ogo4god:

Hello sir, I don't know you can help me to get N100bN loan from Boi, I have a great project idea,

BOI won't give a single obligor this much, you will need the support of International financial institutions such as AfDB.

The key challenge would be the security arrangement. Another thing that could pose a challenge is the level of expertise or experience of the people who will manage the project. However, this is surmountable if the first challenge can be resolved.

And if the first challenge can not be resolved due to the size of the loan, i will advise you explicitly put the idea on the paper detailing the profitability of the project and the required cost then look for investors to invest in the idea.

Thanks for contacting us

Good morning everyone,

I came across this shared BOI's experience of a Nairalander on Nairaland so i decided to share my thoughts and facts about the whole issue.
https://www.nairaland.com/4371169/nairalanders-experience-bank-industry-documents.

Bank of Industry has policies that most people(customers) don't know about. These policies were coined out of experiences had/challenges faced by the bank in its earlier stages of operation.

Now, let me address the issue raised by the young man in the above link.

BOI has a processing fee that is divided into two for MSMEs; these fees are Appraisal and commitment fees which are paid after approval of the loan. It is usually 1% each making 2% of the loan amount approved. These fees are not refundable but you don't need to be afraid at this stage because if the loan won't be disbursed it won't be approved especially for MSMEs. Once it is approved it will be disbursed. However, some requirements must be met which are referred to as post-approval requirements. These requirements are usually letters the customers need to sign, others are agreements that the guarantors and the customers must sign. Then, the payment of 10 security deposit in the BOI MFB ( this you are entitled to collect back with interest after the tenor of the loan if you do not default).

All this information won't be explained to you. That's why the bank came up with consultants to help you with all this information and ensure you get the fund disbursed. A good consultant that is not after the money he will get from you would have explained in detail all the above information even before you start so that you won't get to the middle of the process and be lamenting that the Bank is fraudulent, Buhari govt is bad like the young man did in the above link.

If you have a consultant, you will know from the beginning if you should go ahead or not. You can make an informed decision from the beginning instead of going into what you wont be able to finish.

A lot of customers too-know-attitude is one of the reasons they start and can not finish. They think once they are educated that all. They will get to midway and stuck then they will start complaining.

In my next post, i will do the cost-benefit of the BOI loan as against the commercial bank loan

Gabless:
I am 28 years old, a graduate of one of the university in South West. I work as a contract staff in a bank.

I met this guy about a year ago through my best female friend, and the journey started. I took him to my parents and he also took me to his parents too, and the wedding preparation started.

We were suppose to do family introduction but my parents says there is no need considering some logistic reasons. Although my mum has her reservation concerning him. But since my father has no objection I think am good to go.

He has sent money for some preparation since he is not residing in Lagos. The problem started after I went to idumota with my aunt to buy our engagement clothes. It was my aunt that drove me to the market. When we returned, my fiance called me, we talked for some times, but he couldn't appreciate my aunt for her kind gesture. Although my aunt didn't say anything that day but she wasn't happy. My dad also complained that he has been rude to him. The same goes with my mum.

The last straw that broke the Carmels back was when he was arguing with my aunt over the phone. He did not know I was in my aunt's house that particular day. I wasn't happy at all, thinking that if he would not regard my parents how would he treat me after marriage.

So I confronted him the second day over the phone, telling him that I'm not happy about the way my parents where complaining about him, and that attitude of him is creating fear in me. Instead for him to be a little remoseful and even call those people and apologize, he was arguing with me, still in my aunt's house.

So I told him, maybe we should put the preparation on hold thinking he would at least try and apologize to them. He just said, is that what you want and ended the call.

Everyone was surprised. He didn't call back it was his mum that called my mum, she didn't even persuade them to stop me from taking such step, and the guy too didn't call me for like too weeks until when I called him and he said he wasn't interested in the marriage again.

Actually, I wasn't happy and I have been downcasted since then, but on the other hand, May l ask this question does this guy really loves me?. Is he really mature enough for marriage. Is it all my fault? Please don't insult or abuse me. I just want to know if it's all my fault.

