April 16, 2024

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Ministry of Finance Incorporated, MOFI, yearns to support indigenous airlines

3 min read

R-L: Sen Hadi Sirika, Aviation Minister, in a chat with Dr. Armstrong Takang, Chief Executive, MOFI

Nigerian registered airlines, especially those on the register of the Nigerian Civil Aviation Authority, NCAA, have been assured of government support through various genres of investments by the Ministry of Finance Incorporated, MOFI.

Dr. Armstrong Takang, the Chief Executive Officer of MOFI, made the disclosure during a courtesy visit in the company of his management team, to the Minister of Aviation, Sen Hadi Sirika, in his office in Abuja.

Takang said MOFI, in consonance with its mandate given by President Muhammadu Buhari, PMB, is currently compiling a comprehensive list of National Assets into a document to be known as the National Asset Register, NAR.

Takang explained that in generating the NAR, MOFI will initially identify all federal government business enterprises, profile their operations, and determine their financial health for a tailor-made financial management approach of those government assets and investments in commercial government enterprises.

He said the aggregate of those investments to be captured for the NAR would be harnessed to strengthen the nation’s fiscal and economic realities and the optimization of government investments, and assets.

Dr. Armstrong Takang noted that the development and modernization of the country’s airports was crucial for socio-economic development.

Takang told his host that, the MOFI is strongly interested in supporting the growth and expansion of Nigerian airlines, adding that MOFI would like to explore ways and means by which it can provide financing and investment for airlines to expand their fleets, to efficiently maintain their equipment and compete favorably on the global stage.

He noted that the investment and the collaboration with airlines, and the ancillary enterprises in the aviation value chain, would bring about mutual benefits to both MOFI, the Ministry of Aviation, and all classes of players in the nation’s air transport industry.

The MOFI Chief Executive further expressed appreciation to President Buhari for bringing Sen Hadi Sirika, on the board of MOFI.

He said the appointment demonstrated Mr President’s trust in Sen Hadi Sirika, given his vast experience in driving governance to achieve desirous outcomes, which would be valuable for MOFI in delivering significant value to its key stakeholders and its portfolio companies.

Dr. Armstrong recalled that MOFI was used as a Special Purpose Vehicle, SPV, across the sectors of the economy, focused on holding the federal government’s investments, which it had been warehousing and investing in commercial entities for over 60 years.
Sen Sirika expressed optimism that there are numerous programs on the aviation ministry’s “aviation roadmap” that MOFI, will do well to provide medium to long-term funding.

Sirika narrated that the ministry had a series of ongoing projects such as the concession of the airport, the national airlines, the cargo airport, the Maintenance Repair and Overhaul, MRO, hangar, and the leasing company, all of which the funding from MOFI will be put into judicious use.

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