FG’s N38.3 Trillion Assets Under Audit — MOFI Launches Registry, Scorecard to Boost Transparency

FG’s N38.3 trillion assets is under audit as MOFI launches registry and scorecard to boost transparency.

 

NewsOnline Nigeria reports that the Ministry of Finance Incorporated (MOFI) has revealed that the Federal Government’s investment assets worth N38.3 trillion are currently undergoing audit and reform aimed at enhancing transparency, accountability, and corporate governance in public enterprises.

Speaking at the inauguration of the Nigerian Communications Commission (NCC) 2025 Guidelines on Corporate Governance, MOFI CEO, Dr. Armstrong Takang, lamented the decades-long lack of oversight on government-owned assets.

“When we started this process, the records showed only N1.5 trillion in value for government-owned assets, but after assessing just 20 of those assets, we identified N38.3 trillion in net asset value,” Takang said.

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Nigeria’s Forgotten Assets and Lost Dividends

Takang decried that many of Nigeria’s public enterprises had failed to pay dividends in decades, with several either abandoned or operating at far below capacity.

He cited the collapse of state-owned giants such as Nigerian Airways, Ajaokuta Steel, and Delta Steel, which, despite receiving billions of dollars in investment, have become “ghost towns” delivering zero value to citizens.

“We spent billions to establish these companies. Yet today, some are nothing more than relics. No value is coming back to the Nigerian people.”

Corporate Governance Failures to Blame

According to Takang, weak or absent corporate governance frameworks have been the root cause of enterprise failure. Many public company managers operated without accountability, failed to conduct audits, and neglected performance reporting.

“There was no transparency, no audited financials, and nobody was held responsible when things went wrong.”

MOFI’s Asset Reforms: Registry and Governance Scorecard

To address these gaps, MOFI is undertaking two major reforms:

1. National Asset Registry

MOFI is developing a comprehensive digital asset registry to:

• Identify what the FG owns

• Locate assets nationwide

• Track financial value and performance

• Determine asset managers

“This is about accountability. Every Nigerian deserves to know what the government owns and what returns we are getting.”

2. Corporate Governance Scorecard

A new scorecard evaluates each state-owned enterprise (SOE) based on:

• Transparency and reporting

• Dividend payments

• Capital growth and liquidity

• Community impact

To ensure objectivity, the evaluation will be conducted by independent professionals from institutions such as the Financial Reporting Council, Institute of Directors, and Society for Corporate Governance.

Path to a $1 Trillion Economy

Takang emphasized that Nigeria must shift from poor governance to institutional excellence if it wants to become a $1 trillion economy.

“We cannot behave like we are in the third division. We must act like those in the premier league — with discipline, structure, and accountability.”

He added that public assets should only be sold when they are successful and self-sustaining, not when they’ve failed.

Background: Federal Asset Valuation Directive

In March 2025, the Minister of State for Finance, Dr. Doris Uzoka-Anite, directed MOFI to create a comprehensive roadmap for the valuation and remuneration of all Federal Government assets — domestic and international — ensuring full transparency in the process.