This is one of the reasons my friend served his girlfriend a hot breakfast. It has not even gotten to this stage. He was told the girl's mother will be the one controlling his home if he marries the lady. One day, a friend of his came around when the girl was around for the weekend and the girl asked my friend when is his friend leaving that he can not sleep over in a two bedrooms apartment. All these my friend thought and served her a very hot breakfast. How can your family so intrusive?

lhordspy:
Very true... It is more like Obi and Atiku fighting for their already 2019 joint votes. Tinubu is not affected a bit.

The number of new votes or should i say voters that is adding to the 2019 own .. Is just 1m+ newly registered voters, after INEC screened the double registration out.

Even if the 1m+ people are to vote for obi, which is practically impossible, add it to the number of Atiku/obi votes in 2019(which is impossible because Atiku already have the northern voters in his bag) ... It wont be enough to even win an election.

Incase you dont understand what am trying to say. Even if you join Obi votes presently + Atiku's vote + the 1m newly registered voters, it isnt still enough to defeat a certain Tinubu APC if going by the Last general election.

Why am refferring to the last general elections is because nothing changes, nothing have change. Except the rallies and supposedly '2million' match which we witness almost every seconds.

The same people engaging in rallies or supporting obi, never voted for APC 2019.

The same set of people feeling marginalised on religious bases, because of the muslim-muslim ticket will never vote for APC in 2019 too.

The same christian bodies antagonising muslim muslim ticket, Never supported Buhari 2019 also.

The same Afenifere, never supported APC 2019

The same South East, South south.. Are traditionally PDP voters, their votes never changes the outcome of 2019.

Infact some of the muslims voted Atiku/obi 2019, but this time arround with the present political situation where the campaign as been turned into religious one, religous sentiments have found it way in Nigeria politics now, those votes are going to APC this time.

Undecided voters in 2019 like me, who voted for Atiku/obi will never ever vote for any of them this time, why? Because of the aggressive way of the obidients followers. I know so many of us here that are on that line or should i say clinging to that excuse.

The south-west voted overwhelming for Atiku/obi 2019, not because of the love for Atiku or Obi but because we felt the pain of the failed First tenure of buhari then.. Even lagos was almost lost by APC even with Tinubu.
I feel my analysis is right here because those states lost by APC 2019 in southwest, was won by same APC governors during the governorship election except Oyo state which was narrowly lost.
Now, coming to 2023, i feels a tribal sentiment will play major role here, APC will win massively in south west. But what if APC lost, they lost Overall in the southwest in 2019 in the presidential election. It still never changes anything. APC STILL WON THE ELECTION. BUHARI WON.

So when you take all this into consideration, analyse it without religious sentiment or hatred for any candidate. IT DOESN'T CHANGES ANYTHING. Infact the antagonism. of the Buhari candidature we witness in 2019, was far far more than the Tinubu candidature upset we are witness now. Because the anger of Buhari's first tenure which was marred by gross incompetency, insecurities upset alot of people and it cut across all regions. Be it yoruba, hausa,igbo, egede, idoma, ebira... Just name it.. People were angry with his first tenure.
And after the election? I think we all know what happened - Buhari won again.

Some people are saying, the youth, the youth!. Do they PVc's? Alright fine, someone also came out to say they registered because of Obi this year.
Then they didnt turn out massively like we are been deceivedto believe, the number of newly registered voters justify my point. Just 1m+ (which am sure the youth cant have more than 50% of 1m+)

So in my opinion, it takes more more than this childish rallies, photoshopping Tinubu's picture in an irritating manner, or throwing of insult and jabs. We, when i mean we, i mean i included engage in all this for Atiku/obi 2019, Buhari still won.


By simple logic and permutation and the little knowledge i have about politics, TINUBU may not win next year general election, but APC WILL DEFINITELY WIN. And it will be by landslide JUST LIKE 2019.
BECAUSE NOTHING HAS CHANGED EXCEPT THAT OBI AND ATIKU ARE NOW SHARING THEIR VOTES.

You are one of the reasonable few

2022 has been an amazing year for us at Titans Business Advisory Solutions. We are glad to announce to you another successful approval of one of our applications.

Surely we will meet our target for the year.

If you need our services use the number below to contact us via WhatsApp.

Thanks

I'm glad to announce to you another success on one of my applications to the Bank of Industry.

