Nodogragra4me:



Is it due diligence of Milost or the Nigerian companies?

One great secret from your post is that Milost have been trying to gain a foothold here in Nigeria and Ibeto seems like a game already from the story

Solstar:
This is a great strategic Foreign Direct Investment that will be beneficial to the growth index of Ibeto asset class on the long term. Equity Partnership with a USA publicly traded corporation is a win-win standard for Emerging Markets unlike Dangote's foray into the global stock market as a local brand from a third world country. There are no assurances on such ventures irrespective of business acumen as major players will erode every progress made. Every grounded investor with the understanding of international play knows the underlying fundamentals. I have mostly questioned Dangote's understanding of global business terrain when it comes to Wall Street.

On the growth curve, corporations from emerging markets must loose irrespective of the financial mechanics of the rampaging bull or bear coming out of hybernation if any one follows Dangote's template.

Regarding Ibeto, this is the first time I have seen a Nigerian business make a strategic win-win move. I just hope the deal structure is based on convertible bonds to ensure Long Term capacity building and profiteering.

I give this a thumps up.

vandertommy:
The mistake G world wide made was them not reviewing the contract. Obviously kizz Daniel has grown pass the stage he was when he signed the contract. As a business man emperor geezy should be reviewing the contract every 6 month to 1 year for both of them to have a mutual understanding and to avoid chaos. He greedily avoided reviewing of contract cos he was exploiting kiss daniel.

tiwiex:


I understand that too. But who tries to kill the goose that lays the golden egg? Let's assume his initial contract pays him 30k and he start piling 2million a month,. Yes his contract insists he owns nothing of it but what should d label do? Review his contract or assume he will just stay. Don't also forget he won a court case. So his departure was cool enough. Imagine many people out there earning way more the him. Chai. Abegi. If you were him, what would you do?

Safiaa:
So happy for this woman, she deserves every blessing her way. Wish her a safe delivery.

Waiting for the miserable internet trolls who will have something to say by fire by force.

sean1000x:
AMCON was setup to take over Igbo businesses. Otedola, Dangote, Adenuga all owe billions of dollars but it's only Igbo businesses they target their assets...Ifeanyi Ubah, Nwankwu Kanu, Stella Oduah, more. Cocharis, Ibeto and Innoson are next. As I right now, they are plotting with that Afonja bank to confiscate Nextsoil skyscraper in Lagos. They conniving with banks to carry out their evil on Igbos, just like Innoson case where the bank criminally inflated their loans, then turn around to ask court to freeze Innoson goods and assets, with hope of ultimately involving AMCON. Igbo business men and women have no clue the amount of evil these people have for them.

Afonjas above and below are already happy. They enjoy to see Igbos in pain and misfortune. To them that's the only way to stop Igbo since they cannot compete with the chosen children of God.

IamAirforce1:


Shipment and cargo services

Oil and gas business

CEO , Five star music

The youngest to Kcee Limpopo

Oya Limpopo

LaudableXX:

Guy, your post now shows you are a paid agent of BOI. NYSC mobilises just about 300,000 graduates annually! In 2016, they could only mobilise 260,000 corpers. So who are the 1 billion corpers that BOI disbursed money to? Which states where they posted to? Which universities did they attend? Why didn't BOI prosecute and arrest those corpers that defaulted, or their guarantors? Una sabi lie, o! This is a new month...try and repent!

If you and your BOI caucus feel Nigerians are such bad borrowers, then what da heck are you all doing inside BOI? Why is BOI even in existence? Let them close it down and disband everybody, since you people feel Nigerians are such bad borrowers who do not pay back! Nansense!

LaudableXX:

So it is the 14% that is worrying you? The fact that BOi has neglected to put in place measures to ensure that funds are disbursed promptly to SMEs after they have met the requirements, does not bother you? The fact that their ineptitude, lip service and lackadaisical attitude to the growth of SMEs, has caused those SME organisations to suffer a loss of income, does not bother you? The fact that they keep changing the rules every 2-3 months to the detriment of such SMEs, does not interest you? Everyone can see how glaring your hypocrisy is. Abeg, swerve!

LaudableXX:

And I repeat...you are not in a position to know this! Are you a staff of BOI or one of its' BDSPs?

LaudableXX:

You are the one that needs a clearer understanding of how BOI operates, and how intervention funding is supposed to work. Did you read his post properly, before you even passed your comments? Of what use is 'intervention funding,' if such funds are never released to the applicants or prospective beneficiaries, who have actually qualified for it?

Or didn't you see this part, in his post or you just chose to deliberately ignore it, in order to make your snide remarks? kindly pay particular attention, to the portions highlighted in bold type.


