einsteine:
Try Grofin instead of BOI. They give long tenor loans for existing businesses needing quick growth. However, you have to have a reasonable equity contribution.

Hi.

I've been thinking of trying Grofin for a while now, even did some pre-qualification test or so, and registered. But have not quite gone forward out of doubt.

I have an existing biz I plan to expand.

Have you accessed loans from them? If yes, pls put me through on how you did.

what is the benefit of being a Nigerian?

ordinary nigerians should better be known as Stateless

the only reason politician leave governor to join senate even in the nearest future local govt chairman

op I feel your pain. I was involved with boi early last year and the previous year. one thing I discovered early was the inconsistency in their prerequisites. At first they wanted people with ideas .. at another stage, u must have a business running having an office and some administrative capacity. I told myself, if these people are like this now... I won't survive this loan. I backed out. twice. I tried Tony elemelu stuff too.. did not make it but looks and behold, my idea scaled through with another fella on it.. since then.. I lost interest in such venture

There is nothing wrong with the conditions. Seriously were you expecting them to disburse cash to you?

There have been cases on the past where cash is disburse directly and people just divert and recovering those finds is an issue also the two month deadline is required because the fund is a revolving fund meaning that people are expected to use the funds and return it for others to access. Imagine that there is no deadline to utilizations so everybody that has loans can use as they like and then what will happen to the new borrowers

And to be fair is the same terms and conditions that they apply to all and sundry

I think you should sort out your business needs first and credit documentation before approaching the bank because what most do is hear the boi is giving loans and they rush and apply without doing the required due diligence.

Am not holding fort for boi but I know alot of people have gotten loans from them a d have good news to say about them just as you have a bitter experience

All the best.

Lalasticlala myd4, seun

Make una push this topic to FP na

Nowenuse:


You can easily say this cos you were not in his shoes.
I have been in his shoes before. He was desperate to get to the end of all these procedures.

I can say that because I used to mumu like that until Satan showed me wisdom.

And Mr President was trying tooth and nail to discredit Transparency International's recent corruption index ratings.

I wanted to approach them initially, but with all these bad reviews about the BOI I think its better I look for angel investors to finance my project.

May God bless all genuine hustlers out there.

traeces:


I scaled all the above conditions. What was pending was the 10% security which was to be paid after verification of my suppliers. That verification is yet to be complete months after the letter lapsed.

We need to organise a way of protest. They will always look for something to say

traeces:

Provide your number and I will call you or state the agenda and I could provide an email

Nothing much wanted to robb minds. My own case is pathetic. They are just tossing me up-and-down

I'm planning to take loan from boi but with the look of tins, this has discourage me.

Hmmmm nothing is working in this country. What they re showing On the TV, is different from what is happening in their office. Which 9ja.

BOI my foot.. We did YES-P with them. The only thing they didn't ask for on their documents was my life..



Those guys are big time corporate FRAUDSTERS. Never you ever patronize them!!!.



Most annoying part is their parroting propaganda on virtually all media channels just to deceive innocent Nigerians on how "hardworking" they are in uplifting the trade and investment sector.

superior1:
Before we blame the credit officer who worked on your document, we need a copy of the proposal/business feasibilty you submitted alongside your application

You just spoke trash. Go and buy sense

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.

muzzol:
OP, first of all, everybody knows that BOI does not give money to investees, rather they do asset financing, so your outcry shows that you didn't investigate the conditions attached to the facility before applying....secondly, all what you wrote as callous acts from BOI are well stated in their website as conditions precedent to accessing their facilities, so if anyone is to be blamed, i think it should be you, who did not investigate or ask your financial advisor before applying for a facility. Moreover sir, as someone suggested above, i think it is important you share with us what you proposed to BOI in your business plan and the pre-application form you filled. Next time sir, involve your financial advisor (a professional) in issues involving financing of your business.......a poster above did an intelligent thing by seeking for angel investors to finance his start-up......the truth is that nobody anywhere in the world will give you money to kick-start a project without you bearing the risks....you shouldnt expect BOI to give you their money and still bear all the risks (which risk can be more than their money they gave you?)

You did not read the OP's post well. BOI is NOT giving him a dime! They are only going to pay his suppliers, after they have supplied him with raw materials/inputs on credit.

No working capital will be provided. No money to pay staff salaries, overheads and other expenses.

And they reserve the right to review the terms and conditions 2 months after the offer letter, even if the loan has not been disbursed. Which kain condition be dat one?

