₦airaland Forum

I very much understand your frustration, but i will like to categorically state here that BOI is not a fraud. My Firm is a partner wit BOI and we have successfully generate loan facility for many organizations from BOI amounting to Billions of Naira. Although... There requirements are quite much and the process can be a bit strenuous. All you need is to get a good BDSP ( Business Development Service Provider) to work with. Talking about the fee, There are 3 different fees you need to pay before you can have access to the money.
1 Appraisal Fee which is 1% of the total loan and is non refundable. You will have to pay it at approval
2 Commitment Fee which is also 1% of the total loan, it is also non refundable. You will pay it after you have receive your offer letter before the money will be deposited with your bank. That is if you are using Bank Guarantee.
3. Legal fee which is between 2-5% depending on what guarantee you are using. If you are using bank guarantee, it will be lower than 1%, but if you are using Property as a collateral, then legal fee will be between 2-5%. It is also non refundable.

All these fees is a must if you ever want to obtain a loan from BOI and you must have been told by your BDSP before commencing the process for the loan.
Also let me note here that BOI loan of 10% interest rate is the lowest of all the financial institution in Nigeria. And also it comes with a monotorium of 6-18months. That mean for that period, you will only be paying interest alone for that monotorium period.
Also...BOI only fund purchase of equipments or working capital. They disburse the fund directly to the equipment suppliers unless you are using a Bank guarantee, before they will disburse the money to your bank.
There are still other information i cannot share here, but if you need more clarification, you can hook me up.