rhoci:
Thank you guys for your interest in Rhoci so far,we hope to be able to leverage on the rhoci power of cooperation to provide you guys the loan and the relevant support needed to pay back within four months.

...

bigbasho:

sent! just quaters theory. I didnt post the 'unclad forex '. NB: I dont think the guy the even mention it trade based on it. its a lot and not easy to comprehend. trust me you wont wanna waste your precious time on that.

thanks a million boss!
if I get you correctly, "Quaters Theory" will serve my purpose right?

Cc bigbasho

please send me the books "Quater Theory" and "Unclad forex".
I'll be very grateful sir. Thanks in anticipation.
dhappy100@yahoo.com

Pipsbasketings:
So real is FX
Find your ground, gain your ground and FX becomes yours forever and ever

Altogether cumulative pips of 4,588.0 from June till now, if I had x10 of my capital say 10,000, my lot would have been x10 as well which is 0.1 lot size, by now I would have got about $4,588.0 (dollars) in my account.

Lord, I want to see more of you in this business - my outcry

I want to be like you when I grow up boss

I've patiently read through this thread from page 1 to d end. It's d most resourceful thread I have read on NL.


Cc:
pipsbasketings
wamiikechukwu
priceaction
bigbasho
teemy
incredibleace
redsox11
unclenna and others


You guys rock!
I look forward to learning profitable forex trading from you guys soon.
peace!!

joinnow:


www.Rhoci.com

thanks

joinnow:

It all depends what you want to invest it on.
I am not the one giving loan
Op Nl user name is Rhoci
Which is same as the website.
But op come back and give us your number its needed to complete application of SME loan.
Merci

please post their website for us here

@rhoci
"1M-SME SUPPORT"

[quote author=laka2016 post=60957214][/quote]
1M-SME-SUPPORT

LibertyRep:
It's well over Five months after the planned protest. I guess it's enough time to assess BOI 's commitment towards the eventual disbursement of the loan.

As for me, it has been a tortuous journey so far.

YES-P participants who have been able able to get the loan should please share their experience.

lots of offer letters issued to successful yesP participants across the country, yet no news about loan disbursement.

IN THE LIGHT OF THE ABOVE, WE HEREBY PLEAD WITH YOUR EXCELLENCY THE ACTING PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA TO:
Set up a monitoring committee for the programme headed by the Federal Ministry of Finance or Trade and Industry.
Invite the EFCC to investigate the spending habits of the BOI and ensure that there is fairness and due process in the use of funds.
Invite representatives of BOI YES-P participants to defend themselves in the face of the many lies peddled against them by the BOI.
Prevail on the BOI to disburse funds to participants whose certificate has been verified and reduce the time it takes to verify certificates to at most, 14 days.
Prevail on BOI to soften the criteria and become more flexible with guarantor issues in line with the new Collateral Registry Act.
Prevail on the BOI to immediately drop the 2 million naira funding barrier placed on startups, they should give equal chance to all participants to access the 5 million naira loan because all businesses are unique and require varying amounts of fund to run; besides most businesses need more funds than can be expressly estimated.
Prevail on the BOI to re-visit the business plans of the participants who have been rejected and provide guide to them so that their knowledge can be updated where it is lacking. Every trained participant with genuine academic certificate should be given the loan.
Prevail on the BOI to correct the calculation of amortization to reflect decreasing rate of interest on the loan
Those who were unable to put in final application for the loan should be given another 3 months to meet up the criteria and submit their application.
Prevail on BOI to immediately immediately soften other loan criteria to incorporate the tenets of a true intervention program and give room for participants to get the loan.
In the mean time, we have appealed to the teeming population of the YES-P participants to wait for the intervention of His Excellency, before they proceed on the next course of action. We thrust that Mr. President (Ag) will do the needful as a father with listening ears.
Thanks.

Long Live the Federal Republic of Nigeria!

Singed:
Bank of Industry’s Youth Enterprise Support Program Participants (BOI YES-P)
Contact: yespforprogress@gmail.com

cc: mynd44, OAM4J kindly do justice to this post. We need the acting president to see this

