The House of Representatives has berated the Ministry of Finance Incorporated (MOFI) for reckless spending and failing to improve the Federal Government revenue

The House Committee on Public Assets further queried the agency for taking money from the budget for its operation without authorisation.

MOFI is a state-owned asset management company which focuses on long-term wealth proliferation by optimizing, re-investing and diversifying the country’s income based on extensive portfolio understanding.

It was set up in 1959 through an Act of Parliament as a custodian of the federal government’s investments in various Government Owned Enterprises (GOEs) and Government Linked Companies (GLCs).

The total estimated valuation of MOFI’s holdings currently stands at over N18 trillion.

The agency on Tuesday incurred the wrath of the Chairman of the Public Asset Committee, Mr. Ademorin Kuye when its Managing Director, Dr. Armstrong Takang, appeared before the lawmakers to give account of their activities.

The committee which grilled Takang and members of his team on efforts to shore up the revenue of government expressed disappointment with MOFI for failing to live up to expectations.

It also berated the agency for reckless expenditure without improving government revenue.

Takang had in his presentation told the committee they took money from the budget.

“In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office?” Kuye queried.

He noted that the agency wasted the Commitee’s time as it did not provide any answer to its questions.

In his ruling, the chairman demanded various documents from the agency on the assets it was managing to be submitted within seven days.

He also knocked the agency for operating without proper legislation establishing it.

“This is an agency we had high hopes of. What we request of you now is this classes of assets, including shares of publicly traded entities, limited liability entities and foreign based and other businesses. A list of these assets home and abroad. Improvements that you have made thereupon and how it has helped the GDP.

“Another class is assets is the financial assets, which includes public and private equities investments, fixed income and hedge funds, the fixed assets includes the real estates. We need you to give us a list of those estates.

“We would like to have the value of each if these real assets, revenue made through them for the past ten years and the contributions they have made to the GDP.

“Another class is the cash flow generating transactions such as the concession agreement and the public private partnerships. We want a list of those concessions under your care and tell us the revenue with evidence from such concessions.

“The last class of assets are the minerals and the intangible assets, which includes the hydrocarbon. We want to know the extent of your investments in them and what has come to Nigeria as a result of those investments.

“According to the record that you furnished us with you said 80 percent of whatever you get are put into new investments fund and then you put them into identified sectors including manufacturing, digital services and agriculture.

“We want you to furnish the committee is real time what the specific amount and where did it go? Whether it was into manufacturing or into digital services or into agriculture.

“According to you, you have a list of 52 companies in your portfolio, with an estimated 18 trillion naira value. and over 15, 000 employees according to your records which make you a major driver of our economy.

“We want a list of those companies, your employees and how much you have recouped for Nigeria from such investments.

“Since inception and since your appointment, we want to know how many titled documents you have been able to obtain for our assets and how many you have been able to protect from further encroachment.

“You said part of your of your mission is to invest with intent of preserving your socioeconomic value through catalysing growth. In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office

“Lastly we would like to know how much has been voted for MOFI in the last five years and for what purpose you spent those money. You wasted the time of Nigerians” Kuye stated