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CHIDI UGWU
The Federal Government is set to introduce a new performance and accountability benchmark for state-owned enterprises as the Ministry of Finance Incorporated (MOFI) prepares to roll out its inaugural MOFI Excellence Awards in the second quarter of 2026.
The awards, announced by the ministry, are designed to recognise and reward federal government-owned companies that demonstrate strong corporate governance, regulatory compliance and measurable institutional performance.
MOFI said the initiative reflects its broader push to institutionalise transparency and accountability across public enterprises, aligning with President Bola Ahmed Tinubu’s economic reform agenda focused on fiscal discipline and improved public sector efficiency.
At the centre of the assessment process is the MOFI Corporate Governance Scorecard, launched in April 2025, which provides a structured framework for evaluating the performance of boards and management teams.
The scorecard benchmarks enterprises against international best practices in transparency, risk management and operational oversight.
To ensure credibility and objectivity, an independent technical panel will oversee the evaluation.
The panel, inaugurated in December 2025 by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, will assess companies based on strict criteria including regulatory compliance, board effectiveness, governance standards and sectoral impact.
Officials say the awards represent a shift from symbolic oversight to measurable performance tracking within government-owned entities.
“The MOFI Excellence Awards mark a structural shift in how Nigeria manages public enterprise: transparency is mandated, compliance is measured, and institutional outcomes remain the ultimate measure of fiscal discipline,” the ministry said in a statement.
The recognition programme is expected to create healthy competition among public enterprises, encourage stronger governance practices and improve service delivery and financial performance across the government’s portfolio companies.
Analysts note that many state-owned enterprises have historically faced criticism over weak oversight, inefficiencies and poor accountability.
By tying recognition to governance performance, MOFI hopes to strengthen investor confidence and ensure public assets deliver greater economic value.
The ministry added that institutions demonstrating exceptional governance, discipline and results will be honoured at the awards ceremony, reinforcing the message that adherence to sound governance standards is non-negotiable.
