Members of the House of Representatives on Tuesday expressed grave displeasure over the Ministry of Finance Incorporated’s (MOFI) abysmal performance regarding the declaration of assets of 52 companies worth N18 trillion and 15,000 employees.
The lawmakers voiced their concerns during an investigative hearing into the public assets held by the House Committee, chaired by Hon. Ademorin Kuye. During the hearing, lawmakers questioned MOFI Managing Director, Dr. Armstrong Takang, about accessing budgetary allocations without proper authorization.
The lawmakers, who spoke during the session, criticized MOFI management for failing to provide adequate records of public assets and revenue generation in line with its core functions since its establishment in 1959.
In his address, MOFI Managing Director, Dr. Armstrong Takang, confirmed that the organization accesses annual budgetary allocations. However, he blamed various Ministries, Departments, and Agencies (MDAs) for failing to cooperate with the organization in its bid to obtain records of all titles.
He noted that Inter-Ministerial Committees have been set up to collate the assets, including those from the Ministry of Power and the Ministry of Works and Housing.
Worried by the development, Hon. Kuye issued a 7-day ultimatum to MOFI for the submission of all relevant information to the Committee. He said, “In your report, we would like you to refer us to the section of the law where you are permitted to take money from the budget. How have you been getting funded since you came into office?”
Hon. Kuye continued, “This is an agency we had high hopes for. What we request of you now is the classes of assets, including shares of publicly traded entities, limited liability entities, and foreign-based and other businesses. A list of these assets at home and abroad. Improvements that you have made thereupon and how it has helped the GDP.
“Another class of assets is the financial assets, which include public and private equities investments, fixed income, and hedge funds. The fixed assets include real estates. We need you to give us a list of those estates.
“We would like to have the value of each of these real assets, revenue made through them for the past ten years, and the contributions they have made to the GDP.
“Another class is the cash flow generating transactions such as the concession agreement and the public-private partnerships. We want a list of those concessions under your care and the revenue generated, with evidence from such concessions.
“The last class of assets are the minerals and the intangible assets, which include hydrocarbons. We want to know the extent of your investments in them and what has come to Nigeria as a result of those investments.
“According to the record you furnished us with, you said 80 percent of whatever you get is put into new investment funds, and then you put them into identified sectors including manufacturing, digital services, and agriculture.
“We want you to furnish the committee in real-time with the specific amounts and where they went. Whether it was into manufacturing, digital services, or agriculture.
“According to you, you have a list of 52 companies in your portfolio, with an estimated N18 trillion value and over 15,000 employees according to your records, which makes you a major driver of our economy.
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“We want a list of those companies, your employees, and how much you have recouped for Nigeria from such investments.
“Since inception and since your appointment, we want to know how many titled documents you have been able to obtain for our assets and how many you have been able to protect from further encroachment.
“You said part of your mission is to invest with the intent of preserving your socioeconomic value through catalyzing growth. In your report, we would like you to refer us to the section of the law where you are permitted to take money from the budget. How have you been getting funded since you came into office?
“Lastly, we would like to know how much has been allocated to MOFI in the last five years and for what purposes you spent that money. You wasted the time of Nigerians.
“We will give MOFI seven days to furnish the committee with those documents, after which we will fix another date for the hearing. So far, MOFI has just wasted our whole time for today. MOFI has wasted the time of Nigerians, taxpayers’ money, and time today, and we must not allow that to happen again.
