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Tag: Ministry of Finance Incorporated

  • MOFI to develop roadmap for asset valuation, management

    MOFI to develop roadmap for asset valuation, management

    The Federal Government has instructed the Ministry of Finance Incorporated (MOFI) to develop and submit a comprehensive roadmap for the remuneration and valuation of all federal government assets within and outside Nigeria.

    The directive includes specific milestones and timelines to ensure proper execution.

    Additionally, MOFI has been tasked with optimizing the management of all government assets to enhance their efficiency and economic value.

    This initiative is designed to unlock value for the benefit of all Nigerians and foster growth across key sectors of the economy.

    The Minister of State for Finance, Dr. Doris Uzoka-Anite, issued this directive in Abuja while receiving a delegation from MOFI led by its Managing Director, Dr. Armstrong Ume Takang.

    She urged the agency to prioritize transparency and accountability in its operations to maximize value delivery in line with its mandate.

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    According to the minister, well-managed government assets can play a crucial role in driving economic development, generating revenue, and improving public service delivery.

    She cited examples from Australia, the United Kingdom, and Singapore, where robust asset management policies have been implemented to integrate financial management, asset life cycle management, and strategic planning.

    Dr. Uzoka-Anite also called on MOFI to formulate strategies that will have a direct economic impact on Nigerians, particularly in job creation. She encouraged diversification of investments across various industries, sectors, and asset classes to strengthen resilience and ensure long-term economic benefits.

    Furthermore, she urged MOFI to collaborate with other Ministries, Departments, and Agencies (MDAs) of the Federal Government, as well as international financial institutions, to enhance its effectiveness.

    In his remarks, Dr. Takang, reiterated the organization’s dedication to maintaining transparency and accountability. He disclosed that MOFI has developed strategic plans to optimize asset management through partnerships with MDAs to stimulate economic growth and job creation.

    Takang also noted MOFI’s commitment to diversifying investments across different industries and asset classes, ensuring long-term sustainability and economic development.

  • Reps Committee promises to support MOFI

    Reps Committee promises to support MOFI

    The House of Representatives Committee on Finance has assured of its commitment to support the Ministry of Finance Incorporated (MOFI) to be fully established to recover all federal government assets and investments.

    Chairman of the committee, Hon. James Faleke, gave the assurance on Thursday during an oversight visit to the headquarters of MOFI in Abuja.

    He commended the management team led by the managing director, Dr. Armstrong Takang for starting on a good footing and praised former President Muhammadu Buhari for resuscitating MOFI, which he said had been comatose since its establishment in 1959.

    Faleke said, “MOFI came into existence in 1959 and has been dormant until the President Buhari administration brought it up and reorganized it to make it more viable. MOFI is holding all our assets in all the corporations and agencies of government.

    “So, setting up a management team to harness the resources of the country was a great idea and we as a committee and indeed the House of Representatives would give it all the support it needs to flourish.

    “So, we came today and we have given them time to consolidate. This is our first visit and on average, everything is going on well. Today, we made some observations and guided them in some areas and we believe they have taken note of those concerns and all will be well,” Faleke stated.

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    Earlier, the managing director, Dr. Armstrong Takang, said the restructuring of MOFI was important.

    He said, “As for us to restructure our economy, it is important we place more emphasis on our investments, our assets, to see how they can contribute to our economy and that was the basis upon which, MOFI was restructured last year.

    On the mandate given to MOFI, the managing director said it includes, “To list the various assets that the federal government owns across different asset classes- at last we can establish and know what the government owns. Now, you can tell what the government owns unlike before, it was difficult to tell what the government owns. We are to create an assets register.

    “We are to work closely with the portfolio companies to make sure we support them in different ways including corporate governance and recapitalisation as well as other services that will make them deliver on their mandates for which they were established. They include BOI, Galaxy Backbone, NIGCOMSAT, NNPCL, etc.

    “We are also working with the government to mobilise our investments into other sectors of the economy such as housing, technology etc.”, he explained.

    Speaking on what the new board has done so far, the MD stated that “What we have done is to ensure that MOFI is established to have a governance structure to interface with the portfolio companies and provide support that is needed. And our board was established and we have been through a lot of policies- portfolio governance, investment policies, human resource policies.”