The House of Representatives Committee on Finance pledged its support to the Ministry of Finance Incorporated (MOFI) to recover and manage government assets and investments. This commitment was made on Thursday by the committee’s chairman, James Faleke, during an oversight visit to MOFI’s headquarters in Abuja.
Faleke praised MOFI’s Managing Director, Armstrong Takang, for his leadership and credited former President Muhammadu Buhari for revitalizing the agency, which had remained largely inactive since its founding in 1959.
“MOFI was established in 1959 but remained dormant until the Buhari administration revived it and reorganized it to make it more viable,” said Faleke. “MOFI holds all our assets in various government corporations and agencies. Setting up a management team to harness the country’s resources was a great idea, and we, as a committee, and indeed the House of Representatives, will provide all the support it needs to thrive.”
Takang explained that before restructuring, MOFI operated as a passive entity within the Office of the Accountant General. He noted that reforms introduced by the Buhari administration transformed MOFI into an active financial entity, modeled after similar organizations, such as Singapore’s Temasek Holdings.
“To restructure our economy, we must place more emphasis on our investments and assets,” said Takang. “This was the foundation for last year’s restructuring of MOFI. Part of these reforms includes a new governance structure, with the President leading a governing council alongside several ministers and three independent members. Additionally, a Board of Directors, chaired by former Finance Minister Dr. Shamsudeen Usman, oversees strategic direction.”
MOFI’s primary mandate is to catalog and track federal assets across various sectors, establishing an asset register. The agency collaborates with key portfolio companies, including the Bank of Industry (BOI), Galaxy Backbone, NIGCOMSAT, and the Nigerian National Petroleum Company Limited (NNPCL), to ensure effective governance and financial stability.
“Our goal is to ensure that MOFI is properly structured with a governance system to interface with portfolio companies and provide the necessary support,” Takang added.
The committee’s endorsement marks a significant step in MOFI’s efforts to maximize the economic impact of Nigeria’s government-owned assets.