Sequel to our notice of a nationwide protest by yes-p participants: https://www.nairaland.com/3652654/yes-p-notice-peaceful-nationwide-protest

The bank of industry officially calls for dialogue with yes-p participants...




Good afternoon Ken.

Further to our discussions today, I wish to further assure you that the Management of BOI is not unaware of the challenges of the participants of the YES-P in the implementation of the scheme and is taking proactive measures to address them based on feedback received so far.

This position was aptly captured by the Acting Managing Director/CEO of the Bank at another program that was launched with First Bank last Wednesday, 1st March, 2017.

Permit me to reproduce the relevant portion of the speech below:

"In the last one year of implementing the YES Progamme we have received very useful feedback from the participants and Nigeria’s best Enterprise Development Centres that we engaged to partner with us in delivering the scheme. They include AGDC, the Enterprise Development Centre of Pan Atlantic University and the Kaduna Business School. Because the Bank of Industry and other Central Bank of Nigeria licensed banks only just started to design special products to meet the needs of our teaming unemployed youths who seriously want to be self employed and productive citizens, BOI is currently reviewing the terms and conditions of the YES Progamme to accommodate some of the feedback that we have received since the participants started applying in November 2016. While BOI is not able to adopt the terms that were applicable under the defunct SURE-P that was a government grant based scheme as some have advocated, we continue to welcome input on how the terms of YES-P which is a lending Scheme can be fine tuned without violating the CBN’s Prudential Guidelines on which BOI’s Credit Policy is predicated. The need to further increase access to funding to Nigerian youths, especially those who are operating micro businesses, which are not adequately covered by the GEF, and YES programmes necessitated the development of more Micro Financing Programmes by BOI and its development partners"

There is no doubt that the above extract has recognized your challenges with an assurance that the issues are being addressed.

The expectations of the Bank from the participants at this stage is an articulation of the challenges and suggestions on the way forward which will be tabled for discussions at a round table.

It is also important to clear the air on the insinuation by participants that the Government specifically gave the the YES-P Fund to BOI to disburse to participants.

YES-P is a special product created and funded by BOI from its resources to address youth unemployment and to raise a new generation of youthful entrepreneurs in Nigeria. It's not a government funded scheme like SURE-P or YouWin.

The Bank had expended enormous resources for the training of the participants and is WILLING and determined to ensure that participants access the fund to actualize their dreams.

The Bank will never abandon participants that are genuine and will deploy the loan for the agreed purpose and also pay back.

In the light of the above, I urge you to mobilize your fellow participants to channel their energy into meeting the terms of their engagement with BOI and where there are challenges discuss with a view to getting solutions.

Resorting to "aluta formula" will never bring the desired result.

I urge you to request other participants to reconsider your proposed course of action and instead come forward with some select participants for discussions on a date and time convenient to you.

Give us the opportunity to demonstrate our love for your progress individually and the progress of our dear nation.

We await your confirmation of the date and time.

Please convey our good wishes to other participants.

Thank you.

Hassan Osuwa

For: MD Bank of Industry

In the light of the above invitation and having made deep consultations please pay a listening ear to my address



FELLOW COMPATRIOTS

First , I must thank you all for for the overwhelming support of us all in way of speaking with one voice, putting in our resources, time and energy in making our individual dreams as entrepreneur come alive.

Indeed , this week has been the busiest week for BOI, as its can be seen by the offering of offer letters, disbursement of funds, and approval of some others

All of this was brought to life by our collective effort to make a stand ,and speak with one voice, and PROTEST till we are heard after several failed attempt to have the listening ears of our LOAN RELATIONSHIP OFFICERS

Our aim of this struggle is not protest, or to defame BOI, Our aim is to see YESP as a program live to what it was created for.

So many issue with the implementation of the YESP and difficulties encounter as a result of the strict conditions in accessing the loan, hence a call for a PROTEST

Since the announcement of the PROTEST, and our individual collaboration, BOI has been fighting hard to bring us to the round table and dialogue direct with Acting Director General of BOI. tabling our issues of which was not obviously communicated to the TOP MANAGEMENT of BOI

haven extended an invitation to all participants, for a dialogue and a round table talk, as can be seen from the screen short above, and willingness to GIVE A LISTENING EARS, AND IMMEDIATELY IMPLEMENT AN AGREEMENT REACH AT , AT MEETING.

THE NATION WIDE PROTEST OF 6TH MARCH OF ALL YESP PARTICIPANTS IS PLACED "ON HOLD" PENDING THE OUT OUTCOME OF MEETING WITH THE Ag. DG of BOI.

A 10 man delegation across the nation will be nominated for the dialogue on 6th March 2016, 10am at BOI headquarters , marina,

In the same vain, a five man delegation will be nominated at all state level to meet with various loan relationship managers, with the uniform demand, which will be endorsed by the BOI official, at the end of meeting together with resolution reach, and complains of participants inclusive

By this announcement, the proposed nationwide protest by yes-p participants to take place on Monday 6th March 2017 has been put on hold pending the outcome of our meeting with the Acting MD of the bank of industry scheduled to take place 6th March 2017 at the Boi head office Marina, Lagos.

