FG to Revive Moribund Assets on Stock Exchange
The Ministry of Finance Incorporated, MOFI, the special purpose investment vehicle and asset custodian agency of the Federal Government of Nigeria, has announced its plans to identify, revive and list all moribund government assets on the stock exchanges in the country.
Speaking on this plan yesterday during a working visit to the Nigerian Exchange Limited, NGX , MOFI’s Managing Director/Chief Executive Officer, Dr. Amstrong Takang, stated: “Our aspiration is to grow MOFI’s Asset Under Management, AUM, to a minimum N100 trillion from N18 trillion over the next 10 years and increase the economic impact on Nigerians.”
While briefing the capital market stakeholders on the reason behind its visit, he said: “We have come to collaborate with the entire stakeholders in the capital market from the Chartered Institute of Stockbrokers, CIS, Association of Stockbroking Houses of Nigeria, ASHON, the NGX and stockbrokers, to see how we can revive the moribund government assets and list them on the stock exchanges in a more transparent manner that will lead to transformation and create value to the economy.
“MOFI will set big and play a more active role in establishing a positive economy for its contributors and beneficiaries.
“We want to professionalise public wealth management. There exist an opportunity to grow our investments. But a passive approach to wealth management does not position the nation for economic development. We want to create growth across industries. There is a gap in the nation’s earning capacity and ample opportunity to position our investment portfolio.”
During the Closing Gong Ceremony held in honour of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos, Takang stated that NGX, along with the CIS and the ASHON, have demonstrated their willingness to collaborate with MOFI in facilitating market development and listings.
“MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalizing Government Owned (GOE) and Government Linked entities (GLEs)”, he added.
Temi Popoola, the CEO of NGX, commended MOFI for its role as the custodian of government investments and assets, emphasizing that NGX is eager to collaborate with MOFI to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market.
He stated: “This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda. This is an exciting time and you may have seen that our local investors really stepped up their participation in the market recently. We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets”.
Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, the CIS pledged cooperation with MOFI, particularly in areas like capacity development and other market-related initiatives.
