After 66 Years, Senate Moves to Repeal and Re-Enact MOFI Act
The Senate has commenced the process of repealing and re-enacting the Ministry of Finance Incorporated (MOFI) Act, more than six decades after it was first enacted in 1959.
The proposed legislation, titled “Ministry of Finance Incorporated Act (Repeal and Re-enactment) Bill, 2025 (SB. 843),” is spearheaded by Senator Sani Musa, who represents Niger East and chairs the Senate Committee on Finance. The bill passed its second reading on the Senate floor during Tuesday’s plenary session.
Established to manage the federal government’s equity investments in various enterprises, MOFI has long operated under the outdated provisions of the original act. The new bill, according to Senator Musa, seeks to transform MOFI into a commercially driven, performance-oriented institution in line with international standards for sovereign asset management.
“The bill is intended to reposition MOFI as a key vehicle for national economic transformation,” Musa said during the plenary. “It will help ensure that public investments deliver long-term value for the country and align with Nigeria’s broader development objectives.”
The Senate’s order paper, reviewed by TheCable, outlines the bill’s focus on clearly defining MOFI’s role as Nigeria’s central public investment and asset management agency. The proposed law also emphasises stronger governance structures, increased transparency, and alignment with private-sector investment principles.
Modernising MOFI’s institutional framework, enhancing oversight of government-owned enterprises, boosting accountability and operational efficiency
Senator Musa described the bill as a “crucial step” toward building a more robust and accountable system for managing Nigeria’s public wealth.
