The Federal Government has initiated plans to shut down the National Economic Reconstruction Fund over non-performance and non-performing loans, worth over N17.5 billion.
Sources in Abuja revealed that a committee had already been set up to oversee the smooth liquidation of the company by the end of October.
The source said the committee was expected to come up with recommendations to cater to the welfare of the NERFUND workers and advise on what to do with the fixed assets of the financial institution.
The committee is also expected to recommend an agency that will handle the numerous pending court cases initiated by NERFUND to recover billions of naira in bad loans.
According to the source, about 1,143 projects in the small and medium enterprises sector were financed by NERFUND between 2010 and 2013.
FG to shut down NERFUND over N17.5bn bad loan
0
