Contrary to earlier reports published in a top Nigerian newspaper on how the federal government’s Youths Entrepreneurial Support (YES) Programme in collaboration with Bank of Industry (BoI) empowered youths through the loan disbursed, fresh investigation by FINANCIAL WATCH has revealed that the news is false and no participant have benefited from the scheme.

FINANCIAL WATCH reached out to YES-P participants across the country and got some shocking response filled with disappointments, frustrations and a feeling of a waste of time by participants who could not meet up with the stringent conditions as well as some few who meet the requirements but are still yet to secure the loan to start their various businesses.

Below are experiences as shared by BoI YES-P participants across states in the country:

Joy Mbalaso – YesP participant, Abuja

Almost one (1 )year down the line, no significant achievement on the BOI YesP programme. An intervention programme that havent intervened in any way.

The conditions are very stringent and not even 2% of the total qualified participants have met them.

The youths are ready to revive the economy but no reasonable support from the government and other stakeholders. BOI should step down on the conditions and release these funds to YesP participants.

Also, recovered looted funds should be awarded to youths as grants to boost the Nigerian economy.

Etini Obot -YESP participant, Akwa Ibom

I have lost faith entirely in the process of getting the YES-P loan. The conditions for securing the loan are very frustrating and a near impossible task. The program has not been able to achieve its objectives hence, many innovative ideas have been left to die due to this delay.

Ndukwe lazurus yesp participant from Ebonyi State

Boi yesp loan is fraud of the highest order, government want to empower entrepreneur youths in the country only to ended up frustrating them, saping the little resources we have, we started this programme on march last year we undergoes intensive online training which cost a very big amount of money, after we proceed to in class training. we were responsible for accommodation and transportation for 5days, after all this processes BoI being to play all manner of prates bringing conditions upon conditions every day to frustrate us, from one guarantor to two guarantors, networth notarize assets etc, mr Ezekiel the requirements for loan is too much for the youth and is evil for government that want to empower her youth even Nebuchadnezzar cannot demand such from his youth, if at the end of all this appeal and media protest fg could not intervene i will conclude that also that apc lead government is deceit and liar and that government is ruling by falsehood,you cannot tell us one thing and change it overnight it is pure wickedness on BoI and FG.

Uba Prince Yes- Paticipant, Benin

The YES-P program has no face, seems its to frustrate the Nigerian youth as an entrepreneur, having visited their office at Asaba and was ask to get my factory site which I lease since October last year, they latter came up with demands that makes the loan in accessible by a common Nigerian. Their requirements shows this is no longer and intervention fund aim at supporting young business minds as the Yes-p program stated.

Abiodun From Kaduna

The disbursement of the loan is taking a long time, with the way prices are changing daily. It will take a miracle for the amount later disbursed to correspond to the quoted prices.

Obajemu Femi Kano

Its a painful experience and Yes p scheme is a failure. I was asked to lease a place before I would be inspected. After paying 340,000 naira to lease a ware house since November last year and has not heard anything since after inspection. BOI should open up to us if they don’t want us to access the loan. Am seriously getting frustrated because my rent is already reading.

Nomsu Audu- Kaduna

I can’t stop to imagine why Federal Government would spend such a huge amount of money to train successful participants through the online training which cost huge amount of money (an average of $450/participant) and later come up with stringent conditions that are nearly impossible for participants to meet.

I feel some set of people are politicizing the scheme against the federal government wish to cause hate on the present administration.

If FG call YES-P an intervention scheme, I see no reason why young entrepreneurs should be intentionally frustrated to the point of given up on their dreams.

Such funds in developed countries are given as grants. Why all this unnecessary and near-to-impossible conditions?

Curtis, Makurdi

Yes-P would never have been hinged on loans. It should have been grants with good conditions and nice checking or supervision apparatus. What we have been offered after a precious investment of our time and money is just a near waste of time. I implore the fed. Govt To stick to their earlier promises and stop this shame.

