The Bank of Industry has signed an agreement with the Ministry of Finance to recover the N17.5 billion outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund.
The Memorandum of Understanding was signed on Wednesday in Abuja between the Ministry of Finance led by its Permanent Secretary, Mahmoud Dutse and the BoI led by the Managing Director, Mr Olukayode Pitan.
Speaking during an interview shortly after the event, Pitan said that the bank would adopt all legal means available to recover the bad loans for the government.
“Part of what we signed today is that BoI will continue to manage NERFUND. That means that those who owe NERFUND and also outstanding facilities that have put NERFUND into trouble; BoI will recover and make sure those loans are collected,” he said.
He said those who owe the NERFUND should come to the Bank of Industry for repayment.
“The money to be recovered now is about N17.5bn and we will use all available means open to us legally to recover the money,” he assured.
He decried the inability of people who borrowed money from government agencies to repay, adding that such practice was denying others who needed funds for their business the opportunity to raise the needed financing.
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