The Ministry of Finance Incorporated (MOFI), the investment vehicle of the federal government, has said it is working to attain N100 trillion in Asset under Management (AuM) to optimise value in government investments.
MOFI expressed determination to attain the goal from its current N18 trillion valuation by unlocking liquidity from the country’s idle assets.
The Chief Executive Officer of MOFI, Dr. Armstrong Takang stated this on Monday during the Closing Gong Ceremony held in honour of MOFI’s engagement with capital market stakeholders at the Nigerian Exchange Limited (NGX) trading floor in Lagos.
MOFI also expressed readiness to mobilise, exploit and invest in opportunities that are strategic to the country’s economic and social development plans.
Takang emphasized the importance of optimizing the value of government investments and assets, aiming to mobilize, structure, and deploy investment capital in priority sectors of the economy.
“MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalizing Government Owned and Government Linked entities (GOE and GLEs)”, he added.
Meanwhile, the management of the NGX, along with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON), have pledged support to collaborate with MOFI to boost capital market development and listings.
Temi Popoola, the CEO of NGX, commended MOFI for its role as the custodian of government investments and assets, emphasizing that NGX is eager to collaborate with MOFI to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market.
He said: “This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda. This is an exciting time and you may have seen that our local investors really stepped up their participation in the market recently.
“We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets”.
Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS), pledged cooperation with MOFI, particularly in areas like capacity development and other market-related initiatives.
Sam Onukwue, the Chairman of ASHON, noted that the partnership’s impact on the Nigerian economy would extend beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.
On her part, Tinuade Awe, the CEO of NGX Regulation Limited (NGX RegCo), highlighted the regulatory company’s commitment to collaborating with MOFI on matters of transparency, investor protection, and mitigating systemic risks.