Adesola Fashoro Kaduna

It’s a total waste of time and waste of youthful resources. I applied for this programme because the condition that was earlier advertised were much more lenient. But after spending my hard earned cash on data for the 3 months online course and frustrated myself to be able to attend the in-class session, I am yet to get a single individual to guarantee the loan owing to the manipulative and never ending conditions.

Muhammad Awwal A YES-P participant based in KADUNA.

In my opinion the YES-P is a laudable initiative but fraught with poor implementation and stringent loan terms.

The three months online training under the AMI platform is a good one which all participants can attest to but my concern is why should FG expend such huge funds in training and engage consultants across the country for the one week in class training without looking at the participants empowerment aspect which to me is the most important objective of the scheme!

Participants across the country are seemingly frustrated by the stringent loan terms, longer than necessary delays and processes.

I hope FG can step in towards alleviating bottlenecks placed before young entrepreneurs yearning to contribute their quota to national development through our businesses that can create primary and secondary jobs especially at this time of economic recession!

Frank Edna YESP participant Calabar Cohort 1

I spent so much resources, efforts, time to make sure my three months online courses where completed. I travelled far to participate in a week’s in-class training. I also spent so much money to fix my business plan in place.

When it was time for final submissions, conditions that were so stringent that I couldn’t meet up laid me back.

If this opportunity will be taken away from me after so much efforts, I should be compensated for the time, data, and all that went with the training.

I shouldn’t be a loyal Nigerian doing my part to succeed in this present economy the government is putting up some funny policies to discourage me.

Source: https://twitter.com/financialwatchn/status/830770180221452288?s=08

http://www.financialwatchngr.com/2017/02/12/fg-boi-frustrates-yes-p-scheme-participants-shares-sad-experiences/

Mods, Kindly do justice to this topic to let Nigerians know what yes-p participants have encountered in the past 11 months.

Its a pity that , this program with great prospect in the reviving the nation from recession, by creating 36000 direct and indirect jobs, has been swept under the carpet! Leaving teaming youth like us, being one of participants to , wait endlessly why spending the little we would used to further our businesses ....in renting space , rentage running off , ......FG must be sincere true to its policies, and monitor its policy directly, BOi has refuse to see to it that , the program work


https://twitter.com/financialwatchn/status/830770180221452288?s=08


#advocacyforbetterloancondition

#BoiYesPDeceiption

Like everything about Nigeria, so beautiful on paper but cannot be implemented after millions have been spent on mobilisation and training

Meanwhile politicians would be getting loans in billions without conditions and run away leaving the helpless company and employees at the mercy of AMCON

If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy

and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI...

If you didn't succeed, you either have a bad business plan or you ain't ready.

As a first hands experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). And believe me, these people were once skeptical, and now, they have good news.

Pls, stop running your mouth, just because u were being paid to discredit am administration that you share different sides of the political party...

Kindly visit BOI in your region, ask for how to go about it. You don't need to settle or pay anybody.

BOI is an acronym for bank of industry, they fund manufacturing. Either startup or existing. Existing ones are faster because it's easier to cite your success story and deficit in supply, due to high demand of your products, as the reason for loan. A new company needs to really convince them of its intended success- everywhere in the world, this is difficult. But with a good business plan, you have 80% chances of getting a loan.

The truth is that only Buhari can not fix everything. Most of these problems/solutions depend on our attitudes and approaches.

God bless Nigeria!

This is Nigeria

Powerful campaign must be launched to get the presidency aware of this frustrating matter

You gather fictitious names and conjure fake news

Put their picture let's confirm them

who cares!!!

