The operations of the National Economic Reconstruction Fund (NERFUND) has been shut down by the Federal Government due to several crises which has affected the smooth running of the agency.

In a notice signed by the Permanent Secretary of the Finance Ministry Dr. Mahmood Isa-Dutse, It directed all staff of the agency to go on indefinite leave pending further action by the Federal government..

The notice which was made available to Economic Confidential in Abuja reads:“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.”

When Economic Confidential contacted the. Special Assistant Media, to the Minister of Finance, Mr Festus Akanbi, confirmed the development.

Recall that Government had through the Ministry of Finance set up a panel to investigate the allegations of corruption against the current interim management of the NERFUND.

NERFUND staff had last month disrupted business activities at the headquarters of the agency over allegations of mismanagement and embezzlement of funds also protested at the headquarters of the ministry of finance where they expressed dismay on the inability of successive administrations to make a statement on their status.

The agency was set up to provide needed medium-to long term financing to viable small and medium scale production enterprises.
The grand objectives are to increase the quantum of goods and services available for local consumption and export, provide needed employment, expand our production base and add value to the economy.