Boi does not collect 14percent interest upfront and this is on record. The moment I saw that part of the report I just didn't bother with the rest of the report. Again I will say that I am not holding fort for Boi but the op should have done his due diligence well and also ensure that the check list is in place and properly implemented

because again a lot of what he is claiming is what is on their website

traeces:


What then will you say about this independent opinion which I just stumbled across:


"There is massive corruption in the Federal government's Bank of Industry (BoI). The fraud runs into billions of naira. The Bank not only trades with cheap government funds meant to support industries and industrial development in Nigeria, it is also defrauding Nigerian industrialists of their hard earned earnings.
If in doubt, the federal government should direct its public service monitoring agency, the Servicom, to ask for a comprehensive listing of all loan applications approved by the BoI and see what percentage of the supposed loan approvals for industries, were ever disbursed within even six months. It should be noted that these are businesses which are qualified and have been duly adjudged, so by the Bank, which goes ahead to collect as much as 14% of the approved loans in upfront cash, but never disburses for as long as two years, without any reasons.
What is worse, is that apart from funds from the federal government through the Central Bank, the BoI is also collecting billions of naira from state governments across the country, for partnership funding for business expansion for small-scale industries in the states and for years, not a dime of such funds are disbursed to any intended beneficiary. The pertinent question may be, who is benefiting from the difference between the five to 10% supposed interest rates to SMEs and the 25% to 35% interest rate commercial Banks are apparently rationing out the funds meant for long term investments for hundreds of businesses, as massive short term loans, to a handful of traders and importers of finished goods.
As a result of this large scale development banking fraud, the economic recovery projections of the government will always be wide off mark. Virtually all federal government ministries and the government's economic indices monitoring agencies, will be basing their economic growth projections on funds already given to the BoI, without knowing that such funds are never released to intended beneficiaries for years.
There are reasons to believe the Central Bank is probably complicit in this evil. The government will be shocked at what will be discovered if it opens up a web portal for example, for disappointed Nigerian businesses, to forward proof of BoI's failure. Such disappointed small, medium or large-scale industrialists should be asked to also detail how much they have paid into special BoI accounts for years, without getting any loans. Yet a chunk of the payments BoI collects from loan-seeking industrialists are non-refundable. The refundable part of the deposits the BoI is fraudulently collecting, are refunded after upwards of two years at less than 10% interest per annum, when even Bank to Bank lending in Nigeria, is at almost 20% for onward lending to end users at as high as 35%.
To be fair, this fraudulent way has probably been the way the BoI had always being doing business. That much is obvious when it is realised that the bank, despite its very low customer base, the Bank had always been competing with major commercial banks in the profits it has been declaring for the past several years."

O'seun Ogunseitan
http://www.itrealms.com.ng/2017/11/bank-of-industry-and-fraud-within.html?m=1

It is about beaming the public search light on the massive corruption being carried out with reckless abandon at BOI. Nothing else.

LaudableXX:

Ehn? What is the point of buying expensive assets or machinery, without a dime to spend as working capital? Won't those machines lie idle? Or do you now expect him to go back to commercial banks to borrow working capital at an ungodly 25% to 30% interest rate? That is how you people kill SMEs in this country, with your lip service!

traeces:


Thank you very much

While I have no plans as of this moment to take legal action, I plan to share my experience on every platform and hope Nigerians broadcast it until everyone knows what fraud BOI and by extension the federal government of Nigeria is.

futurenix:
U should read his posts (2 of them) again but slowly this time taking note of these things you mentioned.

thinktanke:


So in effect your company is a middle man organization?
Is this legal? Or permissible?
In Nigeria an agency that is structured to deal directly with the public using middle men only means CORRUPTION!!!!
You are promoting the things that are dragging us back as a people.
Without doubt your company is going to get a big slice of the money the entrepreneur requires to run the business. Little wonder why they will eventually default.

Greatzeus:

First of all, someone you have never met inbox you,and you assumed she's a female( which I'm sure influenced your decision to help her),just because there is "f" after her moniker?
Secondly,you parted with 50k having never met the person and no proof whatsoever that such person is genuine?
Well,if you are a family man,I hope you do dish out cash to your beloved wife so easily too,if not you are the world's greatest hypocrite.
Unless you are lying of course,which will then discharge and acquit you of all afore mentioned charges

Princeofnigeria:
pls don't give me that crap, we know you actually send the lady Money cos u wanted to sleep with her.



Your junk stories won't stop people like us with genuine heart to Help.

seunak2016:
so you send 50k to that lady? why not collect the lady student details and pay for it instead of sending cash. most school fee can be paid online. this guy might be true and might be scam but until diligence investigation is carry out no one can tell

deenee:


You people won't stop scamming?

Same way one lady inboxed me on nairaland crying for payment of school fee only to discover that it was a scam after almost parting with 50k

och12:
That's how they almost killed MTN too after slamming them with that multibillion dollar fine. However, they successfully weathered through the raging storms and just recently started moving towards steady profitability.

The second market leader, GLO is also having their own struggles, customers can see how 1k/3.2Gb was recently slashed to 2GB.
We can go on and on concerning how the technological industry and every other industry in d economy is presently struggling to pull through.

I strongly feel that govt. policies are not favourable for the business climate in Nigeria, even the huge conglomerates and multinationals are experiencing one form of financial crunch or the other, we hear of some and many we don't, just btwn 2016 and now thousands lost their jobs esp. in the banking sector.

How then do we expect SME to breakthrough?
Only God can save us.