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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
Ex-Governor Uduaghan, Daughter Dump PDP, Join APC

By Kayode Sanni-Arewa
Ex+Governor Emmanuel Uduaghan of Delta State and his daughter, Orode Uduaghan have dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).
The Uduaghans returned to the APC on Wednesday.
Uduaghan and his daughter joined the APC at their Warri, GRA residence.
He was received into the party by its Delta South Women Leader, Alero Tenumah; the party’s Chairman in Abigborodo Ward 6, George Ino, and other party leaders in the ward and local government levels.
The ex-governor, whose new APC membership card reads: ‘Delta WRN//023/32001′, praised the party’s leaders for their solidarity and honour.
He assured them of synergy and continuous working relationship towards further development of Delta State.
Uduaghan’s daughter, who is the Delta State Commissioner for Humanitarian Affairs, Community Support Services and Child Development, Orode Uduaghan, also picked her APC membership card from the ward’s leadership of the party.
Tenumah urged new members to contribute meaningfully to the Renewed Hope Agenda of President Bola Ahmed Tinubu as well as the agenda of Governor Sheriff Oborevwori.
She assured Uduaghan and the new members of the party’s support and collaboration.
News
120 vultures poisoned by poachers in South Africa – Official

By Francesca Hangeior
At least 120 endangered vultures died after eating an elephant carcass poisoned by suspected poachers in South Africa in one of the single largest such spikes in the region, wildlife officials said Thursday.
Another 84 vultures were evacuated by road and helicopter for treatment and monitoring after the poisoning in the Kruger National Park early this week, the park and Endangered Wildlife Trust (EWT) said in a statement.
“The scale of the tragedy is staggering: 123 vultures were found dead at the scene,” the statement said.
The dead birds of prey included white-backed vultures, Cape vultures and a lappet-faced vulture, which are all listed as endangered or critically endangered species.
Poachers had laced the elephant carcass with highly toxic agrochemical pesticides in a method increasingly being used to target species such as vultures and lions, whose body parts are in demand for traditional medicine, the statement said.
It was the biggest single such poisoning since 2019, when more than 500 endangered vultures died in Botswana after eating elephants whose carcasses were poisoned by poachers, EWT birds of prey programme manager Gareth Tate told AFP.
Poachers who use poison either lace a dead animal with a toxin or snare one to use as bait, he said.
“We have seen a massive spike in poaching for lion parts, for which sometimes vultures are the unintended victims,” Tate said.
In some cases, birds of prey are “maliciously targeted” by poachers because they are natural sentinels and can give away the location of the poaching of other animals, he said.
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Cardinal-electors vote in historic conclave to choose next Pope

By Francesca Hangeior
The Director of Public Communications, Lagos Catholic Archdiocese, Rev. Fr. Anthony Godono, on Thursday confirmed that the 133 Cardinal-electors for the new Pope would return to the Sistine Chapel to elect a new Pope after their first ballot on Wednesday failed to produce a new Pope.
Godono, described the process as flawless as the cardinals decisions were being directed by the Holy Spirit.
The Lagos archdiocesan communications director, spoke on the process, said that after the first ballot, no Pope elected that the trend has been for centuries.
“Today, May 8, the Cardinal-electors will return this morning to continue with voting until a Pope is elected. The Cardinals are expected to have two rounds of votes this morning and two more in the evening if we do not have a Pope elected in this morning’s session.
“Black smoke emanated from the chimney atop the Sistine Chapel yesterday evening, indicating no new pope was elected during the first round of voting.
“One hundred and thirty-three red-robed cardinals from around the world have filed into the Sistine Chapel to the strains of a choir backed by organ music, and the doors were sealed behind them.
“The papal conclave — a centuries-old tradition to elect a new head of the Catholic Church,” he said.
He said that the announcement of a new pope will be made with white smoke billowing from the Apostolic Palace. Soon after, the new pope will emerge onto the balcony to greet his flock.
The cardinal electors faced a stark choice to select a pope who would follow in the footsteps of late Pope Francis, an Argentine reformer who advocated for migrants and the environment, or one who would guide the Catholic Church down a more traditional path.
The meticulous selection process has kept the world in suspense for weeks after the demise of Pope Francis.
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