I give up on this country



Lemme call my agent



My kid broh went to malaysia 2yrs ago now a big boy

Cars and houses but I gat no rest of mind cus he is always commanding me

I believed somuch in Nigeria but lord why all this

After i applied online, wen i got to my village,I saw d main chiefs giving d forms out n it was d pple dat filled it manually dat was shortlisted

With all that this useless government has done so far, if you still have faith in this government then you're the biggest fool the world has seen..

yes you are right , but, this is because of greedy people who stand as a saboture for there selfish interest

ITbomb:
Like everything about Nigeria, so beautiful on paper but cannot be implemented after millions have been spent on mobilisation and training

Meanwhile politicians would be getting loans in billions without conditions and run away leaving the helpless company and employees at the mercy of AMCON

Ogbeni,

make i no vex for una

KINGwax007:
If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy

and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI...

If you didn't succeed, you either have a bad business plan or you ain't ready.

As a first hands experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). And believe me, these people were once skeptical, and now, they have good news.

Pls, stop running your mouth, just because u were being paid to discredit am administration that you share different sides of the political party...

Kindly visit BOI in your region, ask for how to go about it. You don't need to settle or pay anybody.

BOI is an acronym for bank of industry, they fund manufacturing. Either startup or existing. Existing ones are faster because it's easier to cite your success story and refit in supply, die to high demand of your products as the reason for loan. A new company needs to really convince them of its intended success- everywhere in the world, this is difficult. But with a good business plan, you have 80% chances of getting a loan.

nabegibeg:
You gather fictitious names and conjure fake news

Put their picture let's confirm them

Is this all you can say?

SycophanticGoat:
With all that this useless government has done so far, if you still have faith in this government then you're the biggest fool the world has seen..

I see that your sycophancy is getting paid by PDP..

By the way, your statement....

Those complaining are all ipod yoots

PastorAji:
Ogbeni,

make i no vex for una

pls do.

Guys,Is there anyone here that has access to the materials/training of this BOI YesP program and willing to share...


Please share the training materials so that the knowledge would spread...


This would reduce the hassle to sourcing of fund, and of course the willingness to execute one's plan.

In anticipation of your kindest reply

maxiuc:
I give up on this country



Lemme call my agent



My kid broh went to malaysia 2yrs ago now a big boy

Cars and houses but I gat no rest of mind cus he is always commanding me

I believed somuch in Nigeria but lord why all this

it is well

the scheme is a "Yuge" scam. I have long moved on although it still pains me when i remember the countless hours, sleepless nights, finance and brain work i and others put into the programs online courses( A whooping 18 courses with 5 tests and an assignment each). Not to talk of the finances and inconveniences to other schedules one had to expend to travel for the in class training with all accommodation and feeding costs attached.

This was a promising scheme that would have boosted the economy, but the Nigerian factor and way of doing things will always come to play. You can imagine the stringent requirements they are asking for before giving you the loan

1. you will deposit your degree and nysc certificate with them
2. you will get two gaurantors who will not only guarantee you but declare their assets before their guarantees can be accepted. How many people can get this?
3. they will only finance equipments and working capital.
4. interests starts running immediately even if your business will take sometime to pick up.
5. Their processes and bureaucracy is very lenghty and cumbersome

In the end i just pray the funds meant for this scheme does not end up in one Chukuma or Yakubu's safe or oversea bank accounts. In Nigeria everything and anything is possible.

I knew it. Such initiative was always not going to work.

The bank of industry could be a fraud on its own right. Any funds allocated them by the FG is probably in the pockets of a few "ogas at the top".

[quote author=KINGwax007 post=53668729]If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy,and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI.If you didn't succeed, you either have a bad business plan or you ain't ready experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). Its either u are sick or u need urgent medical attention.so all dis pple are been paid 2 tarnish d image of dis administration.am a participant,nd i knw dat its nt wat boi promised us dat dey end up doing after d in-class.

KINGwax007:
If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy

and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI...

If you didn't succeed, you either have a bad business plan or you ain't ready.

As a first hands experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). And believe me, these people were once skeptical, and now, they have good news.

