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Reps to engage Emefiele, others over N17bn NERFund loan

A House of Representatives panel yesterday resolved to engage the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele over status of the N17 billion non-performing loans of the National Economic Reconstruction Fund (NERFund).

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The panel is to also engage the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC) Umaru Ibrahim and the Managing Director of the Bank of Industry (BoI), Olukayode Pitan, and heads of participating banks over the matter.

The panel led by Oyodele Oladimeji (PDP, Ekiti) took the decision after it discovered that the premises of NERFund was shut down despite a House resolution asking that no further action should be taken until all issues were resolved.

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Emefiele is to explain failure of the apex bank to recover the said amount, while others would explain their various roles in the transaction.

At the panel’s sitting, finance minister Kemi Adeosun told lawmakers that NERFund was not merged with BoI.

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