This is a Car Oven Spray Booth. The application was submitted in May here we are with the result.

And this will be my 2nd Car Oven Spray Booth i did between Nov 2021 till date.

That rent is too much for what you are earning.

You need to cut your clothes according to your size.

Another loan was approved for my client on the 18th of this month.

Making 4 approved 2 disbursed this year.

Before Oct ending I should have at least 2 additional disbursements.


The target is 10 projects this year.

Bring in your project, we can still get you a disbursement this year.

ecolime:
APC folks are day dreaming.

Wike doesn't have cult followership. His defection to APC means Political suicide. Example is Akpabio and Fani Kayode. I don't want to believe he is that dumb.

PDP made Wike and not the other way round. Even if Wike joins APC, they cannot get the votes of Rivers state.

Moreover, the South (SE, SE & 60% of SW) is already locked down for Peter Obi. Some North Central states are also in the kitty for PO.

I feel so sorry for Tinubu and his camp. It would be hilarious to see him scramble for NE & NW votes against 2 core Notherners-- Atiku and Kwakwanso

Interesting times ahead honestly

You are deceiving yourself, 60% SW? he cant even get 20% from SW

LoveUdie:
"I got married in 2021. Ever since day one, my hubby and I have sex twice a month. I have tried talking to him but he'll say he isn't feeling fine. If I try to seduce him he'll remove my hand. I'll have to wait till he feels like having sex which is twice a month.

We don't have kids yet and we both work. I'm tired because I'm missing out on the fun of marriage. What can I do?"


What can she do house? How can she make her husband show more interest in sex?

Let me be helping you out. My wife is also starving me

Na so i broke a jaw of a lady and the Cd busted. After some weeks I started feeling sick from the Inside, I thought I was HIV positive without going for the test. I didn't go for the test because of the fear and I was dying inside and becoming lean.

Someone told me it could be typhoid, i started taking typhoid drugs which didn't work.

One day I took the bold step and I went for an HIV test and the result came out negative. The excitement was so much and all my typhoid drugs started working. I became better, fit and regained my weight.

The best thing is to abstain

Nonso92:
This is nonsense, water is a conductor of electricity. If there's water in that bucket, and he opens the shower for the water to pour on him, with the boiling ring plugged in electricity, that dude is dead and gone

Honestly, you are the one saying rubbish.

Since you know what you know, what have you invented? Just mention one thing you have invented in your life. People will think to do something you who never thought of any good thing to do will be looking for fault.

terrezo2002:

Hmmm. Some of them are tricksters. But if you can afford to buy him as food, please do. I have been tricked many times and I know I wast tricked, but I still try to help when I have the power to do it and if I see you really need it.

I was later told by a colleague that they are 419, once i do that, he will ask me to do another thing till they collect all my hard-earned money.

It's just funny, i should go to Amadia from Abule egba to buy Amala for him and come back to Abule Egba to drop the food for him.Me that was going to Kola jejely

I have heard and seen a lot happening under the sun but what happened today really surprised me.

Today i was coming from Ikeja, i entered BRT to Abule Egba where I intended to join a bus going to Kola. I was trekking on the walk away
Waiting for the bus to come when a man called me back, I looked at him, he is crippled and sitting on an object. The man prayed for me, he asked me to kneel, i just bent a bit while he continued praying. After he offered his prayers, he asked for something unusual which led me to write this epistle.

He said he doesn't need money, but food and he wanted me to buy the food for him. He described the place where the food is sold, and the type of food he preferred and bring the food back to him where he is. This man told me that if i do it, God will surprise me.

I was confused because of the happenings around these days, i was thinking if the man had not made arrangements somewhere for me. I also thought that the man could be a bait attracting people to his trap at that location he described for me.

I quickly called my pastor who warned me not to yield to such a trick.

I'm a bit confused to be candid

23tayo:
100k job in ibadan or 200k job in lagos VI

I beg you in the name of God to stay in Ibadan but if you want to t suffer, you can then be coming to Lag with that amount in that area you mentioned.

Anything less down 300k na suffer you wan con surfer. The stress wont worth it.

With 100k job in the city like Ibadan, Akure, Oshogbo, and Abeokuta you will live a better.

