MOFI:  Securitizing FG’s Assets, Attracting Investments

Through its various activities, the Ministry of Finance Incorporated (MOFI), the sole manager of the federal government’s investments, estates, and rights, has shown fresh resolve, following laid down processes, to securitize Nigeria’s assets and attract private capital to the country’s public sector, writes Emmanuel Addeh.

With firm adherence to good corporate governance, the Nigerian government is showing renewed commitment to attracting investors, with a view to attracting the much-needed investment, in trillions of naira, to grow the Nigerian economy and boost the expansion of public infrastructure. 

Given that the economic reforms of the federal government have begun to show resilience, industry watchers as well as experts in various spheres of knowledge, have posited that Nigeria can indeed attain the $1 trillion economic size being projected by the current administration, especially through intentional reforms in corporate governance.

Over the years, it has been shown that investors are willing to put in their hard-earned resources where there’s a culture of good corporate governance.  In pursuit of this objective, MOFI has shown that needed commitment through the operationalisation of a corporate governance code. 

Having established the fact that State-owned Enterprises (SOEs) are critical drivers of Nigeria’s economic development, the organisation, under its current energetic leadership, is moving to remove all encumbrances to issues that have hindered investment public assets.

Some of these enterprises span across key sectors such as oil, gas, power, energy, transport, telecommunications and agriculture. However, challenges in management efficiency, resource mobilisation and service delivery continue to limit their impact. 

In order to nip these identified challenges in the bud,  MOFI recently launched the Nigerian Government’s first ever Corporate Governance Scorecard at a two-day Corporate Governance Forum event held on April 7 and 8, 2025 in Abuja. The theme of the event was: “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance”.

To set the tone for the event which brought together senior government officials, industry leaders, development partners, corporate governance experts, and executives from Federal Government-owned Enterprises and Government-Linked Companies across Nigeria and West Africa, the Managing Director of MOFI, Dr. Armstrong Takang, who was at the forefront of organising the event, stated that government institutions are currently being positioned to prioritise corporate governance.

He further stated that: “At the core of the transformation of institutions is the Corporate Governance Scorecard, noting that it is a powerful tool for measuring, strengthening and institutionalising best practices.”  

Takang stated that government institutions who prioritise efficient corporate governance structure are supporting the federal government’s quest to attract private capital for Nigeria’s infrastructural development.

He further stated that investors are looking for credible platforms that demonstrate huge capacity in corporate governance structures and are willing to give the federal government trillions of Naira through investments. He added that this is possible with State Owned Enterprises (SOEs) properly positioning their enterprises as champions of corporate governance.

According to Takang, instilling a corporate governance culture in public institutions will promote private enterprises and attract private capital into Nigeria’s public sector financing. He further explained that the Corporate Governance Scorecard initiative aims to improve transparency, accountability, and efficiency in the management of public resources.

He added that the newly implemented mechanism being mainstreamed by MOFI would focus on evaluating SOE performance, identifying areas for improvement, and implementing reforms to boost productivity.

To quote the Managing Director of MOFI from his presentation at the event: “State-owned Enterprises (SOEs) form a critical component of the national economic framework, and they wield considerable influence across key sectors, including energy, infrastructure, telecommunications, and financial services”.

Takang added that MOFI was prepared to ensure performance-based corporate governance in the public sector, adding that agencies who prioritise that should be rewarded.

In his own submission at the event, former Minister of National Planning, Dr. Shamsudeen Usman, who now heads the board of MOFI, stated that the federal government wants its own action to reflect corporate governance efficiency. He noted that Nigeria is transforming from passive SOE ownership to a model that prioritises performance, financial stability and national development. 

Besides, these efforts aimed at instituting transparency and accountability in SOEs, are supported by the World Bank Group and other financial institutions, which play a crucial role in advancing corporate governance. 

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who delivered the opening speech at the event reiterated that the code of ethics and professionalism in corporate governance is henceforth the watchword for government enterprises.

Edun noted that the government, through MOFI, recognises this and has embarked on strategic reforms to reposition SOEs for value creation.

All the speakers at the event agreed that MOFI is now effectively carrying out the mandate given to it, which is to serve as an active asset manager for the federal government, ensuring the professionalisation, optimisation, and efficient administration of government-owned enterprises at all times.

The two-day event, which was organised in partnership with the World Bank, marked a significant step in Nigeria’s efforts to reposition Federal Government-Owned Enterprises (FGOEs) and Government-Linked Companies (GLCs) as key instruments in driving inclusive economic growth and national development.

Established in 1959 and recently restructured, MOFI serves as the asset manager for the federal government. Its renewed mandate is centered on the enumeration, professionalisation, and optimisation of Federal Government of Nigeria’s commercial assets.

Besides, the organisation is charged with transforming underperforming assets into high-performing entities, attracting investments, and maximising returns to the Nigerian public.