Nigeria Bank, Insurance Corp. To Manage NERFUND

Nigeria Bank, Insurance Corp. To Manage NERFUND

From Leadership

President Goodluck Ebele Jonathan has approved the takeover of the management and control of the National Economic Reconstruction Fund (NERFUND) by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC).

The decision to take over the Fund followed the president’s approval of the recommendations of the 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.

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