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Tag: MOFI

  • How to boost industrialisation in Nigeria – Elumelu

    How to boost industrialisation in Nigeria – Elumelu

    Chairman of Heirs Holdings Group, Transcorp Group and United Bank for Africa (UBA) Group, Mr Tony Elumelu has harped on the need for Nigeria to fix its gas supply issue to be able to power its industrialization dreams.

    Mr Elumelu made this known in his remarks at the Public Wealth Management conference held on Tuesday by the Ministry of Finance Incorporated (MOFI).

    “We are confident that once we fix the issues of gas supply in Nigeria, we will be able to generate enough electricity to significantly power our country’s industrialisation,” Elumelu said.

    While sharing the private sector perspective on public assets, Elumelu commended the Ministry of Finance for the initiative of bringing together key players and stakeholders to chart a course to position MOFI as the strategic institution that will support the Federal Government’s efforts to address economic challenges and drive growth in the Nigerian economy.

    Urging the government not to look for immediate gains from its state owned assets, he noted “Times are hard for Nigerians everywhere and we must come together and act in unison to catalyse significant socio-economic development for Nigeria and all our people”.

    According to him, there is no rush to see immediate profits; “we must have that mindset if we are to fully unlock the value contained within these state-owned assets. First set the strategic intent, prepare the milestones, know how you will be judged, and then execute, execute, execute – with discipline and always with that strategic intent in focus.”

    Commending the Ministry of Finance for the platform, he described “ the strategic institution that will support the federal government’s efforts to address economic challenges and drive growth in the Nigerian economy.

    Elumelu noted that MOFI should be saluted for setting out goals which include looking widely for models and approaches and bringing a private sector mind set to the stewardship of public assets, he said  “for me this has to be one that is long-term in thinking, one that values excellence in all areas, and is strong on corporate governance. The focus on execution, execution, execution – and reward. Times are hard for Nigerians everywhere and we must come together and act in unison to catalyse significant socio-economic development for Nigeria and all our people.

    Speaking on the milestones achieved by Heirs Holdings, he said “we are known for how to turn around businesses. Our expertise is in unlocking the value in the assets we hold and our track record speaks for itself.

    He reminisced that back in 2010, following his retirement as the CEO of UBA, the desire for new opportunities and ventures, had birthed the Heirs Holdings Group. “At the time, Transcorp was formed to lead the industrialisation of Nigeria. The only asset Transcorp Group had back then was this hotel in which we are all gathered today.

    “Today, Transcorp plays in the hospitality, power (both in generation and distribution) and in the oil & gas sectors. In Power, we acquired the 972MW gas-fired Ughelli Power Plant and ramped up its generations from 160MW to 701MW within four years of taking over the plant.

    “Our Ughelli Power Plant is the first privatized power company to be discharged from post- privatization monitoring having surpassed all set targets by the BPE and the National Council on Privatisation.

    “Transcorp Hotels has also been issued a Certificate of Discharge by the National Council on Privatisation. We are confident that once we fix the issues of gas supply in Nigeria, we will be able to generate enough electricity to significantly power our country’s industrialisation”.

  • Buhari approves partial exclusion of MOFI from TSA

    Buhari approves partial exclusion of MOFI from TSA

    President Muhammadu Buhari on Tuesday in Abuja approved the partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA).

    Buhari also granted the request of the Board of MOFI to charge management and transaction fees; and the inclusion of the Minister of Power in the Governing Council.

    A statement by Mr. Femi Adesina, the President’s spokesman, said the president conveyed the approval at the 1st Governing Council meeting of MOFI in Abuja.

    The new MOFI was launched on Feb. 1, 2023, to transform it from a registry of investment records to a World-Class Asset and Investment Management Company.

    The president maintained that as a government-owned investment company, MOFI must be supported to exercise its responsibility of achieving strong returns on investments, while also contributing to broader economic development of the country.

    He commended the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Chairman Board of MOFI, Shamsuddeen Usman, and the entire Executive Team of MOFI for the job well done, three months after inauguration.

    ‘‘MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments.

    ‘‘With a vast portfolio and strategic investments that span across multiple sectors, MOFI has the potential to shape industries, spur innovation and support economic growth.

    ‘‘I am glad to note, from the Board and Management update, the crucial activities and positive engagements by MOFI in just three months after inauguration,’’ he said.

    The president, therefore, charged staff and management team of the investment company to continue to work closely with other government agencies, the private sector, Development Finance Institutions (DFIs), and other stakeholders to ensure that they achieve shared goals and
    objectives.

    On the restructuring of MOFI, Buhari explained that ”it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments”.

    According to him, the Federal Government is now positioned to optimise its assets, make strategic investments, diversify the economy, generate more revenue, revive public enterprises and increase transparency in the public sector.

    The president reminded members of the council that they have been carefully chosen because of their expertise, experience and dedication to serving the nation.

    While expressing confidence in the abilities of each Council member to bring unique perspectives, insights and skills that would enrich collective decision-making, the president said:

    ‘‘Our role as the governing council is many-sided. We must ensure that MOFI’s investments are aligned with Nigeria’s economic objectives.

    ‘‘We must ensure that we put in place strong governance policies; We must uphold the highest standards of governance and transparency.

    ‘‘We must engage with MOFI to understand their aspirations, needs and challenges, we must continue to adapt and innovate in a rapidly changing world.’’