By Emma Ujah, Abuja Bureau Chief

Abuja—Dr Ezekiel Oseni    has been appointed as the new Managing Director  for the National Economic Reconstruction Fund,  NERFUND.

The Permanent Secretary of the Federal Ministry of Finance, Alh. Mahmoud Isa-Dutse, in a statement issued, in Abuja, yesterday, said the appointment was with immediate effect.

He said that Dr. Oseni, who, until his appointment, was a General Manager and Chief Risk Officer of the Bank of Industry, was appointed under a Management Agreement between the ministry and the bank.

The Acting MD has a mandate to reposition NERFUND and recover all debts owed it by customers.

The Federal government had shut NERFUND on June 17 over staff protests to draw government attention to their plight and the uncertainty of the organisation’s status, urging the Federal Government to make a definitive policy statement and recapitalize it.

Established in 1989 with a seed money of N350 million (Deposit Money Banks’ capital requirement then was N15m) NERFUND was a big player as a national Development Finance Institution (DFI), giving loans to Medium and Small enterprises.