News
N17.5bn Bad Loans: FG To Shut Down NERFUND
The Federal Government has begun plans to shut down the National Economic Reconstruction Fund (NERFUND) over non-performance and non performing loans of over N17.5billion.
A source at the Federal Ministry of Finance, told newsmen yesterday in Abuja that a committee had already been formed to ensure smooth liquidation of the company by the end of October.
The source said that the committee was expected to come up with recommendations concerning the welfare of the NERFUND workers and also what to do with the office equipments.
The committee was also expected to recommend an agency that would handle the numerous pending court cases initiated by NERFUND to recover billions of naira in bad loans.
According to the news source, about 1, 143 projects in the Small and Medium Enterprises sector were financed with the NERFUND loans between 2010 and 2013.
The source said that NERFUND currently had problems recovering the loans, adding that out of N17.5billion, the sum of N14.2billion representing 80 per cent was borrowed by a few people.
He said the ratio of non-performing loans was high because many of the loans were not collateralised.
Meanwhile, a staff of the NERFUND, who preferred anonymity told newsmen that all workers of the oraganisation have been officially informed about the wind up.
“We have been given the choice to either resign or be sacked. The managing director told us the management is working with the Permanent Secretary of the Federal Ministry of Finance.
“They have promised that at the end of the day, we will not be jobless. They will place us somewhere else, so we are expectant,” the person said.
NERFUND was established by Decree No. 2 of 1989 to act as a catalyst towards the stimulation of the rapid rise of real production enterprises in the country with a seed capital of N300million.
In 2002, the Federal Government merged Nigeria Industrial Development Bank (NIDB) and Nigeria Bank of Commerce and Industry (NBCI) to form Bank of Industry (BOI).
The Federal Government excluded NERFUND from the fusion of all development finance institutions (DFIs).
However, the agency’s capital had grown into billions of naira, but due to poor management, the organisation had been in comatose since late 2013, losing its capacity to carry out its mandate.
In June 2016, the staff of NERFUND took to the streets to protest the mismanagement of the agency’s funds.
The Federal Government through the Minister of Finance, Kemi Adeosun intervened by first shutting down the agency following failure to reconcile the differences between the executive management and the entire staff so as to forestall a further breakdown of law and order.
Two weeks after the shutdown, Adeosun officially instructed staff to return to work and appointed Dr Ezekiel Oseni in August of the same year to act as Managing Director.
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
News
Four To Face Death Penalty Over DPO Angbashim’s Murder
A Rivers State High Court sitting in Port Harcourt has convicted and sentenced four persons to death by hanging over the gruesome killing of the former Divisional Police Officer of Ahoada East Police Division, SP Bako Angbashim.
The presiding Judge, Justice Sika Aprioku, in a landmark judgment, last Thursday, found the quartet guilty of conspiracy, murder, membership of a secret cult group and robbery, saying the prosecution proved its case beyond reasonable doubt.
Those sentenced to death by hanging are Robinson Sonabari, identified as a native doctor; Bright Okparawo; Precious Amaeze, popularly known as Selina; and Loveday Jack, also known as Ragged Excess. The court ordered that they be hanged by the neck until they are confirmed dead.
Justice Aprioku also convicted the sixth defendant, Samuel Nwadinma, and sentenced him to three years imprisonment for conspiracy.
The third accused person was, however, discharged and acquitted of the four-count charge.
In the same vein, the court discharged Famous Okechukwu, Samuel Uchendu, Oyekachi Ikonwa, Godbless Nnamdi and Marshall Daniel, who were earlier found guilty of membership of a secret cult group, on the grounds that they had already served the maximum terms prescribed by law in the correctional facility.
The court held that among those convicted was the native doctor who allegedly prepared the charm used in the killing of the late DPO.
Speaking with newsmen shortly after the judgment, the lead prosecution counsel from the Rivers State Ministry of Justice, Chigozie Amadi, alongside a representative of the police legal team, Celestine Dickson, commended the judiciary for ensuring that justice was served.
Dickson, who represented the Nigeria Police Force in the joint prosecution, expressed concern that officers saddled with the responsibility of protecting lives and property had increasingly become targets of criminal elements.
He, however, expressed optimism that the judgment would serve as a strong deterrent to would-be offenders.
Also reacting, the elder brother of the late DPO, Akasco Angbashim, who travelled from Nasarawa State to witness the judgment, said the verdict had healed a long-standing wound inflicted on the family since the brutal murder of their brother.
He commended the judiciary, the Rivers State Government and the police for their commitment to justice, stressing that the judgment sends a clear message that no individual has the right to unlawfully take another person’s life.
The four convicts were among 72 persons initially arraigned before the State High Court by a joint prosecution team comprising the Department of Public Prosecutions and the Rivers State Police Command over the murder.
During the trial, 61 accused persons, including the Eze Ekpeye Logbo, Eze Kelvin Anugwo, and a former Ahoada East Council Chairman, Cassidy Ikegbidi, were discharged and acquitted for lack of evidence, leaving 13 defendants to face judgment.
SP Angbashim was gruesomely murdered on September 8, 2023, during a police operation in Odemude community, Ahoada East Local Government Area.
His killing sparked tension in the area, prompting a joint security operation that led to the death of the suspected cult leader, David Okparanwo, popularly known as 2Baba.
By: King Onunwor
-
Politics3 days agoAPC Releases Adjusted Timetable For Nationwide Congresses, Convention
-
Business3 days agoCustoms Seek Support To Curb Smuggling In Ogun
-
Sports3 days ago
DG NIS Wants NSC Board Constituted, Seeks Increased In Funding
-
Sports3 days agoSWAN Rivers Set-up Five Functional Committees
-
News3 days ago
Police Bust Kidnapping Syndicate In PH
-
Featured3 days agoINEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations
-
Sports3 days ago
NSC Disburses N200m Training Grants To 26 Athletes
-
Sports3 days ago
‘NTF Will Build On Davis Cup Success For Brighter Future’
