The federal government recently issued a directive to the Ministry of Finance Incorporated (MOFI) encouraging it to make audacious, brave, and proactive investments in order to take advantage of chances and make money on government assets that it manages for the benefit of Nigerians. This instruction was given during the reorganisation of the MOFI Board in Abuja by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Former Finance Minister Shamsudeen Usman serves as the board’s chair, and Dr. Armstrong Takang is one of its managing directors. As the government’s investment arm, MOFI is in charge of strategically overseeing the assets and investments of the Federal Government of Nigeria. “I believe that MOFI, like other national businesses and owners of sovereign assets, will and has strived to become a world-class organisation, competing with the likes of GIC and Mubadala in the Middle East.The first and most important element is high-level, world-class corporate governance, transparency, and responsibility in the management of those assets—something they have committed to. In addition, they must act boldly, courageously, and aggressively on behalf of Nigerians in order to seize the finest opportunities to invest and reap the rewards from those assets. Therefore, what ought to enter the Nigerian government’s coffers is actually carefully identified and gathered, and that is precisely what organisations of a similar nature are doing globally. Nothing less is acceptable from our own Ministry of Finance Incorporated, MOFI. In his remarks, Dr. Usman, the Chairman of the MOFI Board, stated that the organisation is anticipated to grow to a minimum of N100 trillion over the next ten years. He further stated that this is feasible “because we will be very innovative, we will manage the assets properly, and I will like to give Nigerians assurance that their assets are in safe hands because we have already adopted standards of integrity.” He declared, “We have created a code of conduct for ourselves and every member of the board will be subject to it to ensure that we are managing these assets in the interest of Nigerians, not in our own personal interest or the personal interest of anybody else.” He eliminated the chance that his function and the Bureau of Public Enterprises (BPE) might conflict in any way. “We’ve had conversations with the BPE. No conflicts that I can see. I served on the board of the National Council on Privatisation, the first director general of TCPC that initiated privatisation, when I was the minister of both finance and national planning. Thus, one is conversant with each of these items. “I think we’ll speak with each other again soon. There may occasionally be some overlap when organisations are set up, but we will work it out. There are also a number of options accessible when it comes to selling assets on the capital market. “I don’t believe anyone has discovered any specific actions. It is dependent upon each individual instance, which will be considered on its own merits, the speaker stated. In his speech, Dr. Takang, the Managing Director of MOFI, also praised the board members’ qualifications and ability to support the organization’s goals and mission. In addition to highlighting their vital roles in furthering MOFI’s dedication to Nigeria’s economic development, he emphasised how important it would be for them to work together to achieve the organization’s strategic goals and support the resilience of the country’s economy. “As MOFI begins this new chapter, its fundamental goals of professionalising state-owned asset management, establishing an extensive registry of state-owned assets, and infrastructure, as well as successfully managing FGN assets in important economic sectors,” he declared. The minister stressed that in order to comply with international standards followed by similar organisations, MOFI should precisely identify and retrieve funds owed to the Nigerian government. According to Edun, MOFI’s mandate is to maximise returns on the nation’s assets while optimising their use and comprehensively listing them. He emphasised the significance of accurate valuation and analysis, noting that MOFI is currently in charge of assets valued at about N18 trillion, with room to increase to N100 trillion over the course of the next ten years.
