THE Ministry of Finance Incorporated (MOFI) has stated that government institutions that prioritise an efficient corporate governance structure are supporting the Federal Government’s quest to attract private capital for Nigeria’s infrastructural development.
Managing Director of MOFI, Armstrong Takang, said this at the official launch of the Corporate Governance Scorecard in Abuja.
The two day event, held on April 7 and 8 themed ‘Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,’ was organised in partnership with the World Bank and is part of the Nigerian government’s efforts to reposition federal government-owned enterprises and government-linked companies 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 centred on the enumeration, professionalisation, and optimisation of the federal government’s commercial assets.
MOFI is tasked with transforming underperforming assets into high-performing entities, attracting investments, and maximising returns to the Nigerian public.
According to Takang, a corporate governance culture in public institutions will attract private capital into Nigeria’s public sector financing.
He explained further that the initiative aims to improve transparency, accountability, and efficiency in the management of public resources.
Takang added that the mechanism would focus on evaluating the performance of State-Owned Enterprises (SOEs), identifying areas for improvement, and implementing reforms to boost productivity.
“State-owned enterprises form a critical component of the national economic framework. They wield considerable influence across key sectors, including energy, infrastructure, telecommunications, and financial services,” he noted.
The forum 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.
Speaking at the event, Shamsudeen Usman, a former Minister of National Planning who now heads the board of MOFI, said the government wants its actions to reflect corporate governance efficiency.
“We want our action to speak for us henceforth so that we can attract private capital for government enterprises through our transparency,” Usman said.
He added that MOFI is prepared to ensure performance-based corporate governance in the public sector, noting that agencies that prioritise this should be rewarded.
The former minister further declared that the code of ethics and professionalism in corporate governance is henceforth the watchword for government enterprises.
Recognising the importance of ethics and professionalism in corporate governance, Usman noted that MOFI has embarked on strategic reforms to reposition SOEs for value creation.
“MOFI is tasked with serving as an active asset manager for the Federal Government, ensuring the professionalisation, optimisation, and efficient administration of government-owned enterprises.
“With the MOFI corporate governance scorecard initiative, the government is putting in place a mechanism to assess, monitor, and enhance the performance of its SOEs,” he said.
In delivering one of its key duties of managing government enterprises, The ICIR reported that MOFI has officially restructured and taken control of the government’s 40 per cent equity holding in the 11 privatised successor electricity distribution companies (DISCos).
Notably, MOFI is the investment and enterprise vehicle of the Nigerian government domiciled with the Federal Ministry of Finance.
Before now, the Bureau of Public Enterprise (BPE) has maintained such control of the government’s 40 per cent shares in the 11 Discos.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.