The Ministry of Finance Incorporated (MOFI) has revealed that the Federal Government’s investment assets are now valued at N38.3 trillion, following a comprehensive audit and governance reform aimed at boosting transparency, accountability, and performance across public enterprises.
Chief Executive Officer of MOFI, Dr. Armstrong Takang, made this known in Lagos on Wednesday during the launch of the 2025 Guidelines on Corporate Governance by the Nigerian Communications Commission (NCC).
Dr. Takang highlighted that for decades, Nigeria lacked a credible inventory of its public assets, leading to widespread waste, underperformance, and even the collapse of some once-strategic institutions.
“For many years, we simply did not know what the government owned, where those assets were located, or how they were performing,” he said. “Most Nigerians couldn’t say with any certainty what the country actually owned.”
He explained that when MOFI began the reform process, government records showed only N1.5 trillion in public investment asset value. However, a detailed audit of just 20 key entities uncovered N38.3 trillion in net asset value, exposing the scale of underreporting and mismanagement.
The reforms, Dr. Takang noted, are designed to establish accurate records, implement corporate governance principles, and strengthen performance monitoring across government-owned enterprises.
MOFI’s intervention marks a critical shift in how Nigeria manages its state-owned assets and aligns with broader public finance reform under the current administration.
