₦airaland Forum

Let's be optimistic and have a solution seeking attitude. You know they say where there is a will there's a way. If we want this bad enough we just have to explore every avenue to make it work. We've all made it this far; that means we are champion material. lets focus now on surmounting all obstacles in our way.
Jethrolite what are the criteria the guarantors have to meet? No one is answering that question. We need to know all the criteria.

WORLDPEACE:
Let's be optimistic and have a solution seeking attitude. You know they say where there is a will there's a way. If we want this bad enough we just have to explore every avenue to make it work. We've all made it this far; that means we are champion material. lets focus now on surmounting all obstacles in our way.
Jethrolite what are the criteria the guarantors have to meet? No one is answering that question. We need to know all the criteria.

That's true. Can someone please answer.

ol2012:
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?

I am really impressed by your sensible write up.

I don't oppose any of your context except when you seek to know the monetary values of the two certificates.

That's where I am interested.

I am not gona look at it whether BoI/FG recovered money through the certificates or not because that's not my business. The aim and agenda of this programme is different from monetary aspects rather it was focus on solving some certain problems in the country, so if they have suddenly focus their attention on how they would not lose their money, they have failed.
Honestly, they have failed if that is the case.

Now let read through my focus:

Let assume that there is nothing like BoI/FG programme to solve some certain problems in the country and that is where everybody should focus (aim and agenda of the programme is to make it a success in order to solve the problems it was meant to solved)

Then a degree and NYSC certificates combined together worth 72,000,000 Naira on average salary scale of 2,400,000 Naira per annual when you work for 30 years.

It is very likely that your average annual wages would increase to unknown figure beyond 2,400,000 Naira per annual as you proceeds in life by gathering of more skills, knowledge and experience through additional education. Hence increasing the monetary worth of your certificates.

Now back to business, a situation where your certificates as been arrested, you can't secure employment nor do you have the chance to further your education, nor do you have the chance to become a future President, nor do you have the chance to become a future Director, Governor, Minister, Senator etc.

Our certificates are our lives as far as we are still breathing because they can take you to anywhere top in this world. We don't know tomorrow, we are only overseeing today.

My prudent advice is that if you are not sure of the success of your business to repay the loan, it is advisable not to jeopardize with your certificates because they worth more than anything including the cash BoI/FG would loan you.

BoI/FG has failed to carried out their analysis before the introduction of guarantors, not even one, I mean two guarantors. Where did they want majority of us to find two high level calibre guarantors for a start up businesses (risky/uncertain)??

Who are the people that are ready to toy with their lives and future by guarantee a loan of 3-5 million Naira that has no idea of what is likely to be an outcome?? BoI/FG should take care of that by scrutinizing businesses to enable them figure out the auspicious ones.

My contributions is that BoI/FG should employ the services of an expertises that can scrutinized the future feasibility of a businesses ideas and focus on the auspicious businesses if they really want to help to boost the economy through industrialization and reduce the rate of youth unemployment.

If they can employ the services of an expertise, it is likely they would have significant percentage of success and achieve the aim and agenda of the programme.

The guarantors of a thing would useless their efforts, not because it is not a good practice but because finding a guarantor would form a barricade not to mention two that would likely form two barricades. Hence, not achieving the aim and agenda of the programme.

I am sure I am speaking the mind of many people including me.

I repeat, don't play with your certificates and also place innocent ones in trouble if you are not sure of the successful outcome of your business. Your certificates can take you any top that you might not have envisaged.

BoI/FG thank you for the training as I am enjoying it, I still hope to be qualify for the in-class training and also the vocational training.

I am not losing anything yet as I accrue more skills and knowledge for free.

lovemko:
yes you will

Many thanks to you. Appreciate!

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.

ol2012:
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 6-months moratorium 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.

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

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:
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

ol2012:
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

Thanks for the clarification. I think it is more than fair enough. How did you get the info. I'm having to rely too much on hear says and its not the best.

WORLDPEACE:
Thanks for the clarification. I think it is more than fair enough. How did you get the info. I'm having to rely too much on hear says and its not the best.

www.boi.ng/yes

Its the last item under "features of the fund"

ol2012:
On a lighter note, the current course appears to be the most tasking.

As in, the course is not funny at all and I've never been a fan of business plans.

ol2012:
www.boi.ng/yes

Its the last item under "features of the fund"

Thanks, I've seen it. What do you know about the guarantor criteria?

ol2012:
Dear mr Olowozain,

The cert may just qualify you to be considered in the first place.

You have said it all, "The cert may just qualify you to be considered in the first place."

So I don't need to input anything further.

Good morning,I missed branding course,i enrolled ,wrote couple of assignments but i did not write the exams how do i re-write it please.The course is no longer in the portal..tnx in anticipation

ol2012:
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.

You mean the Business Plan course right? I'm yet to start but I guessed as much, lol. I mean, just look how engaging Marketing Planning was. By the by, can I just say how much I appreciate this nairaland discussion platform? The AMI platform is great, but I have issues with the wall posting system. When I get a notification of a response to any post I've made, and click on the link, I get routed to the very beginning of the wall, instead of being linked directly to the actual post in question which is probably pages away. I find this really inconvenient having to scroll through how many pages to find and continue the conversation. Am I the only one having this issue please?

ol2012:
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.

