The Ministry of Finance Incorporated, the investment arm of the Federal Government, is turning its focus towards the capital market to raise funds in pursuit of its ambitious goal of managing assets worth N100tn over the next decade.
This announcement was made during the closing ceremony held in honor of MOFI at the Nigerian Exchange Limited in Lagos on Monday.
Dr Armstrong Takang, the Managing Director of MOFI, emphasized the significance of the capital market in sourcing funds for investments and government initiatives.
He highlighted the potential of utilizing the capital market to secure funds, citing successful examples from other countries such as the United States, where infrastructure projects are commonly funded through the capital market.
Temi Popoola, the CEO of the Nigerian Exchange Limited (NGX), expressed the exchange’s commitment to supporting MOFI’s objectives and encouraged collaborative efforts to ensure the success of these initiatives.
Popoola noted the market’s positive momentum and the engagement of local investors, which bodes well for MOFI’s endeavors.
Oluwole Adeosun, the president of the Chartered Institute of Stockbrokers, shared his optimism about actively managing Nigeria’s assets and transforming them into valuable securities that can be traded on the NGX and other platforms.
He projected substantial value growth for these assets once they are listed on the exchange.
Sam Onukwue, the chairman of the Association of Securities Dealing Houses of Nigeria, expressed confidence in MOFI’s management and anticipated that the entry of government entities into the market would instill discipline and transparency.
He believed that the market’s capacity to absorb government securities would contribute to the success of this venture.
Tinu Awe, the CEO of NGX Regulation Limited, reassured MOFI of the exchange’s commitment to transparency and the safety of its assets.
Awe welcomed the partnership between NGX and MOFI, underscoring the regulated nature of the market and the exchange’s dedication to upholding integrity and addressing any concerns that may arise.
Overall, the event highlighted MOFI’s strategic shift towards utilizing the capital market to raise funds and manage assets, with key stakeholders expressing confidence and support for the initiative’s success.
