NERFUND Shut down Operations Over Allegations of Mismanagement & Embezzlement of Funds

Minister of Finance, Kemi Adeosun

The Federal government on Thursday shut down operations of the National Economic Reconstruction Fund (NERFUND), directing all workers of the agency to proceed on indefinite leave pending further action. 

The staff of NERFUND had alleged that the interim management of the agency had mismanaged and embezzled funds running into about N700m.


 They had also staged a protest at the headquarters of the ministry of finance, lamenting the failure of successive governments to make a pronouncement over the status of the organisation.
 According to PUNCH, the notice of shut down was issued by the Permanent Secretary, Ministry of Finance, Mahmoud Dutse.  

“Following recent developments in your organization and failure to reconcile the differences between the executive management and the entire staff, inspite of the ministry’s intervention on the matter, the Federal Ministry of Finance has decided to close down your agency with immediate effect to forestall a further breakdown of law and order. Consequently, all members of staff should proceed on an indefinite leave pending further instructions from the ministry,” Mahmoud said.