You mean the Business Plan course right? I'm yet to start but I guessed as much, lol. I mean, just look how engaging Marketing Planning was. By the by, can I just say how much I appreciate this nairaland discussion platform? The AMI platform is great, but I have issues with the wall posting system. When I get a notification of a response to any post I've made, and click on the link, I get routed to the very beginning of the wall, instead of being linked directly to the actual post in question which is probably pages away. I find this really inconvenient having to scroll through how many pages to find and continue the conversation. Am I the only one having this issue please?

hippyseason:
You mean the Business Plan course right? I'm yet to start but I guessed as much, lol. I mean, just look how engaging Marketing Planning was. By the by, can I just say how much I appreciate this nairaland discussion platform? The AMI platform is great, but I have issues with the wall posting system. When I get a notification of a response to any post I've made, and click on the link, I get routed to the very beginning of the wall, instead of being linked directly to the actual post in question which is probably pages away. I find this really inconvenient having to scroll through how many pages to find and continue the conversation. Am I the only one having this issue please?

Just to fulfil the criteria of being part of that community, I post there and ignore all notifications. That platform needs a lot of work. AMI has good courses but the presentation is poor. I watched only one video and while the presentation was going on, I could her background sound. The texts in some of the last course contain terrible English. If they do not get their things right, a competitior will sweep them away.

Jethrolite:
Just to fulfil the criteria of being part of that community, I post there and ignore all notifications. That platform needs a lot of work. AMI has good courses but the presentation is poor. I watched only one video and while the presentation was going on, I could her background sound. The texts in some of the last course contain terrible English. If they do not get their things right, a competitior will sweep them away.

Haha, they need to follow their own course training advice..

Finished the last course about 02:30 this morning. I hope this is the hardest course AMI has to throw at us.

Jethrolite:
Finished the last course about 02:30 this morning. I hope this is the hardest course AMI has to throw at us.

Guy,
2 new courses are currently open for enrollment as againt their supp scheduled dates(Accessing finance 4 ur biz & Is ur biz ready 4 funding) u might want 2 enroll since u seem 2 be on d fast lane.

WORLDPEACE:
Thanks, I've seen it. What do you know about the guarantor criteria?

Honestly, I also do not know the exact criteria for a would be guarantor. The one I've penciled down is a biz owner as I hope biz owners should be qualified. I'm also still looking for a 2nd guarantor lol.

I appeal to the cohort 1 participants to assist us with this very important info.
GUARANTOR CRITERIA BIKO

ol2012:
Guy,
2 new courses are currently open for enrollment as againt their supp scheduled dates(Accessing finance 4 ur biz & Is ur biz ready 4 funding) u might want 2 enroll since u seem 2 be on d fast lane.

Wow, let me go and check, that would be so cool. I visit only on the day a new course opens, once I'm done with the course I don't go near that website again until the next course opens.

Nairasolutions:
Good morning,I missed branding course,i enrolled ,wrote couple of assignments but i did not write the exams how do i re-write it please.The course is no longer in the portal..tnx in anticipation

Read page 15 on this thread for how to rewrite your uncompleted courses.

Has anyone else seen the new time table? People who are complaining of meeting up with courses as it was before, it is now 2 courses per day every 2 days starting October 13th so you guys must buckle up.

10 days have been shaved of the closing date. It is obvious by the grace of God we will be getting funding this year.

Jethrolite:
Has anyone else seen the new time table? People who are complaining of meeting up with courses as it was before, it is now 2 courses per day every 2 days starting October 13th so you guys must buckle up.

10 days have been shaved of the closing date. It is obvious by the grace of God we will be getting funding this year.

Is there a new time table? Where you see am?

Jethrolite:
Has anyone else seen the new time table? People who are complaining of meeting up with courses as it was before, it is now 2 courses per day every 2 days starting October 13th so you guys must buckle up.

10 days have been shaved of the closing date. It is obvious by the grace of God we will be getting funding this year.

2 courses per day!! Jethrolite if na play Abeg stop am...

WORLDPEACE:
Is there a new time table? Where you see am?

I got it in a mail today. Give me a minute.

Dear participants,

Well done so far on your training.

We have already gone past the half-line for the training - 13 courses already, we have five more courses to go. We want to encourage you to keeping going until we reach the ultimate goal.

We wish to inform you that the timetable for the online training has been revised in order to accommodate changes made to the programme and make time for the in-class session. Don't panic if you have not completed ALL of the closed courses, we'll re-open them towards the end of the programme.

The updated programme close-out is November 9th, 2016 please kindly find attached the revised calendar for the online training.

Kindly forward all queries on the programme to yes-p@pau.edu.ng

Thank you.

Best regards,

--
YES Programme Team

CuteTj:
2 courses per day!! Jethrolite if na play Abeg stop am...

Lol, no be me cause am o.

@ Jethrolite, you seem to be enjoying the programme. I guess it's unfolding to be a great experience for you.

Keep it up man....

CuteTj:
@ Jethrolite, you seem to be enjoying the programme. I guess it's unfolding to be a great experience for you.

Keep it up man....

Thank you.

please I want to ask which of you the cohort1 did the training in anambra or enugu. please indicate I want to find out something. thanks.