At the MOFI Public Wealth Management Conference in Abuja, Tony Elumelu, Chairman of Transcorp Group and UBA Group, commended the Ministry of Finance and Investment (MOFI) for its efforts in convening key players and stakeholders to strategize the positioning of MOFI.
MOFI, seen as a strategic institution, aims to bolster the Federal Government’s endeavors in tackling economic challenges and fostering growth in the Nigerian economy.
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Elumelu emphasized the importance of a strategic approach, stating, “There is no rush to see immediate profits; we must have that mindset if we are to fully unlock the value contained within these state-owned assets.” He advocated for meticulous planning and execution, underscoring the significance of setting strategic intents and milestones.
Drawing parallels with TEMASEK in Singapore, Elumelu highlighted the potential for exponential growth through state-owned asset management. He noted that TEMASEK, founded in 1974 with assets worth $300 million, has seen remarkable growth over the years, with assets now valued at approximately $300 billion.
Elumelu underscored the need for a collaborative effort between the public and private sectors to drive transformational change. He shared success stories from Heirs Holdings Group, emphasizing their expertise in turning around businesses and unlocking value in assets.
Elumelu encouraged MOFI to adopt a long-term investment approach, aligned with the principles of Africapitalism, which prioritizes social wealth creation alongside profit generation. He highlighted leadership capacity, a high-performance environment, corporate governance, and risk management as key success factors.
In conclusion, Elumelu pledged support from his group to collaborate with MOFI in ensuring the initiative’s long-term success, commending the ministry for its forward-thinking approach and commitment to public asset stewardship.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
