Tony Elumelu, the Chairman of United Bank for Africa (UBA), has emphasised the importance of a long-term mindset when it comes to unlocking the value of state-owned assets.
He said this at the Ministry of Finance Incorporated (mofi) public wealth management conference on Tuesday.
Elumelu said that the immediate profits should not be the primary focus, but rather setting strategic goals, establishing milestoes, and executing plans with discipline and a clear strategic intent.
Drawing a parallel with TEMASEK in Singapore, Elumelu highlighted the success of the Singaporean sovereign wealth fund. TEMASEK, which started in 1974 with state-owned assets valued at $300 million, has seen its assets grow to approximately $300 billion today.
AIso, he said 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.
“First set the strategic intent, prepare the milestones, know how you will be judged, and then execute, execute, execute – with discipline and always with that strategic intent in focus.
“When I was told of the subject, I instantly drew a parallel with TEMASEK in Singapore
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“TEMASEK started out in 1974 with the same aspirations as MOFI.
“Temasek was established with state-owned assets worth $300 million, today those assets are now worth approximately $300 billion.
“How did this happen? In 1974, following independence from the British, the Singaporean government found itself as the owner of a variety of new state-owned enterprises.
The Singaporean Government felt that it was necessary to separate governance from business management.”He reiterated.
In the same vein, he commended has commended the Ministry of Finance and Investment (MOFI) for its goals and approach in managing public assets. Elumelu praised MOFI for adopting a private sector mindset and emphasized the importance of setting a strategic intent for the institution.
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Elumelu highlighted the need for long-term thinking, excellence in all areas, and strong corporate governance. He emphasized the importance of execution and reward in achieving the institution’s goals.
Elumelu expressed his gratitude to the leadership of MOFI and the Chief Host for organizing the convening. He also pledged UBA’s support and partnership with MOFI to ensure the long-term success of the initiative.
Elumelu acknowledged the challenging times faced by Nigerians and emphasized the need for unity to drive significant socio-economic development in the country.
He expressed confidence in the capabilities of the professionals at MOFI, led by Dr. Armstrong, to lead the institution on its journey.
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