MOFI to raise FG’s assets to N100tr in 10 years

The Ministry of Finance Incorporated (MOFI) has said it is making moves to raise the federal government’s assets under its register from N18tr to N100tr in 10 years.

Speaking during a visit to the National Family Home Funds Limited, yesterday in Abuja, the CEO of MOFI, Armstrong Takang, said it is exploring several options to turn the government’s assets into investments through valuation.

“We are starting with an asset base of 40 companies that have been valued; that is our take-off point. There are a lot more companies but the valuation is just over N18tr.

“The target we are given is to grow its assets under our management to over N100trn in the next 10 years. The idea is that the elements in the National Assets Register will have to be converted into assets that generate cash flow.”

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Takang further explained that N18tr assets do not include any of the country’s major infrastructure, like airports, seaports or mining rights.

He added that this shows there is room to grow that asset.

“But there is a whole lot that needs to be done to take those assets and convert them to investments or assets that generate cash flow and this growth will come from capital appreciation from our existing assets.

“The new deal we are going to do or credit enhancement but the large percentage will come from moving those assets from our asset register to become actual cash flow generating assets and in some cases, it can be concessions,” he said.

“We want value for money on all government assets.  Today, if you ask anyone that is listening to the news, they will tell you how much government owes, almost to the last kobo but nobody can tell you what government owns and how much it is worth.”

He said the agency would therefore enumerate all the assets of the government and identify those that have investment potential, like corporate assets, real estate, mining rights, oil and gas, patent on intellectual rights and intangible assets.