BoI Gets Approval To Recover NERFUND’s N17.5 bn Bad Loans

The Federal Government has given approval to the Bank of Industry to recover the N17.5 billion outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund. NERFUND is currently having liquidity challenges owing to its huge non-performing loans portfolio.

The instrument of approval was given through a Memorandum of Understanding signed on Wednesday in Abuja between the Ministry of Finance led by its Permanent Secretary, Mahmoud Dutse, and the BoI led by the Managing Director, Mr. Olukayode Pitan.

Also present at the signing of the MoU, which was held at the headquarters of the Ministry of Finance in Abuja were top officials of the bank and the ministry. Speaking in an interview with journalists shortly after the event, Pitan said the bank would adopt all legal means available to recover the bad loans for the government.

Photo Caption: BOI Managing Director, Olukayode Pitan