Thank you all once again for your patience and resilience.


Kenneth Unuaye

For: Yes-p participants

What we agitate for: Read below....





FG/ BOI Youth Entrepreneur Scheme participants,
Cohort 1 and 2, 2016 Nationwide,
C/o ; Kenneth Unuaye W.,
MD/CEO, Luv-K Foods Enterprise,
Plot 2, IgereIhunsa OPIC Industria,
Estate, Agbara, Ogun State.
Kennethweware@yahoo.com
08039118962

6th March, 2017.




The Acting Director General,
Bank of Industry Limited,
23, Marina, Apongbon, Lagos Nigeria.



Sir,



A HUMBLE CALL FOR THE YES-P LOAN TERMS/STRICT CONDITIONS REVIEW

We the( undersigned by delegates duely nominated representing all Regions across Nigeria) participants of the Youth Entrepreneurship Support Programme (Yes-P) and we humbly write to call on you, to use your good office to review and modify some stringent requirements stipulated in the programme as condition precedents in securing the loans.
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First, we seize this medium to appreciate your good work, kindness, wisdom, and creativity that engineered the launch of the YES-P programme. The trainings have made tremendous impact on our entrepreneurial capacity and our lives in general. We are indeed grateful. And we pray that God will continue to bless you as you continually use your good office in for the betterment of all youths and SMEs and the Nations economy as whole

Sir, it is our humble opinion that the programme has been excellently structured as to mode of application, timeline, and capacity building. We acknowledge that.

Sir, despite the excellent scenario painted above, the program has not yielded its laoudable results it was created for , as NO participant has received or able to access the YES-P loan, as as a result of the loan terms and strict conditions after months of it's launch.

Individually, we have engaged our loan relationship officers, complained of our difficulties to them, of which we believed they transmit to you. With no changes haven complained individually, its was obvious our complaint were never transmitted to you, hence the call to channel our challenges to you on the platform of YES-P of which we all are participant.

Sir, the guarantors’ requirement has made it near impossible thing for us to obtain the loan. We have toiled and laboured, combing everywhere for guarantors without success. The persons who we meet are unwillingly to guarantee the repayment of a loan by a third party, not to talk of declaring and staking their assets. From the available statistics 97% (ninety-seven percent) of us will not be able to find guarantors. It is based on this predicament that we pray your good offices to review the guarantor clause as well as other strict conditions as listed bellow ;

1. Non acceptance of OND certificate
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2 Non transparency/uniformity of loan terms across all state

3. There should be a a timeline fixed for each yearly batch as regards specific date of training ,date of approval after submission, duration before giving out offer letters and actual disbursement date.

4. A review and extension of the 24th March submission deadline as it was not stated from the beginning of the YES-P program preferably, till June, as the loan terms/conditions is the main cause of the delay.

6. Removal of guarantor and consideration of our recommendation which includes removal of networt and /or review of guarantor terms of agreement with due consideration of our recommendation.

7.Non funding of start-ups


Having come this far, we are already partners with the Bank of Industry, as well as the Federal Government. We understand the critical issues of: the unemployment problem the programme is meant to reduce; the support of new and growing businesses through capacity building of the entrepreneurs, and helping them access funds in form of collateral free loans. We also understand the need for the repayment of these loans as the YES-P funds are revolving in nature. Armed with this understanding, we suggest with due respect the removal of the guarantor’s requirement to be replaced with the following means of securing repayment which in our opinion are more scalable:

1. Engagement of consultants for the participants during the loan term. These consultants are to provide mentorship and business advice to the participants from time to time.
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2. Each participant is to file statement of account of his business with the bank on a monthly basis.

3. Refresher courses twice a year to be compulsorily attended by all participants during the course of the loan term. It will be a meeting of the participants with the bank, YES-P officials, and consultants to share ideas, discuss challenges in their businesses. It is also a forum for the participants to mutually motivate one another.

4. Promotions, endorsements and advertisements of the participant’s businesses by the Federal Government and the bank as much as possible from time to time.


Another advantage the alternatives suggested by us have over the guarantor’s requirement is: they align more with the ideals of the programme. Guarantorship is not a guarantee for business success. It only guarantees the bank persons to hold responsible for repayment of the loan in case of inability to pay back by the borrower. The success of the businesses should take precedence over the need for repayment. This is because it is only when the businesses succeed that the policy will be realized. Again, the success of the businesses will mean a repayment of the loans since the businesses have been put under serious monitoring by the bank.



In summary, we pray you to use your good office to review/or remove the guarantor’s requirement as well as other strict requirements and undergird this programme with:
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1. The Capacity building through trainings;

2. Continuous support for the participants during the course of the loan term through engagement of business consultants, promotions, refresher courses etc;

3. A lien and/or charge on the participant’s University Degree and NYSC discharge certificates.

4. A clear timeline for the loans approval and a publication of the names of the beneficiaries in a national daily and/or official website to foster transparency and to help track the progress as well as the challenges of the programme.



Please accept our regards of the highest esteem.


Yours faithfully,


FOR: YES-P PARTICIPANTS cohort 1 and 2, 2016
(delegate signatories)

Cc: All BOI states loan relationship manager







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