The Minister of Finance, Mrs. Kemi Adeosun has ordered all staff of the National Economic Reconstruction Fund (NERFUND), to immediately return to their duty posts as the crisis within the organisation has been resolved,
NERFUND staff, it could be recalled, were directed in a circular signed by the Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse on June 15, 2016, to stay away from work to forestall further breakdown of law and order as a result of disputes between the Executive Management, Senior Management and other staff of the organisation.
The National Economic Reconstruction Fund (NERFUND) was established in 1989 to provide medium to long-term financing to viable Small and Medium scale production enterprises to increase the quantity of goods and services available for local consumption and export, provide needed employment, expand the nation’s production base and add value to the economy.
Director of Information at the Ministry, Salisu Na’Inna Dambatta, in a press statement made available to The Daily Times yesterday noted that the Fund so far extended credit facilities for 2,829 projects valued N9.5 billion between 1989 and 1999.
He also pointed out that all Nigerians are qualified to apply for NERFUND loans, either as individuals, associations, cooperatives or corporate entities as well as partner institutions.
The Federal Government on Thursday June 16th shut down the National Economic Reconstruction Fund (NERFUND) indefinitely following allegations of misappropriation of funds by the interim management which was alleged to have destabilised activities there for a while now.
In a memo signed by the Permanent Secretary, ministry of finance, Mahmoud Isa Dutse, asked all staff to proceed on indefinite leave pending when the problems were resolved.
NERFUND was set up to provide needed medium – to long-term financing to viable Small and Medium scale production enterprises. The grand objectives are to increase the quantum of goods and services available for local consumption and export, provide needed employment, expand our production base and add value to the economy.
It was learnt learnt that the current interim management of the agency had been accused by staff of the fund of gross of mismanagement of funds.
In May, workers of NERFUND disrupted business activities at the headquarters of the agency over allegations of mismanagement and embezzlement of funds which was said to total about N700m.
The Federal Government had through the Ministry of Finance set up a committee to investigate those allegations of corruption.
But the workers later took their protest to the headquarters of the ministry of finance, lamenting the failure of successive governments to make pronouncements over the status of the organisation.
“To all staff of NERFUND: Following recent developments in your Organisation and failure to reconcile the differences between the executive management, senior management and the entire staff in spite of the ministry’s intervention, the Federal Ministry of Finance has decided to close down your agency with immediate effect to forestall the breakdown of law &order.
“All staff should proceed on indefinite leave pending further instructions from the ministry,” Dutse noted in the statement