List Of All Ministers Of Finance And Coordinating Minister Of The Economy (1960-Present)
The Ministry of Finance and Coordinating Minister of the Economy in Nigeria was established in 1960, and It was created to manage the financial administration of Nigeria following its independence.
However, the ministry’s responsibilities include developing and implementing policies, managing public finances, and coordinating economic planning.
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List Of Ministers Of Finance And Coordinating Minister Of The Economy From 1960-Present
| Minister | Term |
|---|---|
| Festus Okotie-Eboh | 1960–1966 |
| Obafemi Awolowo | 1967–1971 |
| Shehu Shagari | 1971–1975 |
| Asumoh Ete Ekukinam | 1976–1977 |
| James Oluleye | 1977–1979 |
| Sunday Essang | 1979–1983 |
| Onaolapo Soleye | 1984–1985 |
| Kalu Idika Kalu | 1985–1986, 1993–1994 |
| Chu Okongwu | 1986–1990 |
| Olu Falae | 1990–1990 |
| Abubakar Alhaji | 1990–1993 |
| Aminu Saleh | 1993–1993 |
| Anthony Ani | 1994–1998 |
| Ismaila Usman | August 1998 – May 1999 |
| Adamu Ciroma | June 1999 – May 2003 |
| Ngozi Okonjo-Iweala | 15 July 2003 – 21 June 2006, 17 August 2011 – 29 May 2015 |
| Nenadi Usman | July 2006 – May 2007 |
| Shamsuddeen Usman | June 2007 – 17 December 2008 |
| Mansur Mukhtar | 17 December 2008 – 17 March 2010 |
| Olusegun Olutoyin Aganga | 6 April 2010 – June 2011 |
| Kemi Adeosun | 11 November 2015 – 14 September 2018 |
| Zainab Ahmed | 14 September 2018 – 29 May 2023 |
| Wale Edun | 21 August 2023 – present |
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Who Was The First Minister Of Finance And Coordinating Minister Of Economy?
Festus Okotie-Eboh was the first Minister of Finance and Coordinating Minister of the Economy in Nigeria, serving from 1957 until January 15, 1966, where he worked under Prime Minister Abubakar Tafawa Balewa.
Okotie-Eboh was a key figure in Nigeria’s early government after it gained independence. Festus Okotie-Eboh was born on July 18, 1912, in Warri, which is in the southern part of Nigeria.
His actual name was Festus Samuel Edah, but he later changed it to Okotie-Eboh. He came from a royal family, as his father was an Itsekiri chief.
Okotie-Eboh attended Sapele Baptist School from 1932 to 1936. After finishing school, he first worked as a clerk and then as a teacher at his old school.
In 1937, he got a job at the Bata Shoe Company, where he worked as an accounting clerk. While working there, he studied bookkeeping and accounting.
His hard work paid off when Bata transferred him to Lagos as a Chief Clerk and West Coast Accountant. In 1947, Okotie-Eboh went to Prague, Czechoslovakia, for further training.
He earned a diploma in business administration and chiropody. After his training, he returned to Nigeria and started his own business in timber and rubber. He was very successful and even exported rubber to Europe and North America.
In addition to his business activities, Okotie-Eboh was also involved in education. He and his wife started several schools in Sapele, including Sapele Boys Academy and Sapele Academy Secondary School.
Okotie-Eboh’s political career began in 1951 when he was elected to the Western Region House of Assembly. In 1954, he became the treasurer of the National Council of Nigeria and the Cameroons (NCNC) party.
He was elected to represent Warri in the House of Representatives. In 1955, he was appointed as the Federal Minister of Labour and Welfare. Two years later, he became the Minister of Finance.
Tragically, Okotie-Eboh’s life was cut short during the military coup on January 15, 1966. He was assassinated along with Prime Minister Tafawa Balewa. This coup ended Nigeria’s First Republic.
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Who Is The Current Minister Of Finance And Coordinating Minister Of Economy?
Chief Adebayo Olawale Edun, often called Wale Edun, is the current Minister of Finance and Coordinating Minister of the Economy in Nigeria.
He took on this role on August 21, 2023, under the presidency of Bola Tinubu, having succeeded Zainab Ahmed in this position. Wale Edun has a strong background in economics and finance.
He holds both a bachelor’s and a master’s degree in economics from the University of London and the University of Sussex.
In the early part of his career, from 1980 to 1986, Edun worked at Chase Merchant Bank in Lagos, Nigeria. After that, he joined the World Bank in September 1986 through the Young Professionals program.
During his time at the World Bank, he worked on economic and financial projects for various countries in Latin America and the Caribbean.
In 1989, Edun co-founded Investment Banking & Trust Company Limited, which is now known as Stanbic IBTC. He served as the executive director there.
Later, in 1994, he founded Denham Management Limited, which eventually became the Chapelhill Denham Group. He was the chairman of this group from 2008 to 2021.
Edun’s political career began when he was appointed as the Lagos State Commissioner of Finance in 1999 by then-Governor Bola Tinubu, not until 2004. Aside from his professional achievements, Edun has also been involved in different philanthropic activities.
He served as the chairman of the governing council and the board of trustees of the Trust Fund for the Hydrocarbon Pollution Remediation Project (HYPREP), which focuses on implementing the United Nations Environmental Report on Ogoniland.
Edun is married to Amy Adwoa Appiah, who is the daughter of the Ghanaian statesman Joe Appiah and British author Peggy Cripps.
The couple has three sons, one of whom is the British actor Adetomiwa Edun. Edun is also dedicated to youth development and health initiatives.
He is the chairman of the Lagos Boxing Hall of Fame, a non-profit organization that supports amateur boxing in Lagos. Additionally, he is the chairman of Livewell Initiative, a health-based NGO.
Edun also serves as a board member and the Nigerian chair of the Duke of Edinburgh’s International Award Foundation, which helps young people develop skills for life and work.
