CBN/NDIC Takes Over Management, Control of NERFUND  

President GoodluckEbele Jonathan, GCFR has approved the takeover of management and control of the National Economic Reconstruction Fund (NERFUND) by the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC).
The decision to take over the management and control of the Fund followed President’s approval of the recommendations ofthe CBN and NDIC Joint Special Examination report on the books and affairs of the Fund.
According to the report, the capital invested in the institution by the Ministry of Finance had been completely eroded with gross losses which stood at N5.7 billion. The Fund, the report added, had not been able to service loans taken for on-lending from the African Development Bank (ADB), the Ministry of Finance and other sources.
The new management team appointed by the Ministry of Finance is headed by Mr. Muhammad GidadoKollere of the NDIC as Managing Director/CEO and Mr. IhuaElenworof the CBN as Executive Director (Operations).
The team which is to oversee the affairs of the institution for an initial period of one year is also mandated to,among other things, mount an aggressive recovery of all outstanding loans, overhaul the Fund’s records, reconcile all accounts with correspondent banks and render quarterly report to the Board of the Fund, headed by the Permanent Secretary, Federal Ministry of Finance.

Leave a Reply

Your email address will not be published. Required fields are marked *