WHAT THE ACTING PRESIDENT MUST KNOW ABOUT THE BANK OF INDUSTRY YOUTH ENTREPRENEURSHIP PROGRAMME (BOI YES-P)
It has become necessary to cry to His Excellency, Prof. Yemi Osinbajo concerning the lingering deceit of the Bank of Industry against the enterprising youths of our great country. Even the blind can see the passion with which His Excellency is trying to steer the Nigerian economy from a monolithic, import-dependent, unemployment-drowned economy to a diversified, export-driven and creatively-productive one. The strides he has taken to launch different intervention and social support programs to encourage entrepreneurship, harness the youths’ potentials and grow the SME segment of the economy is plausible. However, it is sad that the Bank of Industry (BOI) is stopping at nothing to bring his lofty vision to naught.
Recall that in March 2016, the Bank of Industry launched a program to support and empower annually, at least 5,000 young entrepreneurs with soft loans, through a program tagged Youth Entrepreneurship Support Programme (YES-P). The idea seemed noble since it has been identified in several studies that lack of funding constitutes over 80% of problems faced by young entrepreneurs in Nigeria. Well, it may interest His Excellency to know that the BOI program was all deceit, decoy and a stunt to garner cheap publicity through the media. We have seen on various media, the management of BOI claiming that the YES-P program has been a complete success, while in reality, only a minute subset of the total final application has been attended to. The rest are cunningly dishonored, ignored or tactically delayed to discourage the participants. Whenever participants of the BOI programme try to voice out their grievances and expose the BOI; the bank quickly use tax payers’ money to run media adverts to cast dirt on the image or eligibility of participants. Their tactics is to claim that participants submitted fake academic certificates, inflated the cost in their invoices or that ideas or businesses they presented do not meet their minimum Risk Acceptance Criteria (RAC) therefore are not fundable. Permit a little digression on these claims.
IN THE BEGINNING
Among the over 80,000 young entrepreneurs who applied to be supported with soft loans via the programme, about 5,000 were selected by BOI as having viable/fundable ideas or businesses. These 5,000 selected entrepreneurs were subjected to over 3 months online and in-class intensive trainings and later certified as eligible. It is appalling however, that after the training, only 1,350 entrepreneurs (just 27% of the trained/qualified participants and 1.8% of the total participants) were able to submit the final application, the rest could not meet the cut-throat, extra-strict criteria set by the BOI to deliberately discourage participants from sending in final request for the loan. Besides changing the rules several times half way to discourage participants, they have since disqualified a lot more people out of the measly 1.8% selected/trained participants with the excuse that their idea is no longer fundable.
The question is why disqualify ideas which have been initially picked as laudable after adding months of training to further enrich them? Why would ideas like fish production, food processing, bread baking, renewable/alternative energy production or online selling be called non-viable and termed to be businesses not reaching the BOI minimum Risk Acceptance Criteria (RAC)? Why would they disqualify a university graduate – whom same BOI claim to have spent 600 million naira of tax payer’s money to train – on the basis of lack of experience? How much experience did Mark Zuckerburg or Bill Gates have before building the revolutionary billion dollar unicorns we all know today? Even those of us who have started our businesses over 3 years ago are still disqualified for not having experience on same business; it is clear that these are diversionary tactics.
BOI TREATING PARTICIPANTS WITH DISREGARD AND DISTRUST
The Bank of Industry have been treating participants of YES-P as thieves and opportunists for the past one year, They have been insulted by BOI officials, ignored for several months with no information on the way forward. Participants get threatened with disqualification for daring to ask questions, disqualified after several months and no real explanation is given. They claim Nigerian youths are not to be trusted.
The question is how much trust did arms-carrying militant groups build before being doused with billions of naira in amnesty payouts? Do youths have to be taken for granted because they are civil? Do youths have to become militarized and violent or join armed struggles before they can be given a chance in this country? Must we sacrifice the future of this country at the altar of the ego of a few opportune officials?
ENDLESS EXCUSES AND SHIFTING OF DEADLINES TO FRUSTRATE PARTICIPANTS
For over one year, the Bank of Industry has subjected YES-P participants to one new criterion after another; they give excuses weekly and change their own deadlines several times. Some participants have even been issued fake Offer Letters in some states so they can buy time and forestall angry protests from irate participants of YES-P. It has become obvious that they only intend to fund a very small percentage of the participants and use that to deceive the public that the program is a success. The BOI has been severally quoted in the media to have improved the economy by supporting thousands of youths through the YES-P initiative; meanwhile only less than 100 participants have received funding. The rest are being disqualified with flimsy reasons every passing day.
SOME EXAMPLES OF CRITERIA SET BY THE BANK OF INDUSTRY FOR A SUPPOSED INTERVENTION PROGRAM
Each participant was mandated to submit 2 guarantors worth double the requested loan amount (someone seeking 5 million naira must get 2 guarantors worth 10 million naira), the guarantors must present their bank account statements, declaration of financial net worth, certificate of occupancy for landed properties with building in it. Any landed property without building is unacceptable, they are to submit their letter of employment, letter of last promotion, pay slips etc.
Participants are to pay a processing fee of 1% of approved loan amount and legal fees in cash before disbursement is approved.
SUMMARY OF OUR COMPLAINTS
The bank of industry rules are too strict, they are meant to deliberately discourage participants from applying for the loan.
Applications are rejected without explanations whereas BOI could have called in such participants whose business plan do not meet BOI standard and guide them to ensure they get an opportunity to pursue their dreams.
BOI is more interested in claiming success in the media than achieving real success in the programme
There is unnecessary delay in disbursement of the loan
Some branch of BOI are issuing fake, invalid offer letters to participants to deceive the public
The BOI are thinking too narrow in the box and not giving young entrepreneurs room for innovation in an age of tech explosion
