WORLDPEACE:

I appreciate your input. Please, are you on this program? What batch?
Please explain further how the moratorium thing works.

Moratorium is the period a lending institution allows a borrower to operate(after disbursement of funds) before commencement of repayment. Unlike most banks in Nigeria expect you to start repayment next month after disbursement, BOI is saying operate your biz for 6 months before you start to repay.

I'm a fellow cohort 2 participant bros

Dear mr Olowozain,

Your figure of NGN72,000,000 caught my attention in your post up there. You see, when a company employs you and you earn NGN200,000 by month end. The pay is for your services and not the worth of your certificate(s). The cert may just qualify you to be considered in the first place.

WORLDPEACE:


So this woman if the business fails (God forbid) and you are not able to repay, even if you don't abscond will carry the wahala with her head?

If a business fails, BOI will most likely restructure the facility giving room for a more flexible repayment terms. All banks (commercial and microfinance inclusive) does that. Don't forget also that there is a 6-months moratorium cl as regards this facility. Collateral recovery/guarantor option is usually considered when all other efforts prove abortive.

I think a lot of us seem to view BOI as just any govt agency. BOI(though owned by CBN/Federal Ministry of Finance) is still a bank and operates as such. So if govt wanted to make this a grant, it would never have been through BIO

On a lighter note, the current course appears to be the most tasking.

Jethrolite:
Your suggestion about guarantor is exactly what I will do. I've been thinking of the possibility most of today.

This programme shouldn't have been a loan in the first place. You don't give loans to idea stage businesses but to businesses that already have cash flow. I know most of us have never run a business before. Your business plan becomes useless the moment you finish writing it. The real world is entirely different. What I am trying to say is there are some who would have a solid business on paper then go ahead to start the business and are unable to meet up with payment. Not only will they be in jeopardy but their guarantors too. The whole thing is wrong from day one. Just put my words to memory, 2 years from now some business owners will be in serious trouble. What happens to a farmer that loses more than 50% of their produce in one way or the other?

There are committed people whose businesses will still fail. Do you know how many Youwin businesses collapsed? The owners did their best to troubleshoot but the business failed. Do you believe your own business idea is 100% fail proof? It can happen to anybody. Then how do you pay the loan back?

I am not against the social media campaign but see it as a waste of time. Nothing will move this government to change this programme as it is. [/b]The problem will only come when southerners are being forced to pay their loan while northerners' debt are converted to grants. Na that time we go protest to BOI offices else I don't see any campaign geared towards changing the terms of this programme being successful.

[b]You're talking as if it's easy to take FG money and run away since BVN was enforced. This is not 2008 or so where people took Youwin money and ran away. At the border I believe your BVN will be checked to see if you're involved in any FG programme.

You are most likely right about the social media stuff. However a trial may still not be a bad idea.
As for the BVN, bros CBN/NIBSS/Banks are yet to implement that phase oh! But of course we will get there as time goes on. So people can still collect govt money and run away lol

Olowozain:
Let us leave the issue of guarantor aside and be more focus until we get there.

I still want to participate in the vocational studies after the one week in-class training as BoI/PAU promised.

As far as YES-P is concern, I have never read anything of such attached to the programme activities.

The two certificates worth more than anything and it is enough to established seriousness and commitment into the mind of young entrepreneurs

3/5 years loan period is a good tactic to make young entrepreneurs more committed to repay the loan.

The sudden rumor about introduction of any form of guarantor will stand as a barrier if it turn out to be true because not everybody, I mean not even the auspicious entrepreneurs might be able to provide a guarantor.

