National Wire About Nigerians, Nigerian Business and Other Stories
A House of Representatives ad-hoc panel has said that it would not accept a recent Executive order for the scrapping of the National Economic Reconstruction Fund (NERFUND).
The ad-hoc committee investigating activities of Development Financial Institutions (DFIs) chaired by Rep Emeka Anohu (PDP, Anambra) said the recent directive that NERFUND’s operations be wound down and merged with the Bank of Industry would be antithetical.
Addressing a press conference yesterday, Anohu said rather than scrapping it, the fund should be restructured for better performance.
He said despite that fact that NERFUND has ceased to perform its mandate of providing funds for MSMEs due to its non-performing loans, the fund could be properly repositioned to achieve its set objectives.
The committee, he said, would invite all former managing directors of the fund to account for their stewardship in the agency as well as all the customers that accounted for the bad debts that grounded the activities of all DFIs to explain why they failed to pay back.
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