Democracy Day: Takang credits Tinubu reforms for MOFI’s transformation

…Says stronger governance is unlocking value from public assets

Armstrong Ume Takang, managing director and chief executive officer of the Ministry of Finance Incorporated (MOFI), has credited President Bola Tinubu’s reform agenda for the transformation of the federal government’s asset management institution, saying stronger corporate governance and professional asset ownership are helping unlock value from public assets.

In a Democracy Day statement personally signed on Friday, Takang congratulated President Tinubu, Vice President Kashim Shettima and Nigerians on the country’s democratic journey, while highlighting what he described as the growing role of institutional reforms in driving economic progress.

According to him, one of the notable outcomes of the administration’s reform programme has been the repositioning of MOFI as a strategic asset management institution charged with preserving, growing and optimising the value of the Federal Government’s commercial assets.

The agency, which oversees the government’s investments and shareholdings in state-owned enterprises, has undergone significant reforms in recent years aimed at shifting its role from passive asset holding to active portfolio management.

Under the current restructuring programme, MOFI has sought to strengthen governance standards across government-owned enterprises, improve transparency in asset ownership and develop frameworks for attracting private capital into strategic national assets.

The institution has also advanced efforts to establish a comprehensive register of federal government assets and improve oversight of commercial enterprises in which the government has equity interests, as part of broader attempts to unlock value from assets that have historically delivered limited returns to the public treasury.

Takang said the renewed emphasis on professional asset ownership and value creation reflects a deliberate effort by the government to ensure national assets contribute more effectively to economic development.

“Democracy provides the foundation for institutional growth and economic progress. The ongoing reforms within the public sector, particularly the effort to unlock value from government-owned assets, demonstrate the possibilities that emerge when leadership is guided by a long-term vision and a commitment to national development,” he said.

Nigeria marked democracy day amid ongoing economic reforms by the Tinubu administration, including measures aimed at strengthening public finances, improving the investment climate and enhancing the performance of government institutions.

Takang said the transformation of MOFI has helped improve transparency in the management of public assets, strengthen investor confidence and create a framework through which government-owned enterprises can generate sustainable economic value for current and future generations.

The reforms at MOFI form part of the government’s broader strategy to improve fiscal efficiency and reduce dependence on oil revenues by generating stronger returns from existing public assets.

Policymakers have increasingly emphasised the need for state-owned assets to contribute more meaningfully to economic growth, infrastructure development and long-term wealth creation.

“The renewed focus on professional asset ownership, stronger corporate governance standards and value creation within government-owned enterprises reflects a deliberate effort by the President to ensure that public assets contribute more effectively to national development,” he said.

Beyond economic reforms, Takang described democracy day as a reminder of the sacrifices made by Nigerians and pro-democracy advocates in securing democratic governance, noting that the country’s progress continues to rest on the resilience and commitment of its citizens.

He expressed confidence that Nigeria would continue to advance as reforms mature and institutions become stronger, while urging citizens to remain committed to the ideals of unity, accountability and national service.

Takang also wished President Tinubu, Vice President Shettima and Nigerians a peaceful democracy day celebration, saying the continued strengthening of democratic institutions remains essential to building a more prosperous and globally competitive economy.