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.

The Defence Headquarters has disclosed that three soldiers of Operation Hadin Kai were killed while repelling an attack launched by Boko Haram terrorists in the Kukawa Local Government area of Borno State, on Monday.

A statement from the headquarters on Tuesday, however, said while mourning those who paid the supreme price, the acting Chief of Army Staff, Lt Gen Olufemi Oluyede, commended the troops for their courage, as he also urged them to sustain the momentum.

According to the statement, several items were recovered from the terrorists who launched an attack on troops of the 101 Special Forces Battalion.

The statement read, “In the early hours of 25th November 2024, an unconfirmed number of terrorists, mounted on gun trucks and motorcycles, launched an attack on troops of the 101 Special Forces Battalion under Operation HADIN KAI (OPHK) in Kukawa Town, Kukawa Local Government Area of Borno State.

“The attackers attempted to breach the camp using a Vehicle-Borne Improvised Explosive Device (VBIED) from the Gudumbali axis.

“The gallant troops, in a coordinated and determined response, engaged the terrorists with overwhelming firepower, bolstered by support from the Air Component and the Nigerian Army’s ‘Unmanned Aerial Vehicle Command.’”

The statement added that 12 of the terrorists were killed while others fled with gunshot injuries.

“During the confrontation, 12 terrorists were neutralised, while many others fled with gunshot wounds. The following items were recovered from the terrorists; 5 AK-47 rifles, 1 RPG bomb, 1 RPG tube, 2 Anti-Aircraft (AA) guns, 1 QJC gun, 1 NSV heavy machine gun, 40 motorcycles, 152 rounds of Shilka ammunition, among other items.

“Additionally, four out of seven VBIEDs deployed by the terrorists were destroyed,” it added.

It however stated that three soldiers lost their lives during the gun battle.

“Regrettably, three brave soldiers paid the ultimate price during the attack. Efforts to clear and exploit the area are ongoing, with house-to-house searches being conducted to ensure the area is secure”, it said.

The statement reassured all that Operation HADIN KAI remains steadfast in its mission to eliminate the remnants of terrorism in the Northeast and foster an environment where socio-economic activities can thrive in line with its mandate.

The National Industrial Court, Abuja, yesterday heard a case filed against the Nigeria Police Force and the inspector general of police (IGP) by some police officers. The IGP refused to decorate them with their new ranks, which they had been promoted and approved by the Police Service Commission pursuant to its Act.

Counsel representing the claimants in the matter, Barrister Muka’ila Yahaya Mavo, argued and prayed that the court should order the Nigeria Police Force and the inspector general of police to give effect and implement the 19th plenary decision meeting of the Police Service Commission that sat and approved the promotion of 4, 449 police officers.

The decision of the commission was in line with section 6 [1] [a] of the Police Service Commission Act and section 16 [3] [a] of the Police Act.

Yahaya Muka’ila Mavo further argued that this has been the tradition between the Nigeria Police Force and the Police Service Commission, and it has been given a judicial flavour by the Supreme Court, which held that the Police Service Commission is responsible for the appointment, promotion, and discipline of all police officers (other than the IG).

Hon. Justice R.B Haastrup has adjourned the case to 18th December 2024.