The House of Representatives Committee on Public Assets has condemned the Ministry of Finance Incorporated (MOFI) for spending money from its budget without authorization.

Chairman of the Committee Hon. Ademorin Kuye questioned MOFI's Managing Director, Dr. Armstrong Takang, during a hearing on the agency's activities and efforts towards increasing government revenue, criticizing MOFI for reckless expenditure without improving revenue. Takang admitted that MOFI took money from the budget, prompting Kuye to ask for the legal basis for this action.

The committee demanded various documents from MOFI, including, a list of assets managed by MOFI, including shares, limited liability entities, and foreign-based businesses, Improvements made to the assets and their contribution to GDP,Financial assets, including public and private equities, fixed income, and hedge funds, list of companies in MOFI's portfolio, employees, and revenue generated, Titled documents obtained for assets and protected from encroachment and funding sources and expenditures over the last five years.

The committee gave MOFI seven days to submit the documents, warning that they would not tolerate further waste of time and resources.