The Nigerian Economic Reconstruction Fund (NERFUND) has been shut down.
The Federal Government announced the shutdown in a letter to all staff and management of NERFUND signed by the Federal Ministry of Finance Permanent Secretary, Mahmoud Isa-Dutse.
“Following the recent developments in your organisation and the failure to reconcile the differences, by the Executive Management, Senior Management and staff and in spite of interventions by the Federal Ministry of Finance, the ministry has decided to close down the organisation with immediate effect,” Isa-Dutse wrote in the letter.
He advised “all staff and management to proceed on compulsory leave.”
Festus Akanbi the Special Adviser to the minister of finance confirmed the development.