BOI favours politicians and top shots. They tell you they don't disburse cash, but I can authoritatively tell you that the Benue State Governor has been enjoying steady working capital from the bank for his various businesses.

Also learnt they gave the wife of Senator David Mark about 2billion to equip her hospital in Otukpo, Benue State.

These Government lending institutions are all a scam. Farmers that applied for loans from Bank Of Agric in Benue State since last year are yet to receive their funds. They gave farmers inputs at prices twice the market rates and the fertilizer was substandard.

BOI, BOA and the rest of them are a bunch of crap.

Since when do staff of Nigerian Government agencies pick up calls? Even ordinary emails are always ignored.


As a staff of the Bank, I can assure you that if indeed you've been dealing with the Bank all you need to get this issue resolved is a call to the customer care unit. No staff of the Bank is allowed to collect a penny from you until you accept the offer letter. Kindly drop your complaint with the customer unit 07002255264/customercare@boi.ng[/quote]

Adexyolu:
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.

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.

Pataricatering:
How many people have run away with government money given as loans ? Bank of industry does not give cash - they only purchase equipment and they have to do a rigorous know your customer process if not - boys will just be drinking peppersoup with government money ! We are all complaining as if we don’t know how fraudulent we Nigerian s are !

I thought that was one good reason bvn was created to easy tracking of loan given to business people. With bvn you can't run why don't government provide these loans and monitor and nurture the business

So I better not waste my time on this NCDF loan.

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

deenee:
There is nothing wrong with the conditions. Seriously were you expecting them to disburse cash to you?

There have been cases on the past where cash is disburse directly and people just divert and recovering those finds is an issue also the two month deadline is required because the fund is a revolving fund meaning that people are expected to use the funds and return it for others to access. Imagine that there is no deadline to utilizations so everybody that has loans can use as they like and then what will happen to the new borrowers

And to be fair is the same terms and conditions that they apply to all and sundry

I think you should sort out your business needs first and credit documentation before approaching the bank because what most do is hear the boi is giving loans and they rush and apply without doing the required due diligence.

Am not holding fort for boi but I know alot of people have gotten loans from them a d have good news to say about them just as you have a bitter experience

All the best.

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.

Pls go to the boi website and read it very well. Yes what he does as bdsp is very much legal and names of approved bdsp is on the boi website.

Even cbn works with bdsp on thirty anchor borrowers and cbn. Msme programs for appraisal and post monitoring and evaluation.

Jeez people don't even read again at all.

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

I have read both and even the comments from others and this is my final conclusion. The op didn't do his own due diligence before applying for the loan because everything he has complained about is on the boi website. They have stated it clearly that they won't give direct cash but rather pay directly to suppliers and the fees he is complaining about are also clearly stated on their website so it funny that he is complaining about it.

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.

While I understand your grievance trying to give boi a bad name and by extension the fgn won't solve the issue. Bt if that is the route you want to take then all the best after all you are the one trying to build a business and it won't be advisable to tarnish your business name by trying to fight them . It's a battle you can't win either in real life or no social media. Rather I suggest you do your proper due diligence next time before applying for any loan and ask for a checklist of the requirements and make sure you have everything on hand before you apply. Again I am not holding fort for boi but I know of countless people and small business owners who have applied for loans from the same boi, got the loans without paying a single bribe or even knowing anybody at boi and yeah there is no way they will disburse if you don't sort out the collateral/ security for the loan because they are not a charity organization.

higherpower:

Nothing much wanted to robb minds. My own case is pathetic. They are just tossing me up-and-down

Reach me on salonfenaturale@gmail.com
Thanks

deenee:



While I understand your grievance trying to give boi a bad name and by extension the fgn won't solve the issue. Bt if that is the route you want to take then all the best after all you are the one trying to build a business and it won't be advisable to tarnish your business name by trying to fight them . It's a battle you can't win either in real life or no social media. Rather I suggest you do your proper due diligence next time before applying for any loan and ask for a checklist of the requirements and make sure you have everything on hand before you apply. Again I am not holding fort for boi but I know of countless people and small business owners who have applied for loans from the same boi, got the loans without paying a single bribe or even knowing anybody at boi and yeah there is no way they will disburse if you don't sort out the collateral/ security for the loan because they are not a charity organization.

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.

deenee:



I have read both and even the comments from others and this is my final conclusion. The op didn't do his own due diligence before applying for the loan because everything he has complained about is on the boi website. They have stated it clearly that they won't give direct cash but rather pay directly to suppliers and the fees he is complaining about are also clearly stated on their website so it funny that he is complaining about it.

