In a strategic move to maximize Nigeria’s economic interests, the Ministry of Finance Incorporated (MOFI) is gearing up to meticulously track and optimize the federal government’s assets, both within and outside the country. Dr. Armstrong Takang, the Managing Director of MOFI, unveiled this ambitious initiative during the weekend in Abuja.
Speaking at the inauguration of the restructured MOFI board, Takang outlined the organization’s goal of increasing the federal government’s assets under management (UAM) to a staggering N100 trillion within the next decade.
Empowered by the MOFI Act of 1959, which is now encapsulated in Cap. 229, Laws of the Federation, 2004, MOFI is entrusted with the management of all federal government investments, interests, estates, easements, and rights. The organization is authorized to engage in commercial transactions on behalf of the federal government.
The recently inaugurated board, chaired by former Minister of Finance, Dr. Shamsudeen Usman, was officially introduced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
In an interview on the sidelines of the board’s inauguration, Dr. Takang emphasized MOFI’s optimism regarding the N100 trillion target, considering the diverse tangible and intangible assets yet to be accounted for.
He explained that MOFI’s focus was on optimizing both domestic and offshore assets owned by the federal government, including real estate, oil and gas assets, and solid minerals.
Dr. Takang highlighted that Nigeria possesses valuable real estate, oil and gas assets, and other assets in prominent global locations, some of which are currently inactive.
With the restructured board and the establishment of the National Assets Registry, MOFI’s primary agenda is to enhance the federal government’s corporate assets to ensure sustainable risk-adjusted returns. This involves measuring capital appreciation and dividends for government-owned entities.
The second agenda is an exhaustive examination of federal government investment assets, encompassing identification, enumeration, valuation, cataloging, management, optimization, and monetization across various asset classes.
Dr. Takang specified the asset categories, including corporate assets, real estate assets, oil and gas assets, solid mineral assets, and infrastructure assets with concessions. The aim is to ascertain their value, optimize their utilization, and maximize revenue generation.
MOFI is actively engaging with the capital market, recognizing the immense investment potential it offers. Dr. Takang expressed optimism that fruitful partnerships with capital market operators would materialize in the coming months, contributing to the realization of MOFI’s ambitious objectives. The organization believes that collaborative efforts with the private sector will leverage private capital and expertise to enhance the management of government investments.
Source: Thisday Newspaper