By Daniel Edu

The Ministry of Finance Incorporated (MOFI) is aiming to leverage the capital market as a means to secure funds and meet its ambitious target of having N100tn in assets under management within the next decade. This strategic move was unveiled during a closing-gong ceremony held at the Nigerian Exchange Limited (NGX) in Lagos. Dr. Armstrong Takang, the Managing Director of MOFI, emphasized the importance of the capital market in sourcing funds for investments and government entities. He stressed the need to tap into the capital market to raise funds, citing the example of infrastructure projects in other countries, including the US, that are effectively funded through capital market mechanisms. In response, Temi Popoola, the Chief Executive Officer of the NGX, expressed the exchange’s commitment and readiness to support MOFI’s goals. He highlighted the collaborative nature of the partnership and the promising participation of local investors in the Nigerian capital market. Oluwole Adeosun, President of the Chartered Institute of Stockbrokers, expressed optimism about the active management of Nigeria’s assets and the potential for significant value creation. He projected that the assets, which are currently valued on book terms, could increase in value when listed and traded on the exchange, potentially multiplying their worth. Sam Onukwue, Chairman of the Association of Securities Dealing Houses of Nigeria, lauded MOFI’s commitment and expressed hopes that bringing government entities to the market would enhance transparency and discipline. He highlighted the potential for government securities to be traded on the exchange, indicating a positive shift from recent privatization trends. Tinu Awe, CEO of NGX Regulation Limited, assured MOFI of the exchange’s commitment to maintaining the safety and integrity of assets listed on the platform. She underscored the regulated and transparent nature of the market, providing confidence to MOFI regarding the decision to engage with the capital market. This strategic move by the Ministry of Finance Incorporated signifies a proactive effort to leverage the capital market as a significant avenue for raising funds and achieving its long-term asset management goals.