This is FG programme and not a traditional loan, so FG could stand as our guarantors and collaterals and even as our solicitors if they need to suddenly convert the program loan terms into traditional loan terms because we were all invited by Federal Government (FG) and the conditions to have access to fund our businesses doesn't include guarantors

Let us relax and be more focus and watch what happen next

My dear cohort 2 participants,

I'd like to advise that we cool down a bit on this issue of guarantor(s). While the concern of most of us as expressed so far is quite understandable. (Its truly not easy getting a guarantor) I'm unable to hide the fact that I'm really worried about how mr. Olowozain has been vehement in opposing it. To start with, the moment I realized collateral won't be required(even before applying), I knew guarantor(s) must be involved. What then did I do? The owner of the facility where my funded equipment will be sited became my would-be guarantor. Since the equipment BOI is buying will be sited inside her property, it was easy convincing her to stand as guarantor. She can always monitor me as we operate and keep me on my toes if need be.

I was a bit surprised when Olowozain mentioned that FG can guarantee us. FG truly guarantees state govts accessing foreign loans, but that is simply because, they know that if state govts default on such loans, the funds can be deducted from their monthly allocations. You see, I once worked in a financial institution where we granted an unsecured(without collateral and guarantor) loan to a customer. What happened next? the customer absconded and we were unable to recover the loan until I left. Now, if FG decides to guarantee us and some participants(as their utterances on this issue clearly suggest) decide to abscond. How would BOI recover the loan and make this laudable initiative sustainable? I ask this because some participants may actually have this in mind judging by their utterances.

I strongly believe the guarantor clause is not to make accessing the loan difficult, but to ensure all beneficiaries are committed to repaying thereby making the initiative sustainable.

Now I'm also not against whatever social media campaign we decide to do towards making the loan requirement easier, as long as it is done in a mature and coordinated manner.

Dear mr Olowozain, may I know the monetary value of the two certificates you referred to in the bolded? Are you saying BOI can dispose the certificates to recover their money in case of default?

dyydxx:


it's on a case by case basis. depending on your business would determine how they would ringfence the loan

Hello bro/sis,

Pls what qualifies a person as guarantor?
Business man/woman or Civil servant?

Thanks for your kind response

Damfostopper:
how many times will dis Old stale news be making fp.... mods

Oga,

With dis una pix, e be like say ban dey hungry you

BOI weekly is currently airing on channels. You might want to tune in to watch though focus is presently on GEF. You can also login via www.channelstv.com/live if you are subscribed to a fast/cheap data plan.

Olowozain:
This tread has gone so secretive because some people feel they are the best, so they don't want to feed anyone in order to be the only man standing while some feel it is not necessary after all no one told them how the journey would look like when they embarked on it.

Either you share information or not, ladder would be climb to the last point and river would be cross to the order end and mountain would be climb to the top.

I read someone responded to a question asked directly to him by saying wait and finished the one in front of you.

The one who claimed to be the most beneficiary of BoI/FG YES-P loan refused to response to questions.

I don't respect, appreciate or admire people who are stingy with information that would benefit others.

I still repeat, we are coming there soonest and double cross those stingy guys.

You first me reached, doesn't mean you are better than me or I would not meet you and left you behind.

Respect to those would share first hand information on helping those that couldn't finished their courses on stipulated time to advance even when courses are closed.

This cohort one stingy guys would never share such information and tried as much as possible them through.

Bros,
If I understand what you mean by the bolded, then I wonder why you are bothered about some persons not sharing info at this stage. Recall this same cohort 1 participants have been sharing info freely in the past. I perceive we might find out why they stopped sharing info when we get to that stage too. I honestly do not think its fair to address them as stingy guys simply because they stopped sharing info again like you alleged. The info shared in past pages (on this same thread) greatly assisted a number of us here(including you I believe)

micgray100:
REGISTER YOUR LIMITED LIABILITY COMPANY FOR JUST 75K WITHIN 7WORKING DAYS. CALL/WATSAPP MR. GBENGA, 07032728941

Bros me,

Is the increase in dollar rate affecting your sector too? That 5k increase in this period of recession is somehow oh!

I have someone who might want to change his reg biz name to LLC(i.e ABC ventures to ABC ltd) How much will that cost sir and how long?