Opportunities are everywhere, me in Lagos gan, if I have opportunities to work in the above mentioned cities, i go japa.

You will just discover that you are working and earning but you won't have tangible savings.

A word is enough for the wise

michalshawn:


Look, If she wants to get her own embroidery machine then I will suggest you to recommend her to buy embroidery machine from techmantion. They have a wide range of embroidery machines.

Well, she has already collected a proforma invoice from a supplier maybe when another client comes i can link him or her to techmantion.

You must note that BOI will ask you to supply the customer first, the customer will confirm the receipt of the machine while BOI will pay to the supplier directly after 72hrs.

Techmantion can also link its clients to us, so that we help them get the BOI loan while the money comes to Techmantion being the supplier.

It's a win win for everyone involved.

Thanks

jameshow:
I just crossed the line for one of my clients.

The machine you are seeing below is an embroidery machine.

It makes an indelible inscription on clothes.

That machine is N3.5m

BOI is still in the business.

This customer referred someone to me, the woman was full of doubt but having seen the undeniable proof and evidence from the man that referred her, she has decided to take the giant step and get her own embroidery machine. The man bought 4 heads while the woman going for 6 heads, what a bold statement she is trying to make.

Everything is set and ready for submission.

By God's grace, I can tell you all to watch out for her testimony before November ends.

Life they say is a risk. I can tell you this is a calculative risk and it's worth it.

10% interest per annum with 6 months moratorium no be beans ooo.

adekusibe10:
I lost ur number. Pls chat me up 09034570300

Check the 1st or 2nd page of the thread for my number

With pleasure and grateful heart, I announce to you another successful work of mine through the Bank of Industry. It's a studio set up, Bank of Industry bought all the equipment to set the studio up.

6&1/2months ago, the gentleman called me that someone gave him my contact to talk to me about the BOI loan. We started the discussion, I asked him a few questions which he answered & he was ready to provide the requirements and I took it up from there.

Today, he has a well-functioning, state-of-the-art studio located in Lagos fully funded by the Bank of Industry.

The loan was disbursed the first week of April, the set up just completed.

If you are still doubting me or the Bank of the industry with undeniable proof and evidence of success stories, then you have a bad heart and nothing can convince you again

incandescentena:
Tinubu- Afonjaj urchins are at it again


TAKE OFF her shirt like they do for men


Some patients on emergency should be in hospital gowns within minutes of their arrival at hospital.

Your stupidity is inherited

traeces:
I apologize for the length of this story which is an illustration of the lip service our government has been paying to the encouragement of agriculture and private enterprise in Nigeria.

MY APPLICATION
In July, 2017, I submitted an application for a loan of five million, nine hundred and two thousand naira only (N5, 902, 000.00) at the Makurdi, Benue state branch of Bank of Industry. At the initial stage, I was very impressed by what I thought was the professionalism demonstrated by staff of the bank. I got a call on the 31st August 2017 notifying me of the approval of my loan. You can only imagine how delighted I was at the prospect of such a lifeline to my business considering the loan had a tenor of 3 years, moratorium of six months and purported interest of less than 10% per annum and given that my loan officer gave me the impression that now that the loan had been approved, disbursement was going to be a matter of days or weeks at the most.

I was therefore very surprised to say the least when 2 months down the line, I was yet to receive an offer letter under the pretext that searches were been carried out on my person and on my business. I patiently waited while inundating Bank of Industry Makurdi office with calls and visits. It was not until early November, 2017 that I received a call informing me that the searches came clean and my offer letter was now ready. I went to the office and asked to receive my letter but to my surprise, I was asked to pay a non refundable fee of 1% of the amount approved for me before I could even view the letter. This part sounded almost criminal to me, why won’t I see the terms governing the purported offer before committing resources I did not have? They told me it was the norm and that there was no other way so I went ahead to pay the sum of Fifty Two Thousand Naira (N52, 000.00) being 1% of the sum approved. See receipt of the payment attached.

