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).
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 Gidado Kollere of the NDIC as the managing director and chief executive officer and Mr Ihua Elenwor of the CBN as the 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.-Leadership
No comments:
Post a Comment