Pls, stop running your mouth, just because u were being paid to discredit am administration that you share different sides of the political party...

Kindly visit BOI in your region, ask for how to go about it. You don't need to settle or pay anybody.

BOI is an acronym for bank of industry, they fund manufacturing. Either startup or existing. Existing ones are faster because it's easier to cite your success story and deficit in supply, due to high demand of your products, as the reason for loan. A new company needs to really convince them of its intended success- everywhere in the world, this is difficult. But with a good business plan, you have 80% chances of getting a loan.

Bros, Can't be smarter than all over 4,000 intellectual minds who are participants on this programme (YES P). We are in touch with one another, not one person, I repeat not one person has been able to access this funds even those who have gotten award letters, maybe you are talking of another scheme not YES P, There's nothing political about these testimonies just keep that part out. Stop assuming, YES P has been compromised.

I am one of Yes p participant from Kano. I really dont understand BOI, out of 3000 participants from both cohort 1 & 2 nobody has been able to acess the funds. I have rented space of 340,000 naira since November and was inspected but have not heard anything from them. Even guys that have gotten their offer letters have been unable to acess the funds. I am beginning to think the whole programme is just a political jamboree and there is no money anywhere set aside for this scheme.

KINGwax007:
If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy

and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI...

If you didn't succeed, you either have a bad business plan or you ain't ready.

As a first hands experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). And believe me, these people were once skeptical, and now, they have good news.

Pls, stop running your mouth, just because u were being paid to discredit am administration that you share different sides of the political party...

Kindly visit BOI in your region, ask for how to go about it. You don't need to settle or pay anybody.

BOI is an acronym for bank of industry, they fund manufacturing. Either startup or existing. Existing ones are faster because it's easier to cite your success story and deficit in supply, due to high demand of your products, as the reason for loan. A new company needs to really convince them of its intended success- everywhere in the world, this is difficult. But with a good business plan, you have 80% chances of getting a loan.

If you don't know how to post a comment without insults, then you really shouldn't be doing so.

Those folks simply stated their experiences and problems hoping to be heard and seeking some form of intervention.

In any case, nowhere in any of Naira landers profile you put there, was it stated that he benefited from the Yes-P.

The actual person running his mouth here is you, if you have a solution to help them escape their present predicament after spending money but seeing no returns, state it. If not, read their post and look away.

If E too pain you, say the comment dey critical of the current government, then you can go and join Buhari in London.....................

KINGwax007:
If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy

and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI...

If you didn't succeed, you either have a bad business plan or you ain't ready.

As a first hands experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). And believe me, these people were once skeptical, and now, they have good news.

Pls, stop running your mouth, just because u were being paid to discredit am administration that you share different sides of the political party...

Kindly visit BOI in your region, ask for how to go about it. You don't need to settle or pay anybody.

BOI is an acronym for bank of industry, they fund manufacturing. Either startup or existing. Existing ones are faster because it's easier to cite your success story and deficit in supply, due to high demand of your products, as the reason for loan. A new company needs to really convince them of its intended success- everywhere in the world, this is difficult. But with a good business plan, you have 80% chances of getting a loan.

Is the garri guy part of the yesp program or did he sort for funds through other BOI Funding channels? I ask this because this are two different scenarios altogether and to tell you the truth of all the participants at the in class training we attended at Umuahia not one single person has gotten the loan. this i am very sure of cause we all communicate amongst ourselves.

Upon spending lots of money on the project and it's ending this way... but they said from the beginning that they realised people will be trainned without derisking them now other things are surfacing...

CaaseStudy:
the scheme is a "Yuge" scam. I have long moved on although it still pains me when i remember the countless hours, sleepless nights, finance and brain work i and others put into the programs online courses( A whooping 18 courses with 5 tests and an assignment each). Not to talk of the finances and inconveniences to other schedules one had to expend to travel for the in class training with all accommodation and feeding costs attached.