Happy new month bros

veacea:
Issokai

This can't be compared to MMM in any way sir. i don't know much about MMM though, but it think they pay 30%. Banks on the other hand generally quote their interest rate per annum but give you an option of monthly payment of same. the last time diamond released their updated interest rate, customers(saving product) were offered 3.9% per annum.

Now if you open a savings account with say NGN1,000,000. In one year, you are expected to earn NGN39,000. This is then divided into 12, hence your effective interest rate per month come to NGN3,250.

Now, to the push message, the bank is simply saying they'll offer you an additional 20% of NGN3,250 which is NGN650 so that your monthly interest now becomes NGN(3,250+650=3,900)for that particular product.

MMM on the other hand will earn you NGN300,000 for same NGN1,000,000 in the same period of one month.

OpenYourTeeth:
When Yoruba traders are hawking their goods,they advice u on what to do with the good:!!! E ra bread,e po tea ooo!!! E ra ogede, e din dodo!!! E ra isu, e gun iyan ooo!!! E ra ata, e sebe!!! What if it is Condom? What will they say?? Please help me out!!!

Omo buruku!

Franklyn4:
Pop exams has been postponed for 24th of October (next month )

Hello bro,

Pls what's the source of this info? I'm not doubting you oh! Just that its neither on the university's site nor student's portal yet.

Thank you

kenjox:



Thank you for your interest.

Your question is such an intelligent probe into the ethics of LPG plant operation. It is however important to note that pressure vessels (including LPG tanks) are designed and built to sustain their physical integrity under the elements of nature (rain, sunshine etc) as I already pointed out in my earlier post. It is a common practice to shield the plant with car port and other improvised materials even though some of these are more about aesthetics than protection. DPR specifies that a water sprinkler system is installed for LPG plants exceeding 2.5 metric tonnes to control the ambient temperature.

To put all these in perspective, you can decide to shield your LPG skid plant but leaving it unshielded does not constitute a bad LPG plant management culture.

Thank you once more for your interest.

Thank you very much sir/madam

Patiently awaiting the next post form Mr Emmanuel

Good afternoon OP, please I'd like to know how long it takes to process DPR add on permit for LPG skid to be sited in an existing filing station. Kindly also assist with the current cost of same.

Thank you.

shesAgem:
We like free things in Nigeria. This programme is totally free but we still want government to pay us for it? Maybe we should just be grateful for the opportunity.

Is your training centre far from where you live? I empathise with you if it is.

I wish you best of luck in the In-class stage madam.

I believe myself and the other cohort 2 participants will be grateful if you and your colleagues keep us posted(via this thread) on what to expect in subsequent stage(s) as you pass through same successfully.

A quick one chief, while we await your next post. I have observed a lot of skid plants, expose their vessel(tank or cylinder) to nature i.e without a cover. I have also seen a few covered to protect the vessel from nature(rain sunlight etc) Kindly advise which of the two options is better. I mean which option will guarantee a longer life span.

I will not fail to express my sincere appreciation to you for coming up with this thread.

God bless you richly

Good evening Chief. I'm very much interested in every info you've got to share about this LPG business. Thanks for coming up with the thread

Jerobans:


I'm yet to get any email. Please, anyone that receives email in that regard should please inform the house. Thanks.

Check ur mailbox fellows. I received mine some mins ago. I wish every participant success.

Good morning OP, kindly assist list the difference(s) between the pneumatic and automatic systems.

Thank you.

Olowozain:
Are my the only one who is yet to receive shortlisted confirmation mail from YES-P??
My name is among successful applicants who names appears online, but yet to receive shortlisted confirmation mail from YES-P
Please I need someone to answer me

You need not get anxious bro. The important thing for now is that your name is in the online list. Our predecessors got mails in batches going by info on this thread.

kristo123:


Has anyone received a mail? Cos my name is on d list but am yet to receive a mail

Yes Pls. Online training to commence on Monday 29 August.

