Nigeria In One Minute
FG to shut down NERFUND over N17.5bn bad loans
The Federal Government is making arrangements to shut down the operations of the National Economic Reconstruction Fund (NERFUND) at the end of October due to huge nonperforming loans of about N17.5 billion. A competent source at the Federal Ministry of Finance yesterday in Abuja told New
Telegraph that a committee had already been formed to ensure smooth liquidation of the company.
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 equipment.
The committee was also expected to recommend an agency that would handle the numerous pending court cases initiated by NERFUND to repatriate billions of naira it had earlier loaned out.
The source said that NERFUND currently had problems recovering the loans, adding that out of N17.5 billion, about N14.2 billion, representing 80 per cent, was borrowed by a few people.
New Telegraph, October 6, 2017
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