Why Govt Enterprises Must Prioritise Efficient Corporate Governance Structure -MOFI Boss
By Sunday Etuka, Abuja
The Managing Director of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, has stated that the government institutions that prioritise efficient corporate governance structure are supporting government’s quest to attract private capital for infrastructural development.
Dr Takang spoke at the official launch of corporate governance scorecard-a two day event held on April 7 and 8 in Abuja.
According to Takang, corporate governance culture in public institutions would promote private enterprises and attract private capital into Nigeria’s public sector financing.
The event is themed: ‘Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance.’
He explained further that the initiative aims to improve transparency, accountability, and efficiency in the management of public resources.
He added that the newly implemented mechanism would focus on evaluating SOE performance, identifying areas for improvement, and implementing reforms to boost productivity.
“State-Owned Enterprises (SOEs) form a critical component of the national economic framework.
“They wield considerable influence across key sectors, including energy, infrastructure, telecommunications, and financial services, “he added.
Notably, the forum brings together senior government officials, industry leaders, development partners, corporate governance experts, and executives from federal government-owned the enterprises and government-linked companies across Nigeria and West Africa.
In his own submission at the event, former Minister of National Planning, who now heads the board of MOFI, Shamsudeen Usman, said the government wants its own action to reflect corporate governance efficiency.
“We want our action to speak for us henceforth so that we can attract private capital for government enterprises through our transparency.
He added that MOFI is prepared to ensure performance-based corporate governance in the public sector,adding that agencies who priortise that should be rewarded.
He further said that code of ethics and professionalism in corporate governance is henceforth the watch word for government enterprises.
He noted that the government, through MOFI, recognises this and has embarked on strategic reforms to reposition SOEs for value creation.
“MOFI is tasked with serving as an active asset manager for the Federal Government, ensuring the professionalisation, optimisation, and efficient administration of government-owned enterprises.
“With the MOFI corporate governance scorecard initiative, the government is putting in place a mechanism to assess, monitor, and enhance the performance of its SOEs,” he said.
The two-day event, was organised in partnership with the World Bank, marks a significant step in Nigeria’s efforts to reposition Federal Government-Owned Enterprises (FGOEs) and Government-Linked Companies (GLCs) as key instruments in driving inclusive economic growth and national development.
Established in 1959 and recently restructured, MOFI serves as the asset manager for the federal government. Its renewed mandate is centered on the enumeration, professionalisation, and optimisation of FGN’s commercial assets.
MOFI is charged with transforming underperforming assets into high-performing entities, attracting investments, and maximising returns to the Nigerian public.
