66 Years After, Senate To Overhaul MOFI Act

Sixty-six years after it was first enacted, the Nigerian Senate has begun repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act, marking a significant step toward reforming the management of the country’s public assets.

The proposed legislation, titled Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843), is sponsored by Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on Finance. The bill passed second reading on the Senate floor on Tuesday.

Established under the original 1959 Act, MOFI is a statutory corporation responsible for managing the Federal Government’s equity investments in various enterprises. The current law empowers MOFI to oversee these investments, acquire assets, and enter into contracts on behalf of the government.
However, the 2025 bill seeks to modernise MOFI’s legal and institutional framework, transforming it into a commercially driven entity capable of managing sovereign assets in line with global best practices.
Key features of the proposed law include: “Strengthening governance and institutional structures.
“Improving transparency and accountability mechanisms

“Re-aligning MOFI’s operations with contemporary fiscal policies and private-sector investment standards.”

According to the bill’s provisions, the reforms aim to clearly define MOFI’s role as Nigeria’s central asset and investment management agency, ensure more strategic oversight of government-owned enterprises, and optimise the value of public investments.

“This reform is crucial to reposition MOFI as a key vehicle for national economic transformation,” Senator Musa said. “It will help ensure that public investments deliver long-term value for the country and align with Nigeria’s broader development objectives.”

The Senate’s legislative action signals a renewed push for fiscal discipline, improved public wealth management, and sustainable economic growth through more efficient oversight of national assets.