Nigeria appoints new managing director for reconstruction fund, NERFUND

Minister of Finance, Kemi Adeosun

The Nigerian government has appointed a new managing director for the National Economic Reconstruction Fund (NERFUND).

He is Ezekiel Oseni, a former general manager and chief risk officer at the Bank of Industry.

Mr. Oseni’s appointment was announced Wednesday by the Permanent Secretary in the Ministry of Finance, Mahmoud Isa-Dutse, who credited Minister Kemi Adeosun as approving the posting.

“His appointment which takes immediate effect was made under a Management Agreement between the Federal Ministry of Finance and the Bank of Industry,” Mr. Isa-Dutse said in a statement.

He said Mr. Oseni has several mandates, among which is to reposition the organisation and ensure that all outstanding indebtedness were recovered.

Mr. Oseni holds a Bachelor’s Degree in Accounting from the University of Ilorin (1987-1990), a Master’s Degree in Accounting from the University of Ilorin (1993 -1997).

He also holds a Ph.D in Business and Applied Economics from the Olabisi Onabanjo University (2004 -2012).

Before his time at the Bank of Industry as the general manager, risk management, Mr. Oseni worked as a Lecturer at the Department of Accountancy, The Polytechnic, Ibadan (1990-1991).

He also worked as a Graduate Research Assistant in the Department of Accounting and Finance at the University of Ilorin (1992-1994).

From 1993 to 1996, Oseni was a Part-Time Lecturer for the COSIT Programme at the University of Lagos.


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He worked as Lecturer 1 in the Department of Management and Accounting at the Faculty of Administration, Obafemi Awolowo University (1994-1997).

He was also manager at the defunct Citizens International Bank, Lagos (1999-2005). He was also AGM, Head, Internal Control & Audit Division at the Bank of Industry (2005-2013).

In 2014, he lectured part-time at the University of Lagos, teaching a module on “New Business Venture Creation and Entrepreneurship Management” at postgraduate level.

NERFUND was set up to provide needed medium to long-term financing to viable Small and Medium scale production enterprises.

Mr. Oseni is succeeding Muhammad Gidado Kollere who was appointed managing director in October 2013 after the finance ministry directed the Central Bank of Nigeria, and the Nigeria Deposit Insurance Corporation to take over operations of the Fund.

A CBN and NDIC Joint Special Examination report on the Fund had shown that the organisation ran at huge losses put at N5.7 billion at the time.

In June 2016, NERFUND staff protested against the failure of government to appoint a substantive chief executive to oversee affairs of the organisation after the expiration of the one-year term granted the Mr. Kollere-led leadership.

The Fund said on its website that it had funded about 2,829 projects valued at N9.5billion.


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