Reps get report on N18tr public assets, query unauthorised spending

Members of the House of Representatives on Tuesday expressed grave displeasure over the Ministry of Finance Incorporated’s (MOFI) abysmal performance regarding the declaration of assets of 52 companies worth N18 trillion and 15,000 employees.

The lawmakers voiced their concerns during an investigative hearing into the public assets held by the House Committee, chaired by Ademorin Kuye. During the hearing, lawmakers questioned MOFI Managing Director, Dr. Armstrong Takang, about accessing budgetary allocations without proper authorisation.

The lawmakers, who spoke during the session, criticised MOFI management for failing to provide adequate records of public assets and revenue generation in line with its core functions since its establishment in 1959.

In his address, MOFI Managing Director, Takang, confirmed that the organisation accesses annual budgetary allocations. However, he blamed various Ministries, Departments, and Agencies (MDAs) for failing to cooperate with the organisation in its bid to obtain records of all titles.

Worried by the development, Kuye issued a seven-day ultimatum to MOFI for the submission of all relevant information to the Committee. The Committee also faulted the agency for operating without proper legislation establishing it.

“This is an agency we had high hopes of. What we request of you now is these classes of assets, including shares of publicly traded entities, limited liability entities and foreign based and other businesses and a list of these assets home and abroad, improvements that you have made thereupon and how it has helped the GDP.

“Another class is assets are the financial assets which includes public and private equities investments, fixed income and hedge funds, the fixed assets includes the real estates. We need you to give us a list of those estates.

“We would like to have the value of each if these real assets, revenue made through them for the past 10 years and the contributions they have made to the GDP.

“Another class is the cash flow generating transactions such as the concession agreement and the public private partnerships. We want a list of those concessions.