MOFI Takes Direct Control of FG’s Shares in DisCos
By Patience Ikpeme
The Ministry of Finance Incorporated (MOFI) has announced the reassumption of direct control over the Federal Government’s 40 percent shareholding in eleven electricity distribution companies (DisCos) and other energy sector holdings.
According to MOFI’s Managing Director, Dr. Armstrong Takang, this move represents a departure from the previous arrangement where the Bureau of Public Enterprises (BPE) managed these shares. The decision is aligned with President Bola Ahmed Tinubu’s economic growth agenda, aiming to enhance operating efficiency within the DisCos.
MOFI, undergoing significant reform since 2013, has transformed from a unit within the Office of the Accountant General of the Federation to a comprehensive asset management corporation for the government. Takang emphasized that this reorganization empowers MOFI to actively manage its assets, ensuring they contribute their maximum value to the national economy.
The Managing Director highlighted MOFI’s vision of collaborating with private partners and co-shareholders to implement effective corporate policies and practices. This approach, he believes, “will enhance efficiency, transparency, and financial returns for the government”.
Having granted a Power of Attorney to BPE in 2012 for the share sale during the electricity sector privatization process, MOFI’s decision to reassert direct control reflects a maturation of its capabilities and a commitment to accountability.
Takang assured that with MOFI’s direct control, there will be a focus on delivering socio-economic benefits to Nigerians, optimizing operations, boosting revenue generation, and contributing significantly to President Tinubu’s economic plan for a stronger, more prosperous Nigeria.
