The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have taken over the management of the National Economic Reconstruction Fund (NERFUND) after a N5.7 billion loss incurred by the firm according to the Nation Newspaper.
NERFUND was established by Decree No. 2 of 1989 to provide medium to long-term loans to Participating Banks (PBs) for on-lending to small and medium enterprises (SMEs) for the promotion and acceleration of productive activities.
Now the Bank that has the responsibility to help,small businesses grow is now all but dead!!
See link to story here