The Federal Government of Nigeria has officially launched the MOFI Corporate Governance Scorecard, a landmark initiative designed to assess, monitor, and enhance the performance of State-Owned Enterprises (SOEs) in the country.
The Scorecard was unveiled today at the MOFI Corporate Governance Forum (#MOFICOGOF2025) in Abuja, hosted by the Ministry of Finance Incorporated (MOFI) in collaboration with the World Bank. Themed “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” the forum marks a major milestone in Nigeria’s public sector reform agenda.
Speaking at the event, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the importance of repositioning SOEs as engines of economic growth through institutional governance reform.
“State-Owned Enterprises are key pillars of our national economic framework. However, inefficiencies and governance challenges have constrained their full potential. The MOFI Corporate Governance Scorecard provides a strategic mechanism to evaluate and elevate their performance—ensuring transparency, accountability, and productivity,” Mr. Edun stated.
He reiterated the Federal Government’s commitment to public enterprise reform, noting that MOFI is positioned to act as an active asset manager, with a renewed focus on professionalisation, optimisation, and efficient administration of government-owned entities.
Also delivering remarks, the Honourable Minister of Power, Mr. Adebayo Adelabu, commended the initiative, describing it as timely and essential for national competitiveness.
“In the power sector, the urgency of transformation is clear. With structural reforms like the unbundling of the Transmission Company of Nigeria, we are embracing clarity and corporate governance as tools for value creation and improved service delivery,” he said.
Mr. Adelabu highlighted that sound governance would enhance investor confidence, operational excellence, and public trust across all SOEs.
The Chairman of the MOFI Board, Dr. Shamsuddeen Usman, underscored the leadership’s commitment to ethics and transparency. He revealed that all board members and management have signed a Code of Corporate Governance Ethics, which prohibits conflicts of interest and promotes professionalism.
“We are laying a strong foundation for corporate governance. The Scorecard will be administered by independent third parties to ensure objectivity and credibility in its assessments,” Dr. Usman said.
World Bank Country Director, Mr. Ndiame Diop, noted that SOEs are uniquely positioned to support Nigeria’s economic transformation and revenue generation goals.
“Nigeria has a large portfolio of strategic assets in sectors such as power, agriculture, and finance. With proper governance, these enterprises can significantly boost national development,” he stated.
With the official launch of the Scorecard, MOFI is now equipped with an empirical framework to track governance performance across its portfolio companies. This intervention positions MOFI as a driver of institutional reform, socio-economic transformation, and sustainable value creation.
The Managing Director/CEO of MOFI expressed deep appreciation to the Honourable Ministers, the MOFI Board, and strategic partners for their unwavering support in driving the initiative forward.
“This marks a new chapter for public enterprise governance in Nigeria and across Africa. MOFI will continue to lead with innovation, integrity, and impact,” the MD stated.
The MOFI Corporate Governance Scorecard is set to become a benchmark for performance management in Nigeria’s public sector and a catalyst for unlocking the full potential of state-owned assets.