WHAT THE ACTING PRESIDENT MUST KNOW ABOUT THE BANK OF INDUSTRY YOUTH ENTREPRENEURSHIP PROGRAMME (BOI YES-P)
It has become necessary to cry to His Excellency, Prof. Yemi Osinbajo concerning the lingering deceit of the Bank of Industry against the enterprising youths of our great country. Even the blind can see the passion with which His Excellency is trying to steer the Nigerian economy from a monolithic, import-dependent, unemployment-drowned economy to a diversified, export-driven and creatively-productive one. The strides he has taken to launch different intervention and social support programs to encourage entrepreneurship, harness the youths’ potentials and grow the SME segment of the economy is plausible. However, it is sad that the Bank of Industry (BOI) is stopping at nothing to bring his lofty vision to naught.
Recall that in March 2016, the Bank of Industry launched a program to support and empower annually, at least 5,000 young entrepreneurs with soft loans, through a program tagged Youth Entrepreneurship Support Programme (YES-P). The idea seemed noble since it has been identified in several studies that lack of funding constitutes over 80% of problems faced by young entrepreneurs in Nigeria. Well, it may interest His Excellency to know that the BOI program was all deceit, decoy and a stunt to garner cheap publicity through the media. We have seen on various media, the management of BOI claiming that the YES-P program has been a complete success, while in reality, only a minute subset of the total final application has been attended to. The rest are cunningly dishonored, ignored or tactically delayed to discourage the participants. Whenever participants of the BOI programme try to voice out their grievances and expose the BOI; the bank quickly use tax payers’ money to run media adverts to cast dirt on the image or eligibility of participants. Their tactics is to claim that participants submitted fake academic certificates, inflated the cost in their invoices or that ideas or businesses they presented do not meet their minimum Risk Acceptance Criteria (RAC) therefore are not fundable. Permit a little digression on these claims.
IN THE BEGINNING
Among the over 80,000 young entrepreneurs who applied to be supported with soft loans via the programme, about 5,000 were selected by BOI as having viable/fundable ideas or businesses. These 5,000 selected entrepreneurs were subjected to over 3 months online and in-class intensive trainings and later certified as eligible. It is appalling however, that after the training, only 1,350 entrepreneurs (just 27% of the trained/qualified participants and 1.8% of the total participants) were able to submit the final application, the rest could not meet the cut-throat, extra-strict criteria set by the BOI to deliberately discourage participants from sending in final request for the loan. Besides changing the rules several times half way to discourage participants, they have since disqualified a lot more people out of the measly 1.8% selected/trained participants with the excuse that their idea is no longer fundable.
The question is why disqualify ideas which have been initially picked as laudable after adding months of training to further enrich them? Why would ideas like fish production, food processing, bread baking, renewable/alternative energy production or online selling be called non-viable and termed to be businesses not reaching the BOI minimum Risk Acceptance Criteria (RAC)? Why would they disqualify a university graduate – whom same BOI claim to have spent 600 million naira of tax payer’s money to train – on the basis of lack of experience? How much experience did Mark Zuckerburg or Bill Gates have before building the revolutionary billion dollar unicorns we all know today? Even those of us who have started our businesses over 3 years ago are still disqualified for not having experience on same business; it is clear that these are diversionary tactics.
BOI TREATING PARTICIPANTS WITH DISREGARD AND DISTRUST
The Bank of Industry have been treating participants of YES-P as thieves and opportunists for the past one year, They have been insulted by BOI officials, ignored for several months with no information on the way forward. Participants get threatened with disqualification for daring to ask questions, disqualified after several months and no real explanation is given. They claim Nigerian youths are not to be trusted.
The question is how much trust did arms-carrying militant groups build before being doused with billions of naira in amnesty payouts? Do youths have to be taken for granted because they are civil? Do youths have to become militarized and violent or join armed struggles before they can be given a chance in this country? Must we sacrifice the future of this country at the altar of the ego of a few opportune officials?
ENDLESS EXCUSES AND SHIFTING OF DEADLINES TO FRUSTRATE PARTICIPANTS
For over one year, the Bank of Industry has subjected YES-P participants to one new criterion after another; they give excuses weekly and change their own deadlines several times. Some participants have even been issued fake Offer Letters in some states so they can buy time and forestall angry protests from irate participants of YES-P. It has become obvious that they only intend to fund a very small percentage of the participants and use that to deceive the public that the program is a success. The BOI has been severally quoted in the media to have improved the economy by supporting thousands of youths through the YES-P initiative; meanwhile only less than 100 participants have received funding. The rest are being disqualified with flimsy reasons every passing day.
SOME EXAMPLES OF CRITERIA SET BY THE BANK OF INDUSTRY FOR A SUPPOSED INTERVENTION PROGRAM
Each participant was mandated to submit 2 guarantors worth double the requested loan amount (someone seeking 5 million naira must get 2 guarantors worth 10 million naira), the guarantors must present their bank account statements, declaration of financial net worth, certificate of occupancy for landed properties with building in it. Any landed property without building is unacceptable, they are to submit their letter of employment, letter of last promotion, pay slips etc.
Participants are to pay a processing fee of 1% of approved loan amount and legal fees in cash before disbursement is approved.
SUMMARY OF OUR COMPLAINTS
The bank of industry rules are too strict, they are meant to deliberately discourage participants from applying for the loan.
Applications are rejected without explanations whereas BOI could have called in such participants whose business plan do not meet BOI standard and guide them to ensure they get an opportunity to pursue their dreams.
BOI is more interested in claiming success in the media than achieving real success in the programme
There is unnecessary delay in disbursement of the loan
Some branch of BOI are issuing fake, invalid offer letters to participants to deceive the public
The BOI are thinking too narrow in the box and not giving young entrepreneurs room for innovation in an age of tech explosion

