BoI talks tough on recovering N17.5bn NERFUND debts from industrialists

Business News

By Franklin Ocheneyi


“Part of what we signed today is that BoI will continue to manage the Nigeria Economic Reconstruction Fund, NERFUND. That means that those who owe NERFUND and also outstanding facilities that have put NERFUND into trouble; BoI will recover and make sure those loans are collected.”

Mr  Olukayode  Pitan, the Managing Director of the bank, made this assurance during an agreement signing ceremony with the Ministry of Finance to recover the N17.5 billion outstanding loans being owed by customers of  NERFUND.

The Memorandum of Understanding was signed in Abuja between the Ministry of Finance led by its Permanent Secretary, Mahmoud Dutse and the BoI led by the Managing Director.

He said those who owe the NERFUND should come to the bank for repayment; he decried the inability of people who borrowed money from government agencies to repay, adding that such practice was denying others who needed funds for their business the opportunity to raise the needed financing.

“The money to be recovered now is about N17.5bn and we will use all available means open to us legally to recover the money,” he assured.

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