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FG Shuts down NERFUND Operations over Allegations of Mismanagement and Embezzlement of Funds



Minister of Finance, Kemi Adeosun

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.


  1. Tade

    June 17, 2016 at 11:57 am

    Very good,a lot of leakages in the system must be blocked.

  2. Wetin sef

    June 17, 2016 at 11:59 am

    What is it with Nigerians and looting public money? Don’t we have any iota of patriotism in us???

  3. Prince

    June 17, 2016 at 1:43 pm

    That’s good. It shows the Ministry of Finance listened to the staff

  4. Lmao

    June 17, 2016 at 1:47 pm

    In order words —you have all been sacked. Everybody go to ya house n start looking fr job elsewhere

  5. FasholasLover

    June 17, 2016 at 1:53 pm

    Shutting down a govt parastatal and asking all staff to go on indefinite leave is a prelude to sacking all of the staff. The norm is to request the Executive to stand aside while investigations take place. Should the need arise to scrap the agency, all staff to be retained within the ministry are fanned out while some are made redundant and then you scrap.. So, now people are going to sit at home while they get paid? Penny wise, pound foolish.

    • Tunmi

      June 17, 2016 at 2:35 pm

      That’s what I was thinking. Is it leave with pay or without pay? If they are sacked, this could orient others from speaking out. If anything, an investigation should have been the next step not a complete shutdown


    June 17, 2016 at 6:22 pm

    Wonders shall never end. Does that mean all the junior staff members has to suffer from the sins of their Oga at the top? This Country is doomed.

  7. NG

    June 17, 2016 at 6:24 pm

    Going by the prevailing trend in the ‘corrupton chase’ the victims would probably be those seen as not supportive of the present government- my hunch says.

    • nnenne

      June 18, 2016 at 2:07 am

      @NG… Of course! That’s the norm.
      Anything else will be abnormal.

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