Johncuppa:

Please, what is YESp?

Youth Entreprenuership Support Programme

Also Read about...

The agreement reached at a meeting btw the BOI MD with yes-p participants on Monday 6th March 2017.

https://www.nairaland.com/3667614/agreement-reached-meeting-btw-boi

Also Read about...

The agreement reached at a meeting btw the BOI MD with yes-p participants on Monday 6th March 2017.

https://www.nairaland.com/3667614/agreement-reached-meeting-btw-boi

Also Read about...

The agreement reached at a meeting btw the BOI MD with yes-p participants on Monday 6th March 2017.

https://www.nairaland.com/3667614/agreement-reached-meeting-btw-boi

Also Read about...

The agreement reached at a meeting btw the BOI MD with yes-p participants on Monday 6th March 2017.

https://www.nairaland.com/3667614/agreement-reached-meeting-btw-boi

Also Read about...

The agreement reached at a meeting btw the BOI MD with yes-p participants on Monday 6th March 2017.

https://www.nairaland.com/3667614/agreement-reached-meeting-btw-boi

Alumona1:
This Scheme is getting even more better with these review

you can say that again bro

puskin:
Bravo.........Well done.
Let's hope they stick to the agreement cos govt have some funny ways of their own.

Thanks boss!
It wouldn't be a bad idea if this post is on front so that other yes-p participants who have given up and abandoned their application will get back on their feet.
Even boss lalasticlala, Dominique, FOD, naijacutee will agree with me on this.

In view of our meeting with the MD of the bank of industry at the bank's head office, Marina Lagos https://www.nairaland.com/3667582/yes-p-nationwide-protest-boi-formally#54341511


*AGREEMENT REACHED BETWEEN BOI AND YES P. ON THE 6TH MARCH , 2017*
*AT BOI* *HEADQUARTERS , MARINA*
*LAGOS NIGERIA*


*1) OND Certificate holders;*
*YESP* *DELEGATES, insisted that OND holders can't be cut off, yes we saw reasons in BOI trying to restrict OND holders, but for the sake of the genuine ones, and reasons being that, it was advertised right from the beginning of the program they should atleast put other measures to check, people with higher certificate but choose to use OND cert. Because its not useful to them again,*

*Therefore we agreed on the following from BOI*

*Those with OND certificate not older than two years will be accepted,*

*certificate above two years will need to show evidence of business success*
*( if running a business)*
*paid employment reference*
*( if currently in paid employment)*


*2.) STATEMENTS OF RESULTS*
*The delegates of YESP agreed on the following:*

*Statement of results are only accepted where participants have just recently graduated.*
*BOI will do an investigation to ensure that participants actually graduated from the said university by writing to the school for confirmation, if its confirmed, it will be accepted*


*3.NON UNIFORMITY OF LOAN TERMS*

*BOI said a Board meeting will be held with all relationship managers to foster uniformity. That all YESP loan application must be the same across all states.*



*4.) GUARANTORS REVIEW;*

*Base on our challenges , BOI said , they critically reviewing it, so as to implement what's has worked for GEF and other scheme of the bank ,BUT this should not stop your application, they need little time on it, even though its not removed, it will be reviewed to accommodate more YESP participants, as that is the major causes of low application, that this , shouldn't stop ur application, go ahead and apply, that this will be a pre disbursement condition if its latter reviewed.*


*5.) NETWORTH REMOVAL*


*BOI agreed on not using a notorise statement, but in place of that a court affidavit, Having stated all your properties, just to attest to it that its true.*


*6.) 24th MARCH DEADLINE*

*YESP DELEGATES, insisted that deadline will cut off many participants, so therefore, the deadline be extended*

