Senate moves to overhaul MOFI Act to improve asset management

The senate has begun the process of repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act, 66 years after it was first enacted.

The move is aimed at reforming how Nigeria’s public assets are managed.

The bill, titled ‘Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843)’, is sponsored by Sani Musa, senator representing Niger east and chairman of the committee on finance.

The proposed legislation passed second reading during plenary on Tuesday.

Established under the original 1959 Act, MOFI is the statutory body responsible for managing the federal government’s equity investments in various enterprises.

The existing law empowers the company to enter into contracts, acquire property, and manage assets on behalf of the government.

However, Musa said the new bill seeks to reposition MOFI as a commercially driven and performance-oriented institution, aligned with international standards for sovereign asset management.

“The bill is intended to reposition MOFI as a key vehicle for national economic transformation,” the lawmaker said.

“It will help ensure that public investments deliver long-term value for the country and align with Nigeria’s broader development objectives.”

According to the senate’s order paper, seen by TheCable, the proposed law aims to clearly define MOFI’s role as the central public investment and asset management agency.

It also seeks to strengthen governance structures, improve transparency, and align operations with private-sector investment principles.

Key provisions in the bill include the modernisation of institutional frameworks, improved oversight of government-owned enterprises, and enhanced accountability.

Musa said the bill is a “crucial step toward building a stronger, more accountable system for managing Nigeria’s public assets”.