This was a promising scheme that would have boosted the economy, but the Nigerian factor and way of doing things will always come to play. You can imagine the stringent requirements they are asking for before giving you the loan

1. you will deposit your degree and nysc certificate with them
2. you will get two gaurantors who will not only guarantee you but declare their assets before their guarantees can be accepted. How many people can get this?
3. they will only finance equipments and working capital.
4. interests starts running immediately even if your business will take sometime to pick up.
5. Their processes and bureaucracy is very lenghty and cumbersome

In the end i just pray the funds meant for this scheme does not end up in one Chukuma or Yakubu's safe or oversea bank accounts. In Nigeria everything and anything is possible.

The same conditions with the Heritage Bank YIEDP. But I hope that Sterling Bank YEDP loan conditions won't follow same pattern because it is almost ready now.

ehissi:


If you don't know how to post a comment without insults, then you really shouldn't be doing so.

Those folks simply stated their experiences and problems hoping to be heard and seeking some form of intervention.

In any case, nowhere in any of Naira landers profile you put there, was it stated that he benefited from the Yes-P.

The actual person running his mouth here is you, if you have a solution to help them escape their present predicament after spending money but seeing no returns, state it. If not, read their post and look away.

If E too pain you, say the comment dey critical of the current government, [s]then you can go and join Buhari in London.....................[/s]

You ruined your beautiful comment with that crossed crap. You ended it like a typical pdp diehard supporter.

BOI YES-P is politically motivated. They prefer to spend money on publicity in order to achieve few political points. Imagine the costs of online and in-class trainings? Why are they shifting the goal post? Why are they releasing stringent conditions by the day? Are they no longer serious with the programme? Or has the intervention funds developed wings and flew? GEJ Administration might be corrupt but they never joked with youth empowerment. Look at how this administration killed the YouWIN program, seized their funds. If not that the awardees resulted to self-help and got their tranches back but at the end, there was no trust again and some never bothered to continue with the good work of youths' recruitment because of government antics. Which way Nigeria?Culled from a participant

KINGwax007:
If you have a bad experience, it doesn't mean that's 100% the true situation.

Before you run your mouth, kindly visit this thread guy's page

www.nairaland.com/garriguy

and browse through the topics and see how your mates were being given loans to start their processing businesses. All the factories on his page were as a result successful intended loans from BOI...

If you didn't succeed, you either have a bad business plan or you ain't ready.

As a first hands experience, I can tell you that this is by far the most transparent scheme orchestrated. I have nothing less than four people who have been reimbursed and at least, three clients, who have been informed of the visit to their factory, before loan is released (BOI doesn't fund structure, they fund the machinery). And believe me, these people were once skeptical, and now, they have good news.

[s]Pls, stop running your mouth, just because u were being paid to discredit am administration that you share different sides of the political party...[/s]

Kindly visit BOI in your region, ask for how to go about it. You don't need to settle or pay anybody.

BOI is an acronym for bank of industry, they fund manufacturing. Either startup or existing. Existing ones are faster because it's easier to cite your success story and deficit in supply, due to high demand of your products, as the reason for loan. A new company needs to really convince them of its intended success- everywhere in the world, this is difficult. But with a good business plan, you have 80% chances of getting a loan.

Why don't you take your time and find out if their claim is genuine instead of bringing in politics? Both YES P and Heritage Bank YIEDP have tougher conditions of obtaining loans unlike the initial conditions. Their claim is real. The reason you posted this was that you didn't know anything about these programs or didn't have latest information about it.
I didn't pass the first stage of BOI YESP while I didn't pass the second stage of Heritage Bank YIEDP but I still followed up. The conditions are not for youth at all.
In the next few weeks, Sterling Bank will publish the list of beneficiaries of their own YEDP.
I just hope that they (banks) are not using all these empowerment schemes to get money out of the CBN/FG at low interest rates in order to give it out to those importers who are willing to pay them high interest rates.