The Nigerian Senate has initiated the process of repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act. The legislation seeks to modernize Nigeria’s approach to managing public assets, 66 years after the law was first enacted.
The proposed legislation, titled Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843), is sponsored by Senator Sani Musa, who represents Niger East and chairs the Senate Committee on Finance.
The bill passed its second reading during plenary on Tuesday. It aims to reposition MOFI as a commercially driven and performance-oriented institution that aligns with global sovereign asset management standards.
“The bill is intended to reposition MOFI as a key vehicle for national economic transformation,” Musa stated.
He explained that it would ensure public investments yield long-term value for the country while aligning with Nigeria’s broader development objectives.
Defining MOFI’s Role as Nigeria’s Public Investment Agency
MOFI, established under the original 1959 Act, is responsible for managing the federal government’s equity investments in various enterprises. The existing law allows the company to enter contracts, acquire property, and oversee assets on behalf of the government.
The new bill seeks to define MOFI’s role more clearly as the central public investment and asset management agency. It also aims to strengthen governance structures, improve transparency, and align MOFI’s operations with private-sector investment principles.
Key Provisions for Enhanced Oversight and Accountability
The bill includes several critical reforms:
- Modernizing institutional frameworks to ensure efficiency and sustainable management of Nigeria’s assets.
- Enhancing oversight of government-owned enterprises to drive profitability and accountability.
- Increasing transparency to align with international best practices.
“This bill is a crucial step toward building a stronger, more accountable system for managing Nigeria’s public assets,” Musa added.
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