*BOI , insisted they want to be as fast as they can, in disbursement of the loan, hence the deadline, BUT, in order to consider our request, ONLY viability of business will be considered,I.e just submit ur business plan, EVEN though u have not gotten all all ur, so long u have a business name and idea, submit, Avery other requirements u have not meet, will becomes.... PRE DISBURSEMENT CONDITIONS, i. e u must get those stuff ready b4 they hand u the loan, YESP DELEGATES AGREED.*

*7.) IMPORTATION OF EQUIPMENT*
*YESP DELEGATES,* *gave a personal experience of BOI not accepting foreign working invoice:*

*The MD got upset, demand for an explanation to that, from SMEs Director, and was particular concern about who passed such information to YESP participants,*

*SMEs director explained, that, it was just a caution, to forestall the stress of importation, as YESP , you may not be able to carry the weight importation carries, and you can be defrauded, and if that happened, u may have issues paying back, what didn't actually get to you. As* *entrepreneurs we may not be able to foot the bill of clearing the equipment, the longer it remains at the port the more demurrage it acquires, at the end of the day the whole loan may be I'll spent on one machine, not to add maintenance and purchase of spare parts from abroad supplier*
*But thats not to say its not permissible*





Cc: lalasticlala, Dominique, puskin, FOD, naijacutee

What we agitate for: Read below....





FG/ BOI Youth Entrepreneur Scheme participants,
Cohort 1 and 2, 2016 Nationwide,
C/o ; Kenneth Unuaye W.,
MD/CEO, Luv-K Foods Enterprise,
Plot 2, IgereIhunsa OPIC Industria,
Estate, Agbara, Ogun State.
Kennethweware@yahoo.com
08039118962

6th March, 2017.




The Acting Director General,
Bank of Industry Limited,
23, Marina, Apongbon, Lagos Nigeria.



Sir,



A HUMBLE CALL FOR THE YES-P LOAN TERMS/STRICT CONDITIONS REVIEW

We the( undersigned by delegates duely nominated representing all Regions across Nigeria) participants of the Youth Entrepreneurship Support Programme (Yes-P) and we humbly write to call on you, to use your good office to review and modify some stringent requirements stipulated in the programme as condition precedents in securing the loans.
Pg 1 of 5
First, we seize this medium to appreciate your good work, kindness, wisdom, and creativity that engineered the launch of the YES-P programme. The trainings have made tremendous impact on our entrepreneurial capacity and our lives in general. We are indeed grateful. And we pray that God will continue to bless you as you continually use your good office in for the betterment of all youths and SMEs and the Nations economy as whole

Sir, it is our humble opinion that the programme has been excellently structured as to mode of application, timeline, and capacity building. We acknowledge that.

Sir, despite the excellent scenario painted above, the program has not yielded its laoudable results it was created for , as NO participant has received or able to access the YES-P loan, as as a result of the loan terms and strict conditions after months of it's launch.

Individually, we have engaged our loan relationship officers, complained of our difficulties to them, of which we believed they transmit to you. With no changes haven complained individually, its was obvious our complaint were never transmitted to you, hence the call to channel our challenges to you on the platform of YES-P of which we all are participant.

Sir, the guarantors’ requirement has made it near impossible thing for us to obtain the loan. We have toiled and laboured, combing everywhere for guarantors without success. The persons who we meet are unwillingly to guarantee the repayment of a loan by a third party, not to talk of declaring and staking their assets. From the available statistics 97% (ninety-seven percent) of us will not be able to find guarantors. It is based on this predicament that we pray your good offices to review the guarantor clause as well as other strict conditions as listed bellow ;

1. Non acceptance of OND certificate
Pg 2 of 5

2 Non transparency/uniformity of loan terms across all state

3. There should be a a timeline fixed for each yearly batch as regards specific date of training ,date of approval after submission, duration before giving out offer letters and actual disbursement date.

4. A review and extension of the 24th March submission deadline as it was not stated from the beginning of the YES-P program preferably, till June, as the loan terms/conditions is the main cause of the delay.

6. Removal of guarantor and consideration of our recommendation which includes removal of networt and /or review of guarantor terms of agreement with due consideration of our recommendation.

7.Non funding of start-ups


Having come this far, we are already partners with the Bank of Industry, as well as the Federal Government. We understand the critical issues of: the unemployment problem the programme is meant to reduce; the support of new and growing businesses through capacity building of the entrepreneurs, and helping them access funds in form of collateral free loans. We also understand the need for the repayment of these loans as the YES-P funds are revolving in nature. Armed with this understanding, we suggest with due respect the removal of the guarantor’s requirement to be replaced with the following means of securing repayment which in our opinion are more scalable:

1. Engagement of consultants for the participants during the loan term. These consultants are to provide mentorship and business advice to the participants from time to time.
Pg 3 of 5

2. Each participant is to file statement of account of his business with the bank on a monthly basis.

3. Refresher courses twice a year to be compulsorily attended by all participants during the course of the loan term. It will be a meeting of the participants with the bank, YES-P officials, and consultants to share ideas, discuss challenges in their businesses. It is also a forum for the participants to mutually motivate one another.

