• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

President Buhari explains how reforms of Ministry of Finance Incorporated will grow assets to N100 trillion

William Ukpe by William Ukpe
February 2, 2023
in Business News, Economy
How Nigeria's mining sector soars high under Buhari -KPMG

President Muhammadu Buhari

Share on FacebookShare on TwitterShare on Linkedin

President Muhammadu Buhari said his government is reforming the Ministry of Finance Incorporated (MOFI) to deliver on its mandate and grow Assets Under Management from N18 trillion to N100 trillion in the next 10 years. 

Disclosing this via Twitter on Thursday, the President explained that MOFI will also collaborate with other MDAs to create a consolidated National Asset Register for the Federal Government’s assets. 

Reasons for reform: The President said the reform will enable MOFI to operate in line with global best practices, and grow assets to N100 trillion. 

RelatedStories

Doris Uzoka-Anite

Finance ministry urges MOFI to ensure transparency in asset valuation and management

March 13, 2025
LASG,

Lagos govt, FG seal deal to begin 68km rail project connecting VI, Lekki, Ajah 

January 28, 2025
  • “We are reforming the Ministry of Finance Incorporated (MOFI). The old MOFI was not structured to deliver on the mandate expected of it. The new MOFI will operate in line with global best practices, as a trusted custodian and manager of the FG’s investments and assets. 
  • “To this end, I have charged the new Governing Council and Board of Directors, which I inaugurated yesterday, to grow MOFI’s Assets Under Management from the current value of 18 trillion Naira to at least 100 trillion Naira in the next 10 years.”

Asset register: The President added that he ensured that the Finance Ministry amended the MOFI Act and also work with other MDAs to create a National Asset register. 

  • “I have also directed the following: MOFI to work with other MDAs to create a consolidated National Asset Register for the Nigerian Government’s assets; Finance Ministry to ensure the amendment of the MOFI Act & other legislations, to further institutionalize this reform.”

The Governing Council is to be headed by the President, the Board of Directors led by a former Minister of Finance, Dr Shamsudeen Usman, and an Executive Management Team headed by Dr Armstrong Takang. 

Buhari says he is confident that the restructured and repositioned MOFI will help Nigeria identify what we own and how to get the best out of them.  

  • “MOFI is now on a journey towards becoming a global investment brand, like many of its counterparts around the world.”

What you should know: The MOFI Act of 1959, now Cap. 229, Laws of the Federation, 2004, explicitly empower MOFI to enter into commercial transactions of any description on behalf of the Federal Government in its name. 

MOFI was used as a Special Purpose Vehicle across different sectors to invest in commercial entities over the last 64 years, adding that MOFI was created even before Nigeria’s independence. 


Follow us for Breaking News and Market Intelligence.
Tags: Ministry of Finance IncorporatedMOFIPresident Muhammed Buhari
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

Doris Uzoka-Anite
Economy

Finance ministry urges MOFI to ensure transparency in asset valuation and management

March 13, 2025
LASG,
Real Estate and Construction

Lagos govt, FG seal deal to begin 68km rail project connecting VI, Lekki, Ajah 

January 28, 2025
Federal Government of Nigeria subscribes to the ₦150 Billion Series 1 Issuance of MREIF to address Nigeria’s housing deficit 
Companies

Federal Government of Nigeria subscribes to the ₦150 Billion Series 1 Issuance of MREIF to address Nigeria’s housing deficit 

January 20, 2025
Poor governance in state-owned firms hurting Nigeria’s economy- Dr. Taikang Armstrong 
Economy

Poor governance in state-owned firms hurting Nigeria’s economy- Dr. Taikang Armstrong 

October 14, 2024
Lagos signs MoU with chinese firm for 68km rail project to connect VI, lekki, Ajah
Real Estate and Construction

Lagos signs MoU with chinese firm for 68km rail project to connect VI, lekki, Ajah

September 6, 2024
President Tinubu must keep his campaign promise on Nigerian Crypto Industry
Appointments

Tinubu appoints former Finance Minister, others as Chairman, directors ministry of finance incorporated

November 25, 2023
Next Post
Global Startup Awards Africa is in search for leading tech innovators 

Global Startup Awards Africa is searching for leading tech innovators 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document
  • Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC
  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

Follow us on social media:

Recent News

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics