asset manager; we are a partner and a participant in this collective effort,” he said.In his remarks, Rendle assured that the panel would carry out its assignment with utmost integrity and transparency.He urged government-owned enterprises to review their employment structure to reflect gender balance and demographic consideration for more youth inclusion