The Ministry of Finance Incorporated (MOFI) clarified its takeover of the 40% Federal Government shares in the Electricity Distribution Companies (DISCOS), stating that it aligns with its mandate to enhance efficiency and generate revenue. MOFI expressed gratitude to the Bureau of Public Enterprises (BPE), which held the shares on behalf of the government for the past decade.Thank you for reading this post, don't forget to subscribe!
MOFI’s move to resume management of the government’s shares aims to drive operating efficiency and corporate governance, maximizing the value of electricity assets. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, issued an order terminating the Power of Attorney granted to BPE in 2012.
MOFI, restructured as a full-fledged public sector asset management corporation, emphasized its commitment to ensuring that government assets deliver optimal value. The organization highlighted the roles of BPE in holding shares and explained its evolution over the past 24 months, aligning with a new strategic direction for aggregating and managing government assets.