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MOFI Boss Says Outdated Law Limiting Government Asset Management

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By Gloria Ikibah

The Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, has said that the agency’s current legal framework is outdated and unable to meet the demands of modern asset management.

Speaking at a public hearing on “A Bill for anAct to Repeal The Ministry of Finance Incorporated Act, Cap M229 Laws of the Federation of Nigeria 2024, and Any Amendments Thereto, and to enact the Ministry of Finance Incorporated (Establishment, Etc.) Act in Abuja on Monday in Abuja on Monday, Dr. Takang supported the proposed repeal and replacement of the existing MOFI Act.

He explained that updating the law would help unlock the full value of government-owned assets, estimated at around N100 trillion.

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According to him, the new law would provide a structure to ensure that state-owned enterprises are run more professionally, leading to better economic returns and higher revenue for the country.

He said the changes would lead to increased dividend payments, stronger asset performance, and improved returns from investments held by the federal government.

Dr. Takang also noted that the bill would enable MOFI to set up a complete and up-to-date record of government assets and liabilities, helping to boost transparency, efficiency, and value across the board.

“MOFI has been restructured as the investment arm and assets manager of the Federal Government of Nigeria and mandated as custodian and active manager of all the federal government’s investment interests, assets, estates, easements, and rights. This new mandate positions MOFI as a strategic institution that supports the federal government’s efforts to address economic challenges and spur growth in the Nigerian economy. 
 
“MOFI’s strategic approach to executing its mandate involves -providing visibility over what the Federal Government owns; professionalising state-owned entities and other investment assets, ensuring they are effectively and efficiently managed to achieve greater economic impact.
 
“Delivering optimal risk-adjusted returns on FGN investments and assets in a consistent and sustainable manner; unlocking liquidity from FGN’s idle assets; and mobilising and investing capital in opportunities that are strategic to the nation’s economic and social development plans,” he submitted.
 
In his remarks, Speaker Tajudeen Abbas, who was represented by Rep. Billy Osawaru, said MOFI has consistently failed in its operations, to act in compliance with the laws and best practices since it was established  in 1959 and its legal framework updated in 2004.
 
The speaker said the agency required legal strengthening to be in a position to act more transparently on behalf of the Federal Government.
 
“We are here today as part of our critical legislative responsibilities to review and deliberate on the amendment of the aforementioned finance law to reposition it to comply with extant financial regulations and laws. 
 
“This public hearing provides a platform for you to make your contributions as stakeholders, experts, and interested parties to assist the House in repealing the Act and aligning it with contemporary realities. As lawmakers, our three cardinal responsibilities are oversight, lawmaking, and representation,” he said.
 
In their separate presentations, some federal government agencies such as Stock Exchange Commission supported the bill while Bureau for Public Enterprises(BPE) opposed the proposed legislation.
 
The BPE representative, Halima Halilu said the extensive asset management, investment and fund-raising powers proposed for MOFI in the bill need to be carefully reconsidered and hormonised with the extant statutes on powers and responsibilities of other agencies.
 
Speaking at the meeting, Chairman House Committee on the Finance, Rep. James Faleke said : “The amended Act is in tune with economic realities by providing necessary legislative frameworks to optimize the performance of MOFI to be in line with global best practices.
 
“The House Committee on Finance, National Assembly, has powers to make laws for the good, order and governance of the country are amply provided under section 4 of the Constitution of the Federal Republic of Nigeria 1999 (amended). Similarly, ORDER TWENTY RULE 54(1) (2) (a) & (c) OF THE Standing Orders of the 10th House of Representatives, the House Committee on Finance has oversight responsibility of the Ministry of Finance and its parastatals under it, as well as institutions responsible for governments investments in Banks and Statutory Corporations and Agencies.
 
“This public hearing is therefore to elicit inputs from the MOFI as an entity and other stakeholders as well as the general public, with a view to enhancing the performance of MOFI and to ensure adequate revenue generation for the government for sustainable national economic development.
 
“It is against these backdrops that the House of Representatives referred the MOFI Bill to the House Committee on Finance as the lead Committee to discharge legislative functions on the Bill together with the Committee on Public Assets and to revert to the House with necessary recommendation for passage.
 
“Consequently, the House Committee on Finance considers this public hearing a veritable legislative platform to galvanize public opinion on the way forward in the discharge of its legislative assignment to ensure effective passage of the Bill.
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See details of suspected kidnappers behind Enugu Catholic invasion

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The details of three suspected members of the kidnapping gang accused of abducting worshippers during an attack on St. Joseph’s Catholic Church, Inoyi-Affa, Udi Local Government Area of Enugu State, have been revealed following their arrest by security operatives.

