The Ministry of Finance Incorporated (MOFI) has restructured and assumed full control of the Federal Government’s 40 percent equity in 11 privatised electricity distribution companies (DISCOs) that succeeded the Power Holding Company of Nigeria (PHCN), Armstrong Takang, the CEO announced yesterday. This takeover follows the termination of the power of attorney previously granted to the Bureau of Public Enterprises (BPE) in 2012. MOFI, established by the MOFI Act of 1959, amended in 2023, has been aggregating all federal government assets under one entity. This provides the government a basis to know the assets it has, their values, and for the optimisation of those assets in an asset management fashion. The government is currently looking for ways to securitise or sell some of its assets to raise badly needed revenues.
