As part of its commitment to strengthening corporate governance across its portfolio companies, the Ministry of Finance Incorporated (MOFI) has introduced the MOFI Corporate Governance Scorecard (CGS). The CGS is an innovative tool designed to measure and set benchmarks for corporate governance in MOFI’s portfolio. This initiative underscores MOFI’s dedication to fostering a culture of accountability, transparency, ethical business conduct, sustainability, and operational excellence within its corporate assets.
The CGS, now approved by the MOFI Board, serves as a structured assessment tool to evaluate governance effectiveness across key areas, including board composition, financial transparency, risk management, and Environmental, Social, and Governance (ESG) integration, among others. By deploying this scorecard, MOFI aims to drive continuous improvement and ensure that portfolio companies uphold global best practices while aligning with Nigeria’s evolving corporate governance landscape.
A pilot implementation exercise has already been conducted for some portfolio companies, yielding critical insights into governance strengths and areas requiring enhancement. Preliminary findings indicate the need for greater financial disclosure practices and enhanced board independence across some entities. These insights will inform tailored governance interventions moving forward.
Beyond assessment, the CGS initiative introduces a new standard of recognition for corporate excellence. Companies demonstrating exemplary governance practices and significant improvements will be honoured at the prestigious MOFI Annual Corporate Governance Excellence Awards commencing in 2026. This recognition not only incentivises adherence to best practices but also reinforces MOFI’s role in setting governance benchmarks for Nigeria’s corporate sector.
With the Corporate Governance Scorecard in place, MOFI is not only raising the bar for its portfolio companies but also contributing to the broader national agenda of responsible and sustainable business practices. This initiative is expected to bolster investor confidence, improve corporate performance, and position Nigeria’s state-owned enterprises as models of good governance in Africa and beyond. The CGS marks a new era of corporate governance excellence, ensuring that Nigeria’s state-owned enterprises remain competitive, transparent, and primed for long-term success.
Download the MOFI Corporate Governance Scorecard here: https://mofi.com.ng/reports/#cgsr
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