The suspects were identified as Aliyu Mohammed, Usman Mohammed and Babuga Usman.

Meanwhile, SaharaReporters gathered that Babuga Usman was killed during an alleged gun battle.

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The three men were arrested during a joint security operation involving operatives of the Department of State Services (DSS), Nigerian Army and other security agencies following the August 2, 2026 attack on the Catholic church.

The operation also led to the recovery of four AK-47 rifles, seven magazines, 133 rounds of 7.62mm special ammunition, $1,000 and ₦785,900 allegedly belonging to the criminal syndicate.

Recall that on Monday that troops of the Nigerian Army and DSS operatives under Operation UDO KA had arrested a suspected commander of a notorious kidnapping syndicate in Enugu State and recovered a cache of arms, ammunition and cash.

Although, the military authority didn’t reveal the identity of the suspects in the statement, the arrest followed the abduction of worshippers in Udi Local Government Area on August 2.

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In a statement issued on Monday, the Acting Deputy Director, Army Public Relations, 82 Division, Lieutenant Colonel Olabisi Olalekan Ayeni, said an earlier operation had resulted in the neutralisation of one member of the syndicate and the arrest of another suspect.

According to Ayeni, information obtained from the arrested suspect enabled security operatives to track the fleeing commander.

“Acting on the intelligence, troops intensified their manhunt and eventually tracked, intercepted, and arrested the syndicate commander as he attempted to flee Enugu State,” he said.

The arrested suspect subsequently led troops to the gang’s hidden armoury inside Umuchingu Ujenike Forest in Udi.

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“During the follow-up operation, troops recovered four AK-47 rifles, seven AK-47 magazines, and 133 rounds of 7.62mm special ammunition from the forest hideout,” the Army said.

The military said preliminary investigations indicated that the arrested kingpin was linked to several high-profile kidnapping operations across the South-East and North-Central regions.

The development also comes after the remaining victims of the August 2 attack, including seminarian Lawrence Igbo and Emmanuel Onwudi, were rescued by security agencies.

The Enugu State government said all the kidnapped victims were recovered alive and without injuries.

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Governor Peter Mbah, represented by the Secretary to the State Government, Prof Chidiebere Onyia, had disclosed this while parading the arrested suspects at the DSS office in Enugu on Monday night.

Onyia said the victims had identified the arrested suspects as the men responsible for their abduction, but didn’t disclosed their identities.

He also disclosed that ransom was paid during the rescue operation but insisted that the money was used as bait as part of a broader strategy to track the kidnappers.

The kidnapped victims were all recovered and they have been returned safe. None of them lost their lives or were harmed,” Onyia said.

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According to him, the security agencies prioritised the safety of the victims throughout the operation.

“Part of what was used was the ransom amount as bait, as part of our strategy. That was not the only strategy,” he said.

Onyia said all the ransom money paid had subsequently been recovered following the arrest of the suspects.

“So yes, ransoms were paid but they have all been recovered completely. They were used strictly as strategy and we have it and nobody was killed,” he said.

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2027: Aliyu, Ike Urge INEC to Use Osun Election as Litmus Test

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By Kayode Sanni-Arewa

The youngest Presidential Candidate Ambassador Aliyu Bin Abbas, and the Vice Presidential Candidate, Hon. Chinazam Ike of the Action Democratic Party has urged the Independent National Electoral Commission (INEC) to use the forthcoming Osun State Governorship Election as a litmus test for the 2027 General Election.

The duo, in a joint statement on Tuesday, said the Osun election provides INEC an opportunity to demonstrate its preparedness to conduct free, fair, transparent, and credible elections.

They urged the electoral commission to ensure that the processes of voter accreditation, voting, counting, collation, and declaration of results are conducted in accordance with the law.

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According to them, any shortcomings identified during the Osun election should be addressed before the 2027 general election.

“Osun should not be treated as just another off-cycle election. It should serve as a critical test of INEC’s readiness for 2027. Whatever shortcomings are identified must be corrected before the general election,” they said.

The ADP candidates also called on political parties, candidates and security agencies to ensure a peaceful electoral environment, while urging stakeholders to reject vote buying, intimidation, violence and other practices capable of undermining the democratic process.

They stressed that Nigerians deserve an electoral system in which their votes are protected and genuinely reflected in the final results.

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“Let Osun set a new standard for electoral integrity and demonstrate that Nigeria is ready for a credible 2027 General Election,” they said.

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Kalu Flags Off Skills Training for 150 Abia Youths

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By Gloria Ikibah

Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, has urged young Nigerians to acquire practical skills that will enable them to become self-reliant and contribute to the development of the country.

