Reps committee backs MOFI’s efforts in asset recovery

Members of the House of Reps want the re-activstion of the price control board — The House of Representatives

The House of Representatives Committee on Finance has pledged its full support to the Ministry of Finance Incorporated (MOFI) in its mission to recover federal assets and investments.

The commitment was made during an oversight visit to MOFI’s headquarters in Abuja, led by Committee Chairman James Faleke.

Faleke, a Lagos lawmaker, praised MOFI’s Managing Director, Armstrong Takang, for his leadership and commended former President Muhammadu Buhari for revitalising the organisation, which had been largely inactive since its creation in 1959.

“MOFI was established in 1959 but remained dormant until the Buhari administration revived and reorganised it to make it more viable,” Faleke stated. “MOFI holds 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 in the House of Representatives will provide all the support it needs to thrive.”

In his remarks, MOFI’s Managing Director, Armstrong Takang, noted the restructuring efforts that have transformed MOFI from a dormant office within the Accountant General’s Office to a government-owned private entity, mirroring similar models seen in Singapore.

Takang explained, “To restructure our economy, we must focus on our investments and assets and explore how they can contribute to growth. This was the foundation for last year’s restructuring of MOFI.”

As part of the new governance structure, MOFI now operates under a governing council chaired by the President and includes ministers, a Board of Directors led by former Minister of Finance Dr. Shamsudeen Usman, and an executive management team headed by Takang himself.

“Our mandate is to establish and track the Federal Government’s assets across different sectors. We’re creating an asset register and working closely with portfolio companies such as BOI, Galaxy Backbone, NIGCOMSAT, and NNPCL,” said Takang.

He further noted that MOFI is actively working with government agencies to attract investments in areas like housing and technology, with the goal of creating a well-structured governance system to support Nigeria’s asset management strategy.