4. Promotions, endorsements and advertisements of the participant’s businesses by the Federal Government and the bank as much as possible from time to time.


Another advantage the alternatives suggested by us have over the guarantor’s requirement is: they align more with the ideals of the programme. Guarantorship is not a guarantee for business success. It only guarantees the bank persons to hold responsible for repayment of the loan in case of inability to pay back by the borrower. The success of the businesses should take precedence over the need for repayment. This is because it is only when the businesses succeed that the policy will be realized. Again, the success of the businesses will mean a repayment of the loans since the businesses have been put under serious monitoring by the bank.



In summary, we pray you to use your good office to review/or remove the guarantor’s requirement as well as other strict requirements and undergird this programme with:
Pg 4 of 5
1. The Capacity building through trainings;

2. Continuous support for the participants during the course of the loan term through engagement of business consultants, promotions, refresher courses etc;

3. A lien and/or charge on the participant’s University Degree and NYSC discharge certificates.

4. A clear timeline for the loans approval and a publication of the names of the beneficiaries in a national daily and/or official website to foster transparency and to help track the progress as well as the challenges of the programme.



Please accept our regards of the highest esteem.


Yours faithfully,


FOR: YES-P PARTICIPANTS cohort 1 and 2, 2016
(delegate signatories)

Cc: All BOI states loan relationship manager







Pg 5 of 5

In the light of the above invitation and having made deep consultations please pay a listening ear to my address



FELLOW COMPATRIOTS

First , I must thank you all for for the overwhelming support of us all in way of speaking with one voice, putting in our resources, time and energy in making our individual dreams as entrepreneur come alive.

Indeed , this week has been the busiest week for BOI, as its can be seen by the offering of offer letters, disbursement of funds, and approval of some others

All of this was brought to life by our collective effort to make a stand ,and speak with one voice, and PROTEST till we are heard after several failed attempt to have the listening ears of our LOAN RELATIONSHIP OFFICERS

Our aim of this struggle is not protest, or to defame BOI, Our aim is to see YESP as a program live to what it was created for.

So many issue with the implementation of the YESP and difficulties encounter as a result of the strict conditions in accessing the loan, hence a call for a PROTEST

Since the announcement of the PROTEST, and our individual collaboration, BOI has been fighting hard to bring us to the round table and dialogue direct with Acting Director General of BOI. tabling our issues of which was not obviously communicated to the TOP MANAGEMENT of BOI

haven extended an invitation to all participants, for a dialogue and a round table talk, as can be seen from the screen short above, and willingness to GIVE A LISTENING EARS, AND IMMEDIATELY IMPLEMENT AN AGREEMENT REACH AT , AT MEETING.

THE NATION WIDE PROTEST OF 6TH MARCH OF ALL YESP PARTICIPANTS IS PLACED "ON HOLD" PENDING THE OUT OUTCOME OF MEETING WITH THE Ag. DG of BOI.

A 10 man delegation across the nation will be nominated for the dialogue on 6th March 2016, 10am at BOI headquarters , marina,

In the same vain, a five man delegation will be nominated at all state level to meet with various loan relationship managers, with the uniform demand, which will be endorsed by the BOI official, at the end of meeting together with resolution reach, and complains of participants inclusive

By this announcement, the proposed nationwide protest by yes-p participants to take place on Monday 6th March 2017 has been put on hold pending the outcome of our meeting with the Acting MD of the bank of industry scheduled to take place 6th March 2017 at the Boi head office Marina, Lagos.

Thank you all once again for your patience and resilience.


Kenneth Unuaye

For: Yes-p participants

Sequel to our notice of a nationwide protest by yes-p participants: https://www.nairaland.com/3652654/yes-p-notice-peaceful-nationwide-protest

The bank of industry officially calls for dialogue with yes-p participants...




Good afternoon Ken.

Further to our discussions today, I wish to further assure you that the Management of BOI is not unaware of the challenges of the participants of the YES-P in the implementation of the scheme and is taking proactive measures to address them based on feedback received so far.

This position was aptly captured by the Acting Managing Director/CEO of the Bank at another program that was launched with First Bank last Wednesday, 1st March, 2017.

Permit me to reproduce the relevant portion of the speech below:

"In the last one year of implementing the YES Progamme we have received very useful feedback from the participants and Nigeria’s best Enterprise Development Centres that we engaged to partner with us in delivering the scheme. They include AGDC, the Enterprise Development Centre of Pan Atlantic University and the Kaduna Business School. Because the Bank of Industry and other Central Bank of Nigeria licensed banks only just started to design special products to meet the needs of our teaming unemployed youths who seriously want to be self employed and productive citizens, BOI is currently reviewing the terms and conditions of the YES Progamme to accommodate some of the feedback that we have received since the participants started applying in November 2016. While BOI is not able to adopt the terms that were applicable under the defunct SURE-P that was a government grant based scheme as some have advocated, we continue to welcome input on how the terms of YES-P which is a lending Scheme can be fine tuned without violating the CBN’s Prudential Guidelines on which BOI’s Credit Policy is predicated. The need to further increase access to funding to Nigerian youths, especially those who are operating micro businesses, which are not adequately covered by the GEF, and YES programmes necessitated the development of more Micro Financing Programmes by BOI and its development partners"

There is no doubt that the above extract has recognized your challenges with an assurance that the issues are being addressed.