Kalu made the call on Monday while flagging off a four-month skills development programme for 150 youths in Bende Local Government Area of Abia State.

The programme, tagged “An Artisan Training on Building Projects”, is sponsored by the African Development Bank (AfDB) and facilitated by Family Homes Funds Limited (FHFL), with the support of the Office of the Deputy Speaker.

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Although 150 youths were selected from across Abia State, Bende secured 130 slots, with trainees drawn from each of the 13 political wards in the local government following the intervention of the Deputy Speaker’s office.

Abia and Enugu are the two South-East states selected for the pilot phase of the programme and are the first to commence training in the current cohort.

The programme, which runs from August to November 2026, comprises two months of theoretical training and two months of practical sessions.

Speaking at the opening ceremony in Bende, Kalu, who represents the Bende Federal Constituency, commended President Bola Ahmed Tinubu, the African Development Bank and Family Homes Funds Limited for supporting initiatives aimed at equipping young Nigerians with relevant skills.

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He said the programme reflected the President’s commitment to youth development.

“Let me thank my leader in politics, Senator Bola Ahmed Tinubu, a President who is not just saying he loves the youths in words, but doing that through action. This initiative won’t be possible without the help of the President of the Federal Republic of Nigeria. He is the one who has energised Family Home to begin to scout for youths who will be equipped for the future,” Kalu said.

The Deputy Speaker described Nigeria’s youthful population as one of the country’s greatest assets, particularly as the nation prepares for a future in which its population is expected to rank among the world’s largest.

He urged the trainees to remain committed to the programme and resist any temptation to abandon their training midway.

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Kalu disclosed that participants who successfully complete the programme will receive certificates recognised nationally and internationally, while job placements had also been arranged for qualifying participants in the first phase.

He urged the beneficiaries to regard themselves as part of the foundation for rebuilding Bende, Abia State and Nigeria.

“The only way you are going to pay Mr. President, the African Development Bank back, Family Home and the Office of the Deputy Speaker back is by showing dedication. Finish the training. What is waiting for you at the end is big.

“The youths are the energy of the nation. The more we equip them, the better we build the nation. If we abandon them, we abandon our future. If we hold their hands, we prepare a nation that generations unborn will be proud of. That is why I am happy to be here, see you all bright and ready to build the nation.

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“We decided to go this route because we are looking for what we can give you, that somebody cannot take away from you because it will go with you everywhere you go. The knowledge you acquire from here will germinate into a very big tree that will provide shelter for a whole lot of people.
“I am counting on you, as we want to rebuild Bende, rebuild Abia, rebuild the Federal Republic of Nigeria, I am counting on you. Segment by segment, phase by phase, we will train a whole lot of youths, for them to be able to fend for themselves and fend for their loved ones,” he said.

A representative of Family Homes Funds Limited, Builder Ugwueri John, said the initiative was in line with the Federal Government’s efforts to reduce dependence on white-collar employment by equipping young Nigerians with practical skills.

He thanked Kalu for ensuring that the programme was brought to Bende.

“Thank you for bringing this training to Bende. This training will last for four months, starting from this August to November. It is an intervention programme, keying into the mantra of this present government to equip our unemployed youths with skills.

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“It is a skill that drives economy of this nation and our teaming unemployed youths rely on white collar jobs or government jobs. So, the government of the day saw the need to engage our youths in skill development and this one is one of them.

“Out of the 150 trainees selected for the training, Bende has the highest number courtesy of the Deputy Speaker.

“For these four months, we are going to dedicate them to the theoretical aspect of the training for two months which we have already started and practical training for another two months. I want to thank the Deputy Speaker for bringing this training to Bende,” he said.

Speaking on behalf of the trainees, Kalu Chinedu Peter, from Amogwu village in Bende LGA, expressed appreciation to the President and Deputy Speaker for bringing the programme to the community.

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“I am one of the trainees. On behalf of my fellow students, we are thanking His Excellency for bringing this particular programme to Bende town. We pray that he will continue to be on that seat till 2031, and we pray that our President, Senator Bola Tinubu Ahmed will continue till 2031. Enemies will never see them,” he said.

Another trainee, Dabara Samuel Fumilayo from Item B in Bende, said the training will have benefits beyond the immediate beneficiaries.

“I want to appreciate His Excellency for his love and care for the youths. Personally, I am keen to be a full partaker of this project because we are not really talking about today, we are talking about our future, not only for us, for the upcoming ones. Whatever we learn here will not only benefit people of Item, Abia and the whole Nigeria, but the world,” she said.

The organisers said the training will be implemented in phases to enable more interested young people to benefit from the initiative.

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