Reps pledge help for MOFI on belongings, investments restoration

The Home of Representatives Committee on Finance on Thursday pledged to help the Ministry of Finance Included (MOFI) in its efforts to get well belongings and investments for the Federal Authorities.

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

The Lagos lawmaker recommended the Managing Director of MOFI, Armstrong Takang, for his management and praised former President Muhammadu Buhari for revitalising MOFI, which he stated had been inactive since its institution in 1959.

He stated, “MOFI was established in 1959 however remained dormant till the Buhari administration revived it and reorganised it to make it extra viable. MOFI holds all our belongings in numerous authorities companies and companies. Organising a administration crew to harness the nation’s assets was an incredible concept, and we, as a committee, and certainly the Home of Representatives, will present all of the help it must thrive.

“That is our first go to, and on the entire, issues are going nicely. As we speak, we made a number of observations and offered steering on sure areas, and we imagine they’ve taken observe of our issues, guaranteeing every little thing will go nicely.”

In his remarks, Takang defined that earlier than the restructuring, MOFI operated merely as a dormant entity inside the Workplace of the Accountant Basic of the Federation.

“The Buhari administration recognised the significance of finance administration reforms to rework MOFI from a shelf entity into an lively entity, functioning successfully as a non-public agency owned by the Federal Authorities, much like what Singapore did in 1974.

“To restructure our economic system, we should place extra emphasis on our investments and belongings and discover how they’ll contribute to the economic system. This was the inspiration for final yr’s restructuring of MOFI.

“A part of the reforms features a change within the governance construction, the place the President chairs a governing council that features a number of ministers and three people. There’s additionally a Board of Administrators, chaired by Dr Shamsudeen Usman, former Minister of Finance, alongside 5 different unbiased members. Our Government Administration Staff, which I lead, contains 4 members.”

He continued, “MOFI’s mandate is to checklist the assorted belongings that the Federal Authorities owns throughout completely different asset courses. This can assist us set up and monitor the federal government’s belongings. We’re creating an asset register.

“We’re working intently with portfolio corporations to supply help in areas similar to company governance, recapitalisation, and different companies essential to make sure they meet their mandates, which embrace BOI, Galaxy Spine, NIGCOMSAT, NNPCL, and others.

“We’re additionally collaborating with the federal government to mobilise investments in different sectors, similar to housing and expertise,” he stated.

On the board’s progress, Takang said, “Our purpose is to make sure that MOFI is correctly structured with a governance system to interface with portfolio corporations and supply the mandatory help.”