Global Statistics

All countries
30,367,850
Confirmed
Updated on September 18, 2020 8:40 am
All countries
21,833,059
Recovered
Updated on September 18, 2020 8:40 am
All countries
950,821
Deaths
Updated on September 18, 2020 8:40 am

COVID-19 Global Statistics

All countries
30,367,850
Confirmed
Updated on September 18, 2020 8:40 am
All countries
21,833,059
Recovered
Updated on September 18, 2020 8:40 am
All countries
950,821
Deaths
Updated on September 18, 2020 8:40 am

Support Corruption-Free

Supporting Corruption-Free isn’t a transaction for an online service. Our Community is for people like you who care about a common good: ensuring that balanced, independent coverage of Nigeria and the world continues to be available to millions across the world, for free.

N17.5bn Bad Loans: FG To Shutdown NERFUND

United States Imposes More Visa Restrictions on Nigerians Responsible for Undermining the Democratic Process

The United States of America has imposed more Visa restrictions on individuals responsible for undermining the democratic process in Nigeria.

Ijede Police And Roadside Extortion – Sanni Kay Yusuf

In Ijede, road block by men of the Nigeria police is an ugly phenomenon to worry about. Journeying there from to Ikorodu...

Beşiktaş Coach Sergen Yalçın Tests Positive for COVID-19 Ahead of Süper Lig Opener

The coach of Istanbul football powerhouse Beşlktaş has tested positive for the coronavirus, a club official said Saturday, a day after the...

French Journalist Condemned Over anti-Muslim 9/11 Remark

AFrench journalist has been slammed for making an unprovoked anti-Muslim 9/11 remark on Twitter. French broadcaster BFM TV shared...

Edo Election: Ize-Iyamu Promises to Turn Okada Town to A University Hub

Pastor Osagie Ize-Iyamu, candidate of the All Progressives Congress (APC), in the Edo governorship election, has promised to transform  Okada town to...

The Federal Government is has begun plans to shutdown the National Economic Reconstruction Fund (NERFUND) over non-performance and non performing loans of over N17.5 billion.

A source at the Federal Ministry of Finance, told our correspondent on Thursday that in Abuja that a committee had already been formed to ensure smooth liquidation of the company by the end of October.

The source said that the committee was expected to come up with recommendations concerning the welfare of the NERFUND workers and also what to do with the office equipments.

The committee was also expected to recommend an agency that would handle the numerous pending court cases initiated by NERFUND to recover billion of naira in bad loans.

According to the news source, about 1, 143 projects in the Small and Medium Enterprises sector were financed with the NERFUND loans between 2010 and 2013.

The source said that NERFUND currently had problems recovering the loans, adding that out of N17.5bn, the sum of N14.2bn representing 80 per cent was borrowed by a few people.

He said the ratio of non-performing loans was high because many of the loans were not collateralised.

Meanwhile a staff of the NERFUND who preferred anonymity told NAN that all workers of the oraganisation have been officially informed about the wind up.

“We have been given the choice to either resign or be sacked. The managing director told us the management is working with the permanent secretary of the federal ministry of finance.

“They  have promised that at the end of the day, we will not be jobless. They will place us somewhere else, so we are expectant,” the person said.

NERFUND was established by Decree No. 2 of 1989 to act as a catalyst towards the stimulation of the rapid rise of real production enterprises in the country with a seed capital of N300 million.

In 2002, the Federal Government merged Nigeria Industrial Development Bank (NIDB) and Nigeria Bank of Commerce and Industry (NBCI) to form Bank of Industry (BOI).

The Federal Government excluded NERFUND from the fusion of all development finance institutions (DFIs).

However, the agency’s capital had grown into billions of naira, but due to poor management the organisation had been in comatose since late 2013 loosing its capacity to carry out its mandate.

In June 2016 the staff of NERFUND took to the streets to protest the mismanagement of the agency funds.

The Federal government through the Minister of Finance, Kemi Adeosun intervened by first shutting down the agency following failure to reconcile the differences between the executive management and the entire staff  so as to forestall a further breakdown of law and order.

Two weeks after the shutdown Adeosun officially instructed staff to return to work and appointed the Dr Ezekiel Oseni in August of the same year to act as Managing Director.

Just one year into his appointment the Federal Government had finally approved the winding up of the agency.

Source: NAN

Hot Topics

United States Imposes More Visa Restrictions on Nigerians Responsible for Undermining the Democratic Process

The United States of America has imposed more Visa restrictions on individuals responsible for undermining the democratic process in Nigeria.

Ijede Police And Roadside Extortion – Sanni Kay Yusuf

In Ijede, road block by men of the Nigeria police is an ugly phenomenon to worry about. Journeying there from to Ikorodu...

Beşiktaş Coach Sergen Yalçın Tests Positive for COVID-19 Ahead of Süper Lig Opener

The coach of Istanbul football powerhouse Beşlktaş has tested positive for the coronavirus, a club official said Saturday, a day after the...

Related Articles

United States Imposes More Visa Restrictions on Nigerians Responsible for Undermining the Democratic Process

The United States of America has imposed more Visa restrictions on individuals responsible for undermining the democratic process in Nigeria.

Ijede Police And Roadside Extortion – Sanni Kay Yusuf

In Ijede, road block by men of the Nigeria police is an ugly phenomenon to worry about. Journeying there from to Ikorodu...

Beşiktaş Coach Sergen Yalçın Tests Positive for COVID-19 Ahead of Süper Lig Opener

The coach of Istanbul football powerhouse Beşlktaş has tested positive for the coronavirus, a club official said Saturday, a day after the...