The House of Representatives Committee on Public Assets has queried the Ministry of Finance Incorporated for taking money from the budget for its operation without authorization.
Chairman of the Committee, Rep Ademorin Kuye, questioned the agency’s Managing Director, Armstrong Takang, during a hearing.
Kuye asked: “In your report, we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office?”
The Committee expressed disappointment with MOFI’s failure to live up to expectations and reckless expenditure without improving government revenue.
Kuye demanded various documents from the agency, including: “A list of assets managed by MOFI, including shares, limited liability entities, and foreign-based businesses; improvements made to these assets and their contribution to GDP; financial assets, including public and private equities investments, fixed income, and hedge funds; real estates, including their value, revenue generated, and contributions to GDP; cash flow generating transactions, such as concession agreements and public-private partnerships; minerals and intangible assets, including hydrocarbon investments.”
Kuye also asked for clarification on MOFI’s investments, including: “Specific amounts invested in manufacturing, digital services, and agriculture; list of companies in MOFI’s portfolio, employees, and revenue generated; titled documents obtained for assets and protected from encroachment.”
Finally, Kuye asked: “How much has been voted for MOFI in the last five years and for what purpose was the money spent?”
The Committee gave MOFI seven days to furnish the required documents, warning that they would not allow MOFI to waste their time again.
