Reps pledge support for MOFI on assets, investments recovery

The House of Representatives Committee on Finance on Thursday pledged to support the Ministry of Finance Incorporated (MOFI) in its efforts to recover assets and investments for the Federal Government.

The Chairman of the committee, James Faleke, gave this assurance during an oversight visit to the headquarters of MOFI in Abuja.

The Lagos lawmaker commended the Managing Director of MOFI, Armstrong Takang, for his leadership and praised former President Muhammadu Buhari for revitalising MOFI, which he said had been inactive since its establishment in 1959.

He said, “MOFI was established in 1959 but remained dormant until the Buhari administration revived it and reorganised it to make it more viable. 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.

“This is our first visit, and on the whole, things are going well. Today, we made several observations and provided guidance on certain areas, and we believe they have taken note of our concerns, ensuring everything will go well.”

In his remarks, Takang explained that before the restructuring, MOFI operated merely as a dormant entity within the Office of the Accountant General of the Federation.

“The Buhari administration recognised the importance of finance management reforms to transform MOFI from a shelf entity into an active entity, functioning effectively as a private firm owned by the Federal Government, similar to what Singapore did in 1974.

“To restructure our economy, we must place more emphasis on our investments and assets and explore how they can contribute to the economy. This was the foundation for last year’s restructuring of MOFI.

“Part of the reforms includes a change in the governance structure, where the President chairs a governing council that includes several ministers and three individuals. There is also a Board of Directors, chaired by Dr Shamsudeen Usman, former Minister of Finance, alongside five other independent members. Our Executive Management Team, which I lead, comprises four members.”

He continued, “MOFI’s mandate is to list the various assets that the Federal Government owns across different asset classes. This will help us establish and track the government’s assets. We are creating an asset register.

“We are working closely with portfolio companies to provide support in areas such as corporate governance, recapitalisation, and other services necessary to ensure they meet their mandates, which include BOI, Galaxy Backbone, NIGCOMSAT, NNPCL, and others.

“We are also collaborating with the government to mobilise investments in other sectors, such as housing and technology,” he said.

On the board’s progress, Takang stated, “Our goal is to ensure that MOFI is properly structured with a governance system to interface with portfolio companies and provide the necessary support.”