masteradmin Blog Leave a Comment

By : Augustina Okinedo and Oye Agunbiade


The Bank of Industry, BOI has called on Micro, Small and Medium-Scale Entrepreneurs, MSME to embrace various loan facilities of the bank.

The manager, BOI, Ondo State, Mr Raymond Adenuga made the call while featuring on a Radio Nigeria programme in Akure. Mr Adenuga said many Entrepreneurs in Nigeria were yet to benefit from the various loan packages of the bank.

While clearing the air on why some people have been unable to access loan from BOI, Adenuga explained that “there are some smaller businesses BOI cannot support because of their inability to meet the requirements. We however have funds for them through Micro Finance Banks. For instance, road-side tailors and shoemakers may be unable to meet our requirement. But those into mass production can enjoy our support. The Micro-finance banks have experience in attending to such road-side Entrepreneurs just as we also partner with the banks to reduce the interest rate.”

On why other entrepreneurs still found it difficult to access loan, Adenuga said many were not duly registered with the Corporate Affairs Commission, had no business track record while lack of guarantors and security for loan had  been the major challenges for some entrepreneurs.

Mr Adenuga further explained that in Ondo state alone over 60,000 people have benefitted from the financial inclusion partnership of the federal government and the Bank of Industry.

Adenuga who noted that the meager no-interest Fifty Thousand Naira Loan meant to be returned within six months for micro entrepreneurs was directly from the Federal government through the Bank of Industry, however disclosed that the delay in further disbursement of the loan was due to the yet to be approved 2018 budget. He stressed that those who applied for the loan from the bank would be attended to as soon as the 2018 Budget is cleared.

Adenuga debunked the rumour making rounds that the delay in further disbursement of the fifty thousand naira loan was due to those who did not pay back as and when due.

According to the BOI boss,  “that is not the reason why we are not releasing the money now. We are just waiting for the budget. It is after the budget is approved  that more will be released”

He urged Nigerians to belong to associations and cooperatives societies in order to access the loan as it was the group that could guarantee the return of the loan.

He however advised those with the intension of defaulting in the name of eating their own portion of the national cake to stay off the loan because they would be tracked.

“I advise those who know they will not pay back, don’t apply because how much is Fifty thousand naira. Know that you will submit your Bank Verification Number, BVN. It will get to a time that the Federal Government will activate that BVN when you don’t pay back.

The implication is that you would not be able to get out of the country. If you want to renew your International Passport, it will pop-up. Your children want to go to government school, it will pop up. You can’t even get loan from any bank because you will enter into what is called Credit Bureau. If you apply to us as a company, though you tell us you don’t owe anybody, we will go and search. If you have loan with any bank even non-performing loan, we won’t attend to you; we will ask you to go and settle it” said Adenuga.

Mr Adenuga then cautioned those who had benefitted and yet to pay back to do  the needful immediately  saying that it was for their own good as defaulting would affect them and their grand-children.


Leave a Reply

Your email address will not be published. Required fields are marked *