The Federal Government on Thursday, shut down the operations of the National Economic Reconstruction Fund (NERFUND), following allegations of embezzlement and mismanagement of about N700m by the interim management.
The decision of the Federal Government was prompted by the protest to the headquarters of the Ministry of Finance, by workers of NERFUND (which is under the ministry of finance) , last month over allegation of fraud
A notice on the shut down of the agency was on Thursday issued and signed by the Permanent Secretary, Federal Ministry of Finance, Mahmoud Dutse to members of staff of the Organisation.
The notice 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.”
