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Finance ministry amendment bill scales second reading

The House of Representatives on Tuesday approved for second reading a bill to repeal the Ministry of Finance Incorporated Act, 1959, and any amendments thereto, and to enact the Ministry of Finance Incorporated (Establishment) Act, 2023, along with related matters.
The bill, sponsored by Ademorin Kuye, the member representing Shomolu Federal Constituency, Lagos State, aims to ensure effective ownership, accountability, and management of federal government assets.
MOFI, established in 1959 by an Act of Parliament, serves as the sole custodian of Federal Government assets across the country.
Kuye noted that since its establishment, the agency has failed to meet public expectations, citing widespread “pillage, brigandage, abandonment, diversion, misappropriation, and abuse of federal assets throughout the country.”
The Lagos lawmaker argued for new legislation, stating that the 1959 Act, with only six sections, lacks the capacity to enable the corporation to fulfil its modern mandate.
“The new Act introduces a comprehensive framework of 49 sections to govern the conduct, management, and use of Federal Government assets,” Kuye said.
Presenting the general principles of the bill, Kuye explained that once passed into law, the proposed legislation would revitalise MOFI by establishing a robust institutional framework to enhance its corporate governance and organisational structure.
“This bill will provide a strong legal foundation for the emergence of a truly national corporation capable of managing, accounting for, and optimising over N300 trillion worth of Federal Government assets. It will grant MOFI certain powers and ensure that the board is properly incentivised,” he added.
The bill’s objectives, outlined in Section 3, include empowering MOFI to identify and enumerate all Federal Government assets and investments, ensure their productivity and sustainability, develop and implement a national asset management strategy, act as the investment vehicle for government assets, and advise the Federal Government on asset and investment matters.
Additionally, the bill proposes the creation of a national asset register for MOFI, which will provide an accurate record of government assets and liabilities, their value, depreciation, location, and components.
Kuye stressed that the bill would ensure efficient control, management, utilisation, and disposal of government assets, as directed by the council.
In its miscellaneous provisions, the bill grants the Minister of Finance powers to issue guidelines and policies for implementing MOFI’s investment objectives. It also specifies actions for legal proceedings, Federal High Court jurisdiction, and MOFI’s authority to set regulations for managing government assets.
The lawmaker highlighted the benefits of the bill, including increased revenue generation, reduced financial leakages, and enhanced value of the national asset portfolio.
“Currently, MOFI has only N18 trillion registered as the value of assets in its portfolio. With the proposed national asset register, a comprehensive census of Federal Government assets, including holdings in multilateral agencies, could raise this figure to an estimated N350 trillion, significantly bolstering the economy,” Kuye said.
News
Zed-Faith Foundation Donates Food, Medical Supplies to Orphanage, Elderly Homes in FCT

By Kayode Sanni-Arewa
In a bid to ease the impact of rising food prices and economic hardship, the Zed-Faith Foundation International has donated food items and medical supplies to Ark of Refuge Orphanage and Old People’s Home in Kado, Abuja.
The items were distributed over the weekend by representatives of the Foundation on behalf of its Founder and Chairman, Amb. Daniel Onyeka Newman, a UK-based Nigerian and Chief Executive Officer of SBI.
The Foundation’s Media Consultant, Amb. Victor Atewe, who led the delegation, said the donation was a personal initiative by the Chairman and not funded by government or external bodies.
“These items are intended to directly support the children and elderly, and we trust they will be used solely for that purpose,” Atewe said.
He added that the Foundation plans to continue its outreach efforts across the country, noting that the economic situation has made daily survival increasingly difficult for vulnerable groups.
The Foundation also used the occasion to urge the federal government to collaborate more with credible non-governmental organisations in supporting disadvantaged populations, especially as inflation and food insecurity worsen.
Speaking on behalf of the Country Representative, Mr. Chinnaya Dominic Chikwado, the Foundation’s Administrative Officer, Mr. Udodirim Okorie, called on well-meaning Nigerians to support charitable causes and contribute to alleviating the burden on those most affected by the country’s economic crisis.
Representatives of the Old People’s Home and Ark of Refuge Orphanage expressed appreciation for the gesture, describing it as timely and impactful. They noted that such support helps bridge the gap in essential services for the elderly and children in their care.
“This donation will go a long way in meeting our daily needs.”
“We thank the Foundation for its continued support, especially during such challenging times.”
“Even the smallest gesture makes a big difference to those who have no one else to turn to.”
“We hope others are inspired to follow suit and remember those most in need.”
News
May Day: Senator Manu celebrates with Nigerian workers

The Senator representing Taraba Central Senatorial District, Manu Haruna celebrates May Day with Nigerian workers in Taraba and across Nigeria.
Senator Manu in a congratulatory letter to all Nigerian workers said:
“Your labour towards building a virile nation shall never be in vain as you celebrate May Day today in Nigeria and across the globe.
The former Taraba State Deputy Governor acknowledged the invaluable contributions of workers across various sectors and emphasized their crucial role in driving the nation’s development and progress.
He encouraged continued solidarity among workers while advocating for better working conditions, fair wages, and enhanced opportunities.
News
Ibas Pledges Commitment to Workers’ Welfare

The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas, has reaffirmed his commitment to improving the welfare of workers across the state.
This assurance was given during a meeting with the leadership of organised labour unions held at the Government House in Port Harcourt.
According to a statement issued by the Senior Special Adviser on Media to the Administrator, Hector Igbikiowubo, the meeting served as a platform for open and constructive dialogue on critical labour matters.
The statement outlined key areas of intervention currently being addressed by the government.
These, he said, included the timely payment of salaries and pensions, as well as the resolution of salary arrears, with approval already granted for the payment of newly employed workers at the Rivers State University Teaching Hospital and the judiciary.
Similarly, he said medical workers in the local government areas would receive their proper wages.
He said the minimum wage was being implemented for all local government employees across the state.
The administrator also noted that his administration was currently reviewing challenges related to the contributory pension scheme, ahead of the July 2025 implementation deadline.
Ibas disclosed that plans were underway to expand the fleet of intervention buses reintroduced to ease the transportation burden of workers.
On capacity building, the administrator announced that specialised leadership training for senior civil servants would begin within the next two weeks.
He also revealed that the government was actively considering the implementation of the N32,000 consequential pension adjustment, along with measures to clear outstanding gratuities owed to retirees.
While commending workers for their dedication to service, he called for continued collaboration with labour unions to ensure lasting industrial harmony in the state.
According to the statement, the State Chairman of the Nigeria Labour Congress (NLC), Alex Agwanwor, expressed appreciation to the administrator for the steps already taken to promote workers’ welfare.
Agwanwor also lauded the government’s openness to dialogue and pledged the sustained support and cooperation of labour unions in achieving shared goals.
Meanwhile the NLC has directed its members in the state to observe the International Workers’ Day as a peaceful rally, which is expected to be held within the premises of the union, involving all affiliate unions, and would focus on advocating for the restoration of democratic governance in the state.
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