MINISTRY OF FINANCE INCORPORATED ACT
Act · Governance
An Act creates the Ministry of Finance Incorporated as a corporate entity for the Federal Government to hold shares in companies. It targets government equity stakes and related companies. This facilitates structured investment and corporate governance of public assets.
MINISTRY OF FINANCE INCORPORATED ACT
What Is This Policy?
An Act creating a corporate entity called 'Ministry of Finance Incorporated' (MOFI) through which the Federal Government holds shares and participates in companies as a corporate shareholder.
Who Does It Target?
Federal Government as shareholder in companies Companies in which the Federal Government has equity stakes The Bureau of Public Enterprises (BPE) Federal Ministry of Finance as supervising body
What Does It Aim to Achieve?
Enable the Federal Government to hold shares in commercial companies in a structured corporate form, facilitating investment, disposal, and corporate governance of government equity stakes.
Key Features
Corporate Capacity: MOFI is a body corporate with capacity to hold shares, receive dividends, and vote at company meetings. Shareholding Vehicle: Federal Government equity in companies is held through MOFI as the registered shareholder. Governance: MOFI is directed by the Minister of Finance and governed by its Act. Disposal: Privatisation of government shares is effected through MOFI by transfer to BPE or directly to buyers.
Current Status
Rollout Stage: Active Coverage: All companies in which the Federal Government holds equity Beneficiaries: Federal Government; shareholders in MOFI-held companies Funding: Dividend income from equity holdings
How to Access
MOFI acts on behalf of government in shareholders meetings Companies with MOFI shareholding must comply with standard corporate governance requirements Application method: Corporate matters involving MOFI: engage Federal Ministry of Finance.
Important Terms
MOFI is distinct from the Ministry of Finance itself Government shares held by MOFI may be privatised through BPE Dividend declarations by MOFI portfolio companies must be remitted to the Consolidated Revenue Fund
Official Resources
Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance
Legal Framework
Enacted under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution. Operates alongside the Companies and Allied Matters Act 2020, the Fiscal Responsibility Act 2007, the Investments and Securities Act 2007, and the Privatisation and Commercialisation Act 1999 for management of federal investments.