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Adeosun Appoints Ezekiel Oseni As Nerfund Boss

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SAN FRANCISCO, August 24, (THEWILL) – The Federal Government has appointed Dr Ezekiel Oseni as the Acting Managing Director of the National Economic Reconstruction Fund (NERFUND) with immediate effect.

This was disclosed in a statement from the Ministry of finance on Wednesday , which revealed that the Minister, Kemi Adeosun, gave the approval under a Management Agreement between the Ministry and the Bank of Industry (BoI).

The statement, signed by the Permanent Secretary of the Ministry, Dr Mahmoud Isa-Dutse, declared that Oseni has been mandated to “reposition NERFUND and ensure that all outstanding indebtedness are recovered.”

Adeosun, in June this year, had directed all staff of the National Economic Reconstruction Fund (NERFUND), to immediately return to their duty posts after intervening to resolve the crisis within the organisation.

Staff of the Agency were directed in a Circular signed by the Permanent Secretary, 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.

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.

The Fund has so far extended credit facilities for 2, 829 projects valued N9.5 billion between 1989 and 1999.

Until his appointment, Oseni was a General Manager and Chief Risk Officer at BoI.

Story by David Oputah