The expectations of the Bank from the participants at this stage is an articulation of the challenges and suggestions on the way forward which will be tabled for discussions at a round table.

It is also important to clear the air on the insinuation by participants that the Government specifically gave the the YES-P Fund to BOI to disburse to participants.

YES-P is a special product created and funded by BOI from its resources to address youth unemployment and to raise a new generation of youthful entrepreneurs in Nigeria. It's not a government funded scheme like SURE-P or YouWin.

The Bank had expended enormous resources for the training of the participants and is WILLING and determined to ensure that participants access the fund to actualize their dreams.

The Bank will never abandon participants that are genuine and will deploy the loan for the agreed purpose and also pay back.

In the light of the above, I urge you to mobilize your fellow participants to channel their energy into meeting the terms of their engagement with BOI and where there are challenges discuss with a view to getting solutions.

Resorting to "aluta formula" will never bring the desired result.

I urge you to request other participants to reconsider your proposed course of action and instead come forward with some select participants for discussions on a date and time convenient to you.

Give us the opportunity to demonstrate our love for your progress individually and the progress of our dear nation.

We await your confirmation of the date and time.

Please convey our good wishes to other participants.

Thank you.

Hassan Osuwa

For: MD Bank of Industry

Source: http://www.financialwatchngr.com/2017/03/01/boi-yes-p-participants-stage-nationwide-protest-next-week


