By Christiana Ekpa
The Managing Director, Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang has said the agency’s current legal framework is inadequate to address modern asset management challenges and optimise the potential N100 trillion in government assets for national development.
Takang stated this in his presentation at a public hearing on the “A Bill for an Act to Repeal the Ministry of Finance Incorporated Act, Cap M229, Laws of the Federation of Nigeria 2024, and Any Amendments Thereto, and to enact the Ministry of Finance Incorporated (Establishment, Etc.) Act in Abuja on Monday.
He said the proposed amendments if passed into law would ensure that all state-owned entities are professionally managed and positioned for economic impact and increase revenue generation.
The managing director said the revenue generation will achieved through boost in dividend payments, capital appreciation, and overall returns from federal government investments.
Takang noted that with the new law the agency will create a comprehensive registry of all government assets, liabilities, and their current status as well as optimise utilisation and value creation from existing corporate assets and properties.
“MOFI has been restructured as the investment arm and assets manager of the Federal Government of Nigeria and mandated as custodian and active manager of all the federal government’s investment interests, assets, estates, easements, and rights. This new mandate positions MOFI as a strategic institution that supports the federal government’s efforts to address economic challenges and spur growth in the Nigerian economy. “
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