House of Representatives is set to amend the Ministry of Finance Incorporated (MOFI) Act to reposition the agency for the effective discharge of its statutory responsibilities.
Chairman of the House Committee on Finance, Mr. James Faleke, made this known during a public hearing on the bill to repeal and re-enact the agency’s Act. The event was held in conjunction with the House Committee on Public Assets in Abuja.
Mr Faleke, explained that the Ministry of Finance Incorporated MOFI, which was established in 1959, to manage federal government investments and properties, failed to meet its mandate due to structural deficiencies and operational inefficiencies.
“Owing to these gaps, MOFI underwent strategic restructuring in 2023, transforming from a passive asset holder into a proactive investment institution modeled after global benchmarks like Singapore’s Temasek Holdings,” Faleke said. “Today, it manages portfolios across energy, infrastructure, financial services, and emerging industries.”
The Chairman Ministry of Finance Incorporated Board and former Minister of Finance, Dr. Shamsuddeen Usman, raised concerns about the poor performance of government-owned assets, many of which were set up with loans but are now unaccounted for or not generating any returns.
Also speaking, the Managing Director of MOFI, Dr. Armstrong Takang, said the agency has significantly grown the asset base under its management from N1.25 trillion in early 2023 to over N18 trillion through structural reforms, transparency initiatives, and better financial oversight.
“Over the past two years, we’ve verified 20 corporate assets, all of which have undergone three years of audited financial reviews. These alone account for over N8 trillion in value,” Takang said.
Dr Amsteong, stressed that the agency’s limitations persist due to outdated legal frameworks and the absence of formal mechanisms to account for non-corporate assets such as ports and critical infrastructure.
In a message, Speaker of the house Dr Abbas Tajuddeen, emphasized the importance of amending the MOFI Act to ensure compliance with extant laws and financial regulations in the country.
Represented by Mr Billy Osawaru, from Edo State, the Speaker expressed concern that the agency established to manage commercial transactions and assets on behalf of the federal government over the years it has failed to align its operations with best practices.
The proposed legislation is titled: “A Bill for an Act to Repeal the Ministry of Finance Incorporated Act, Cap. M229, Laws of the Federation of Nigeria, 2004, and Enact the Ministry of Finance Incorporated (Establishment, Etc.) Bill, and for Related Matters.
COV : TSIBIRI
