₦airaland Forum

fatiaforreal:
It's been so quiet here and it seems the programme has ended somehow.
Those who have worked diligently for the success of this programme, from the lowest to the highest cadre, from EDI to NIRSAL, through to CBN, may the Almighty reward you abundantly. As for those of you who have subverted the good programme through corruption, poor attitudes to work, and sabotage, may you experience same in EVERYTHING you consider important in life.

The program was originally designed to meet the financial needs of entrepreneurs to push their businesses and ultimately gear the economy.

However, the program lost focus along the line. It became open to corruption, diversion, fraud and nepotistic influences.

Today, the dedicated and sincere entrepreneurs hardly access it. They messed up the system so much that everyone is confused.

CBN did a terrible job of pretending not to be concerned when the CBN is actually the chief manipulator. The CBN comes up with their own list when they wish to do few approvals, meanwhile NMFB also come up with their own list when CBN request for a few list due for approval. Ultimately, the proper order of FiFo was jettisoned giving room to all kinds of corruption, manipulation, fraud and diversion.

That is the reason some will apply and funds will be disbursed to them within a month yet others will be pending CBN approval for 1 - 2 years.

The EDIs and NMFB also worsened the challenges by continuously fooling and collecting money for training and processing applications from fresh applicants, giving a false impression that access to the loan is easy and less stressful, when they were more interested in the ridiculous money they were charging; cashing out on people's lack of information. Eventually, they created a backlog of application that is ridiculously difficult for CBN to meet.

NMFB was happy to create the backlog, the EDIs we're cashing out on people, the vendors of NMFB were also taking advantage of successful applicants. All these translate to legitimate and illegitimate income streams for NMFB and it's staff.

Today, we have a mess called AGSMEIS. Guess what? If you visit NMFB website, you will still see AGSMEIS being advertised boldly even when they have failed to disburse over 90% of the application. This is Nigeria!


The ordinary question is: what does it take to approve or disapprove a loan request by CBN?

If your NMFB has ensured the training of the applicant and done the due diligence expected and approved an amount. Why does CBN delay in approval or disapproval thereby stringing applicants along for years waiting for approval.

Whatever business opportunity you identify and want to explore would not wait for you for years. How do you depend on such business plan, that should ordinarily be subject to review after 6 months, to disburse the loan. The inflation in Nigeria has been growing rapidly and we are currently at inflation rate above 30%, so how do we buy the same item costed on the business plan at that same price.

The Asian tigers are what they are today because their government, central banks and commercial banks support the entrepreneurs and SMEs to become big corporations you see today. I have seen some Indian and Chinese folks walk into this country with nothing, looking unkempt, but just with associates already established in Nigeria. They simply do their business research, feasibility study and viable business plan, before you say jack, he registers a corporation in Nigeria, approach a Nigerian bank to open account with little or nothing and before you know it, the kind of funds that will hit that account, often from their country and most likely a cheap loan from their banks. You will just see the guy transform within a short period into great business empire.

This is simply what CBN is struggling to replicate and failing woefully because of corruption, nepotism, fraud, manipulation, poor work ethics and carelessness.

I laugh in English, LOL

CilicMarin:
Revoke his C of O..

Wike does that on regular basis..

When it comes to rugged politics as being played in South South and South East...

Don't Joke With Hope Uzodinma.

Don't Joke With Ayade.

Don't Joke With Dave Umahi..

Don't Joke With Wike...

They always have their way...PDP will regret their actions in Cross River State...We are on ground..

Who are you that are on ground?

Stanleyville:
Your parents?!..

Oh,I forgot..they should have used a condom the night you we're procreated.

LOL, I almost thought you realized you were referring the insults, causes and abuse to your parents but I was wrong.

You weren't properly trained after all. No point joining issues with you. Every insult, abuse and disrespect you aim at my parents are automatically redirected to your parents.

Stanleyville:
I know youre one of all these kids laying on a dirty bedbug infested bed with dirty feet,rubber support android phone,.spewing trash on nairaland,always having opinion in every matter,.because of cos you have the time,as work no dey and small 5mb nairaland data go always dey phone...Have you eaten today??

Feed yourself first before asking about my food. I did not beg you or anyone for time, food or data.

I see you have decided to leave our parents, that you brought into your ridiculous rant, out of it.

Keep pushing as you make your money

Keep pushing as you make your money.

Wallade:
Keep pushing as you make your money.

Keep pushing as you make your money.

Keep pushing as you make your money.