Thereafter, I received a 6-paged offer letter in which I found ridiculous terms that made me wonder why a government agency whose objective was the encouragement of entrepreneurship could be that devious and self interested. See some details:

1.) The approved loan amount was five million, one hundred and ninety four thousand, three hundred and twenty two naira (N5, 194,322.00). A good percentage of this approved sum was for fees and charges which did not add any direct value to my business and which were at the exclusive discretion of the bank.
2.) The source was FGN (NEDEP) fund.
3.) It was to be discharged towards the procurement of items of equipment and raw material for my business. In other words, I was not supposed to get a kobo in cash, my suppliers were meant to get payment after they had supplied the materials I required.
4.) I also found in addition to other 8 conditions all of which I had met that I was meant to pay another security arrangement of 10% of the approved loan amount being Five hundred and nineteen thousand, four hundred and thirty two naira twenty kobo (N519,432.20)
5.) No legal action could be instituted howsoever instigated and/or sustained by my company against Bank of Industry jointly or severally without first giving BOI a ninety (90) day prior written pre-action notice of my company’s intention to so proceed against Bank of Industry.
6.) Bank of Industry’s ability to accommodate this facility within its legal lending limits was subject to availability of funds. This left me wondering why the bank will approve my application, collect a non refundable fee of 1% of the approved amount without first determining funds’ availability.
7.) The mother of all frauds in the offer letter was that if the loan was not disbursed within 2 months from the date of the letter of offer (31st October, 2017), the Bank of Industry without any consideration of why it was not disbursed reserved the right to review the terms and conditions of the offer but if the loan was not disbursed within 3 months from the date of the letter of offer, the letter lapses and all expenses incurred by the bank shall be repaid by my company.
8.) If the offer letter contained unfriendly terms, you can only imagine what the 20 paged loan agreement properly contained. On the whole, the terms of the loan agreement were such that the bank was more than 100% covered while I and my 2 guarantors were made to bear all the risks and every legal obligation/responsibility.

This was the greatest source of my fear as it all meant that the bank could afford the highest form of irresponsibility and recklessness as far as the loan and its disbursement was concerned and not face any consequence whatsoever. However, not only did I need the loan, at this point I had invested so much resource in money, time, and energy that I felt the need to see it all through. So I stayed interested nonetheless.

{To be cond} Meanwhile, feel free to share this story or post any similar experience you have had with BOI or any other government agency.

You do not know the whole process before applying, that was the only mistake you made.

That's one of the reasons people use consultants to package the loan application.

All these payments would have been explained to you before applying at all, and you would have decided to either continue with the process or quit.

The processing fee is applicable everywhere. You should have done your findings before applying. A lot of people are getting the loan every day at a very cheap interest rate.

You are in the manufacturing business or any other business that involves value addition and you need Bank of Industry financial support ranging from N5.0million - N1.0Billion.

I can help you out, even if you need a Bank Guarantee to secure the loan.

Though BOI has requirements that must be met, I will guide you throughout the application process and ensure you get the fund.

Check my contacts on the 2nd page of this thread.

Let's talk

A brother of mine is a commercial sales executive in an oil and gas company(downstream). He wanted to take some certification courses in marketing before he found out about product management recently and he has been thinking of getting certification in that line with the hope that he could combine product management with marketing. He was confused which made him speak to me, I'm also not sure which one is the best. Is it advisable to combine the two? or he should focus on his marketing and take professional courses along that line? or Should he just change to product management with the relevant certifications, if yes what are the prospects in product management?

Your advice is needed, pls help us out

These people can fabricate story eeen, i was at their meeting on Thursday for business purposes. He didn't force them to sign, in fact it was one of the branch chairmen that suggested a vote of confidence which they all agreed at the meeting and signed. It wasn't by force. The problem on the ground will affect every one of them if MC is removed, hence their willingness to support him and their own interest.

Media and lies are 5&6

Good news!!!!!
A client got his loan disbursed this month. He was lucky to be coincident with the National Industrial fund available to BOI to disburse. He got the lowest interest rate institution would ever give in Nigeria at 8%.

At first, he thought it was a mistake or typo error because at the time of approval the fund wasn't available so, the proposed rate of 10% was stated on his offer letter. When the loan was disbursed it came out with 8%. BOI explained what happened to him and he was so happy.

Naso i was paid the additional fee i didn't charge ooh out of excitement.

