KEY POINTS

• MOFI’s asset recovery and investment management mandate is supported by lawmakers.
• Under Buhari administration, MOFI metamorphosed under private-firm model.
• Creation of Asset register and sectoral investments continue to be key MOFI priorities.

House of Representatives Committee on Finance joins path with Ministry of Finance Incorporated (MOFI) in the recovery and management of Federal Government’s assets and investment. The pledge was made by Committee Chairman James Faleke after an oversight visit to MOFI’s headquarters in Abuja on Thursday.

Reinvigorating MOFI for asset management

Faleke also commended the bank’s Managing Director, Armstrong Takang, for his leadership and credited former President Muhammadu Buhari for revitalising the MOFI, which remained asleep since its establishment in 1959. Faleke said MOFI now actively manages assets in government corporations and agencies using national resources.

While visiting, the committee made recommendations of the way to better MOFI’s operations. Things are still going well on our first visit. Faleke added that we’ve shared observations, and we believe MOFI is addressing our concerns.

Mandate and progress of MOFI

MOFI’s transformation during the Buhari, Takang explained, marked by a new governance structure and operational independence along the lines of Singapore’s Temasek model. MOFI now identifies, records and facilitates financing of government assets and mobilizes investments in key areas such as technology and housing.

“The restructuring means that MOFI will operate as a private firm of the Federal Government.” Takang explained that our mandate is to create an asset register, drive investments across sectors, support portfolio companies like BOI, Galaxy Backbone, and NNPCL.

MOFI is overseen by a Board of Directors headed by Dr. Shamsudeen Usman and a Board of Directors appointed by the President of Tinubu as Governing Council. Takang concluded by saying: “Our aim is to make sure MOFI is well structured and allow MOFI to partner effectively with portfolio companies.”