If you have truly read my posts like someone suggested then I am at a loss how you came to your submissions. My grouse here is not that BOI isn't giving me cash. I processed my application without enlisting the assistance of any consultant and yet it got approval so that should at least tell you that I did my research.
My grouse is that BOI armtwisted a non refundable payment of 52000 naira from me and then went to sleep until the letter lapsed. Right now, they are probably waiting for me to go to their office cap in hand begging them to renew the offer which will eventually still lapse again.
Apart from the fact that I missed a window of opportunity due to that delay, prices of my inputs are not what they were 2 months ago. We were buying 2000 units of an input in Dec at 2.4 Million naira, today it is 2.8 Million naira.
These are the issues not giving me cash or not

thinktanke:


Are you suggesting that the 1% non-REFUNDABLE payment isn't official? Please I want an answer to this question. Thanks.

The Non-Refundable appraisal fee is to be paid after you have accepted the offer.

traeces:


Thank you but you should I contacted these same contacts and they referred me back to my loan officer

Please send a mail to them with your complaint and from what you stated in your post, the Bank does not disburse directly to the customer. You are expected to bring a list of your preferred vendors for raw materials and the Bank will disburse directly to them. only in rare case do we disburse any portion of the loan directly to the customer, this is has a result of previous experience with customers who divert facilities disbursed to them. I am sure your relationship officer would have explained this in detail to you before he/she started appraising your project.

yeyebrity:
Since when do staff of Nigerian Government agencies pick up calls? Even ordinary emails are always ignored.


As a staff of the Bank, I can assure you that if indeed you've been dealing with the Bank all you need to get this issue resolved is a call to the customer care unit. No staff of the Bank is allowed to collect a penny from you until you accept the offer letter. Kindly drop your complaint with the customer unit 07002255264/customercare@boi.ng

Not BOI. Just give it a try

Op. Get a very goid , sound, intelligent lawyer from a reputable and reliable recignised law firm that will be wlling to help and make a video agreement to pay him a 5 or 10 percent service charge.

The lawyer will do needful by media agencies with evidences, i had a similar experience in Ibadan and this guy didnt pay any kobo to thesw guys incharge at BOI, Ibadan.

Call me to lonk you up to the main guy to meet in person to rub minds for solutions
You will thank me later.

deenee:
While I understand your grievance trying to give boi a bad name and by extension the fgn won't solve the issue. Bt if that is the route you want to take then all the best after all you are the one trying to build a business and it won't be advisable to tarnish your business name by trying to fight them . It's a battle you can't win either in real life or no social media. Rather I suggest you do your proper due diligence next time before applying for any loan and ask for a checklist of the requirements and make sure you have everything on hand before you apply. Again I am not holding fort for boi but I know of countless people and small business owners who have applied for loans from the same boi, got the loans without paying a single bribe or even knowing anybody at boi and yeah there is no way they will disburse if you don't sort out the collateral/ security for the loan because they are not a charity organization.

You know 'countless people who got the loan?' How many exactly? 100? 250? 2,000? or 5,000 people? What was the percentage of those who applied, versus those who eventually got the loan? Kindly enlighten us, and please do NOT exaggerate!

traeces:
If you have truly read my posts like someone suggested then I am at a loss how you came to your submissions. My grouse here is not that BOI isn't giving me cash. I processed my application without enlisting the assistance of any consultant and yet it got approval so that should at least tell you that I did my research.
My grouse is that BOI armtwisted a non refundable payment of 52000 naira from me and then went to sleep until the letter lapsed. Right now, they are probably waiting for me to go to their office cap in hand begging them to renew the offer which will eventually still lapse again.
Apart from the fact that I missed a window of opportunity due to that delay, prices of my inputs are not what they were 2 months ago. We were buying 2000 units of an input in Dec at 2.4 Million naira, today it is 2.8 Million naira.
These are the issues not giving me cash or not

Don't mind that Deenee guy. He is either a paid agent of BOI, or one of their staff, or another member of their BDSPs. He also missed the part where the BOI staff, failed to conduct the verification process for your suppliers for over 2 months, until the letter of offer elapsed. Yeye BOI people with poor processing systems...

Instead of the BOI acolytes to take the negative feedback back to the bank, in order to engage them to examine their processes and improve them, such acolytes would rather defend their ungodly lapses on this thread.