More referrals knocking too

donkelz:

Please what are the docs needed for an SME Loan for an Agribusiness/Tech startup?

Requirements Checklist for BOI Loan below N10m
1. Formal Application on letterhead
2. Duly completed Loan Application Form
3. Photocopy of Certificate & Form of Registration
4. Business Plan which includes detailed Profile of the Business Enterprise with Curriculum Vitae of the key Management Staff and write-up on technology/manufacturing process (es)/ Technical Partners
5. Quotation/ Proforma invoice for the supply of items of Machinery and Equipment.
6. Four (4) passport photographs and Biometrics Verification Number (BVN) of the Promoter(s) (i.e. business owner[s])
7. Means of identification of the Promoter(s) (i.e. photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card)
8. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business)
9. Declaration of Outstanding Liabilities to other Banks and Individuals.
10. Security: Two external guarantors
11. If operating from a rented premises, lease agreement must have a tenor of at least one year beyond loan tenor.

Please note

The BOI loan process timeline is 6months or less if all things are equal(if all your docs are intact)

I observed that some people are copying my write-ups here to post on their websites and pages. I have no problem with this, you can only copy my write-ups, you cant copy the practicality of the process. Continue copying

Good evening everyone,

Trust you all had a wonderful day,

What I will be talking about today is BG (Bank Guarantee) to secure a BOI loan.

How does this thing work? How can you get a commercial bank to give you a BG to a BOl loan? What conditions are required? These and many more we will be talking about this evening.

There are many ways to secure a BOI loan but the prominent and acceptable means are through the pledges of Legal mortgage or a Bank Guarantee which we will be looking at this night.

Bank Guarantee simply means transferring the risk of a lender to the guaranteeing bank. A customer comes to borrow money for his/her business from BOI, he or she needs collateral to secure the loan. In order to secure this loan, the customer can approach a commercial bank that the customer uses for his daily transactions to get their guarantee to secure the loan to BOI.

The question now is that why cant the commercial bank gives the customer the loan directly? Your guess is as good as mine their interest rate is too high, far higher than what BOI would give.

How does this work?

At the beginning of every year, each commercial bank has an obligor limit allocated to them by BOI (i.e the monetary volume limit each bank can guarantee to BOI). Some banks don't use theirs at all through the year while some exhaust theirs before the 3rd quarter of every year.

The Commercial Banks that don't normally use theirs are the big guns (Access, UBA, Zenith, etc) these banks are financially stable so they dont need any serious relationship with BOI, to get BG from any of these banks you need a 5G connection. Other Banks such as Fidelity, Keystone, Wema, FCMB, Providus, etc do give.

The tip here is that you should have your company account with any of these banks that do give and make sure your fund passes through the account regularly, you will soon see the reason for this advice.

Though, you can also get a BG from any bank you dont have any relationship with, this is a topic for another day.

How to get a Commercial Bank to guarantee you.

Your company needs to have an account running with a good turnover and cash flow; the commercial bank will ask you to bring all required documents; Business plan, your company incorporation docs, a proforma invoice of what you intend to procure and the title document of the asset to be pledged. Based on above requirements submitted, the bank will carry out its own appraisal on your business, once it's found feasible, a letter of intent will be provided for the customer which can be submitted to BOI to start their own appraisal.

For more information on these, contact us.

You need below 10m or above even up to N500m, N700m and N1b to set up your plant or to procure machines for your manufacturing business feel free to talk to me. We can fix a zoom or team meeting at any time.

We are here to serve you better

Compliment of the season to everyone, I pray this year shall be a fruitful year for every one of us in Jesus' name.

Since 2020, I have been doing this and by God's grace, I have enlightened a lot of people. Through my posts here, I have successfully changed the misconceptions a lot of them had about the Bank of Industry before this time. This year I will continue.

Later today, we shall be talking about the Commercial Bank Guarantee as a security arrangement to secure a loan from BOI. This is an alternative to Legal mortgage( landed properties) which could also be used for the same purpose.

The merit and demerit of BG will be discussed and if you have questions, please prepare for me. By the grace of God, I will answer all your questions satisfactorily.

It's gonorrhea, you and your so call gf should be treated immediately. Mind you, your gf is sleeping around.