MOFI Set to Track Nigeria’s Real Estate, Solid Minerals, Oil/Gas Assets Globally

MOFI is vested with the responsibility of managing all federal government investments, interests, estates, easements, and rights. The MOFI Act of 1959 (now Cap. 229, Laws of the Federation, 2004), empowers it to enter into commercial transactions on behalf of the federal government.

The restructured board of the agency, chaired by former Minister of Finance, Dr. Shamsudeen Usman, was inaugurated at the weekend by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

In an interview with journalists on the side-lines of the inauguration, Takang said MOFI was upbeat that the N100 trillion target was conservative, considering the vast tangible and intangible assets within and outside the country that were not yet factored in.

He explained that MOFI was set to optimise all domestic and offshore assets belonging to the federal government, including real estate, oil and gas assets, and solid minerals.

Nigeria owns real estates, oil and gas assets, and other valuables in choice areas of leading countries of the world, some of which are dormant.