The Chief Executive Officer of Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, said their aspiration is to grow MOFI’s asset under management (AuM) from N18 trillion to at least N100 trillion in the next ten year. Just as they seek partnership with Nigerian Exchange Limited (NGX), along with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON),
This was disclosed during the Closing Gong Ceremony, held in honour of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos, while demonstrating their willingness to collaborate with the Federal Government through the Ministry of Finance Incorporated (MOFI) in facilitating market development and listings.
Dr Takang explained that “MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalizing Government Owned and Government Linked entities (GOE and GLEs)”,
Temi Popoola, the CEO of NGX, commended MOFI for its role as the custodian of government investments and assets, emphasizing that NGX is eager to collaborate with MOFI to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market. “This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda”.
Adding that “This is an exciting time and you may have seen that our local investors really stepped up their participation in the market recently. We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets”.
Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS), pledged cooperation with MOFI, particularly in areas like capacity development and other market-related initiatives.
Sam Onukwue, the Chairman of ASHON, noted that the partnership’s impact on the Nigerian economy would extend beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.
On her part, Tinuade Awe, the CEO of NGX Regulation Limited (NGX RegCo), highlighted the regulatory company’s commitment to collaborating with MOFI on matters of transparency, investor protection, and mitigating systemic risks.