Congrats to everyone that made it to this stage. May God see us through successfully.

XCLUX:
THANKS FOR YOUR CONCERN KINDLY NOTE THAT HE TRANSFERRED TO ANOTHER BANK (GTB) ACCOUNT WHICH WAS SUCCESSFUL ON THE SAME DAY.

Oh really!
The more reason you need to contact your brother to notify the transfer operators as soon as possible. I don't support that you wait till after 5 working days. Maybe GT is yet to comply with the directive by CBN.

maximunimpact:
I see posters above me referencing CBN ban on some int'l fund transfers into Nigeria, this has nothing to do with wired transfer directly into bank accounts, it only apply to merchants like transferwise, western union or moneygram, but only three are allowed e.g western union, moneygram and ria money.

@op as for your money, 13th is saturday which means that the bank will start processing it on monday which is 15th, it takes about 5days for wired transfer to hit your account and you can start counting the 5days from 15th. Then after the 5days if no money enters, contact your bank with the receipt of the transaction (request from sender if you don't have it).

The ban affects all all international transfers to naira accounts as clearly stated in the the cbn release. Before the ban, a beneficiary's naira account is credited in less than 24hrs.

Even the wire transfer you mentioned which I guess refers to transfers into dom accounts are also credited within hours. I'm at least sure of both bank's mentioned in this thread(diamond and GT) cos I have USD dom accounts with both.

I posted those links so OP could contact his/her brother to go back to the money transfer operators over there. Apparently the transaction was either not initiated or perhaps was not successful.

https://www.nairaland.com/3265051/cbn-blocks-money-transfers-into

http://thenationonlineng.net/cbn-endorses-three-firms-money-transfer/

Olowozain:
I expected their timeline on their website to be updated to carry new date for notification.
Surprisingly, 6th of August is still there, whereas when it was postponed the date was updated immediately.

It's been updated bro. August 15 is the new date.

NgeneUkwenu:


IPOb youth, cant you read the passage? The money was accumulated under Obasanjo, but it was shared by Jonathan and her girlfriend -Dezani....at least you can read the paragraph where they exchanged love letters on how to share the loot..

Lol
You mean love letters to share trillions of naira?

I really wonder what kind of human being this current MD of diamond is. Let's even assume the sacked workers have low appraisals as being claimed by diamond management. Is it not wicked to sack a staff who has put in more than ten years in this manner? Worse still, the affected staff accounts were thrown into debit. Now how do you expect these staff to survive?

It really amazes me why the bank would go further to brand the sacked staff unproductive. Is the bank trying to make the affected staff unemployable?

Diamond bank for the records is the ONLY bank that has refused to pay off sacked staff in the recent wave of retrenchment in the banking sector. One then begins to wonder if the bank is not subject to extant labour laws in the country.

bimbiz:
A partner who is experienced in the Oil&gas sector at the down stream is needed,who can fund business with 500,000Naira and get his fund back within 3days with 20% interest on the 500,000Naira and some other benefits.Interested person who also reside in Lagos should indicate his/her interest and i will get in touch with you promptly.

Hello bro,

I sent you a PM.

Kindly reply

dupyshoo:
This is the estimate of what it cost my family:

Myself
WES - C$233.91
IELTS - £150
Transcript (2 Universities) - £20 +N10,000
PCC (2 countries) - £45 + N6,000

Spouse
IELTS - £150
PCC (2 countries) - £45 + N9,000


Medicals (Family of 3) - £780
Application (family of 3) - C$2230
Total - £1190 + C$2463.91 +N25,000 (approximately N1,042,476)

Yours will probably be a lot cheaper as your application fee will be about C$1000 and medicals done in Naija are a lot cheaper. It should be about N400,000. Please note that this does not include flight ticket and the cost of sending your passport via DHL or VFS. You might want to include that as well.

Thanks so much ma'am