Participants of Federal Government’s job creation programme, the Youths Entrepreneurship Support in collaboration with the Bank of Industry will on Monday March 6th stage a nationwide protest against what they called an impossible loan terms after about 11 months of training and processing of the loan.
The participants had earlier written a letter to the federal government to look into the unattainable loan terms by the bank of industry and proffer a solution so that can be able to start their various businesses but has since not gotten any feedback to that effect.
According to a source who is privy to the circumstances surrounding the programme, a protest will take place on Monday across all states demanding for the federal government and Bank of Industry to keep to their own end of the bargain.
Below is a copy of the letter as obtained by FINANCIAL WATCH:
His Excellency
President Muhammadu Buhari, GCFR
President of the Federal Republic of Nigeria
Aso Rock Villa
FCT-Abuja
Your Excellency Sir,
THE REQUIREMENT OF GUARANTORS AS A CONDITION PRECEDENT FOR SECURING THE YES-P LOANS:
A HUMBLE CALL FOR YOUR INTERVENTION
We the undersigned are participants of the Youth Entrepreneurship Support Programme (Yes-P) and we humbly write to call on Your Excellency’s intervention to modify some stringent requirements stipulated in the programme as condition precedents in securing the loans.
First, we seize this medium to appreciate your Excellency for the kindness, wisdom, and creativity that engineered the launch of the programme. The trainings have made tremendous impact on our entrepreneurial capacity and our lives in general. We are indeed grateful. And we pray that God will continue to bless Your Excellency, and the Federal Republic of Nigeria.
Your Excellency, it is our humble opinion that the programme has been excellently structured as to mode of application, timeline, and capacity building. We acknowledge the tremendous efforts your administration has put so far into the programme to ensure that the socio-economic benefits are realized. On our part, we have pursued the ideals this programme seeks to achieve with the resilience and tenacity that it deserves.
Your Excellency, despite the excellent scenario painted above, there is one hurdle which we humbly opine to be insurmountable, that is stipulated as a condition precedent for obtaining the loan. If this condition is not reviewed, it will lead to a failure of the entire programme. One of the condition precedents for an approval of a loan application pursuant to the YES Programme is the provision by the applicant of two (2) guarantors. Each guarantor is to amongst other things fill the attached assets declaration form; undertake not to diminish or whittle down the assets so declared until the loan is repaid by the YES Applicant as well as supply personal details including his Bank Verification Number (BVN). Further to this, each of the guarantor’s assets must be equal to or above the loan sum the applicant is seeking to secure from the bank.
It is trite that a guarantor is regarded as a debtor to the lender. And this position is clearly stated in clauses in the guarantor’s form provided by the bank. For instance, clause 2 of the Guarantee Covenant in the attached Guarantor’s from reads:
That I shall make good on demand any default on the part of the BORROWER or its heirs, legal representatives and assigns in the payment of the guaranteed sum as specified in the Loan Agreement and to the account or accounts specified in the demand.
Your Excellency, the guarantors’ requirement has made it near impossible thing for us to obtain the loan. We have toiled and laboured, combing everywhere for guarantors without success. The persons who we meet are unwillingly to guarantee the repayment of a loan by a third party, not to talk of declaring and staking their assets. From the available statistics 97% (ninety-seven percent) of us will not be able to find guarantors. It is based on this predicament that we pray your good offices to intervene by modifying the loan conditions.
Having come this far, we are already partners with the Federal Government as well as the bank. We understand the critical issues of: the unemployment problem the programme is meant to reduce; the support of new and growing businesses through capacity building of the entrepreneurs, and helping them access funds in form of collateral free loans. We also understand the need for the repayment of these loans as the YES-P funds are revolving in nature. Armed with this understanding, we suggest with due respect the removal of the guarantor’s requirement to be replaced with the following means of securing repayment which in our opinion are more scalable:
1. Engagement of consultants for the participants during the loan term. These consultants are to provide mentorship and business advice to the participants from time to time.
2. Each participant is to file statement of account of his business with the bank on a monthly basis.
3. Refresher courses twice a year to be compulsorily attended by all participants during the course of the loan term. It will be a meeting of the participants with the bank, YES-P officials, and consultants to share ideas, discuss challenges in their businesses. It is also a forum for the participants to mutually motivate one another.
4. Promotions, endorsements and advertisements of the participant’s businesses by the Federal Government and the bank as much as possible from time to time.
We are not unaware of the fact that the above proposal will involve some resources on the part of the government. But as partners in progress with your administration, we are of the humble opinion that the above provides better options to legal means of securing repayment of the loans. Apart from the huge financial cost, an enforcement of the loan agreement through legal mechanism is adversarial. We feel legal methods for repayment will deter many persons from participating in the programme in the future.
Another advantage the alternatives suggested by us have over the guarantor’s requirement is: they align more with the ideals of the programme. Guarantorship is not a guarantee for business success. It only guarantees the bank persons to hold responsible for repayment of the loan in case of inability to pay back by the borrower. In which case, the guarantor’s requirement is the bank-centric and not the participant-centric. The success of the businesses should take precedence over the need for repayment. This is because it is only when the businesses succeed that the policy will be realized. Again, the success of the businesses will mean a repayment of the loans since the businesses have been put under serious monitoring by the bank.
With utmost humility, Your Excellency, we have been trained both online and in class by very prestigious institutes and seasoned resource persons. We have put in commitment into these trainings. Some of us in the Boko Haram devastated North East had to travel to other states to access internet facilities in order to participate in the online training. During the online training, we did continuous assessments, wrote exams and submitted assignments. During the in class training most of us had to travel from far to the venues, lodged in hotels and incurred other expenses. There were sick persons, pregnant women as well as nursing mothers among us who made it to the training venues despite the odds. We have been relentlessly committed to the success of this programme. These trainings have without argument prepared us with skills to succeed in our respective businesses. We are confident that we are a new breed of creative and intelligent entrepreneurs with the capacity of revolutionizing our various business spheres. With what has been put into us we can change this country, Africa, and the world at large.
Your Excellency, during the advertisement for the programme, we were informed that our NYSC discharge certificates as well as those of our University or Polytechnic (as the case may be) will serve as the collaterals for the loan. Upon approval of our applications, we are to deposit the original copies of the said certificates with the bank. We feel there is no greater security against defaulting than this requirement. Someone who has burnt the midnight candle in our ivory towers and obtained a degree will not want such a degree to be lost to a bank loan. He will work hard to repay the loan in order to reclaim his certificates. We the young entrepreneurs are willing to put at stake our invaluable certificates in order to contribute our quota to achieving this administration’s recovery plan of taking Nigeria out of recession, and to continually grow the economy. And this can only be achieved through ease in accessing finance and the right support. Your Excellency, if the participants of this programme (in cohorts 1 & 2) are able to access the loans more than 3,000 enterprises will be established across the nation, which in turn will create a minimum of 12,000 direct and 60,000 indirect jobs, totally 72,000 jobs annually.
Your Excellency, the last point we wish to respectfully raise is that about 1% of us have been able to provide guarantors have not heard anything from the bank since they did so. As at the time of transmitting this correspondence not one person among us has been able to secure the YES P loan. Due to this fact Your Excellency, we suggest that there should be a determine timeline for the loan approval and the names of the beneficiaries published in a national daily and/or official website. This will help track the progress of the programme. It will foster transparency thereby boosting the confidence of the general public on the programme.
In summary, we pray your Excellency to intervene by removing the guarantor’s requirement and undergird this programme with:

1. The Capacity building through trainings;
2. Continuous support for the participants during the course of the loan term through engagement of business consultants, promotions, refresher courses etc;
3. A lien and/or charge on the participant’s University Degree and NYSC discharge certificates.
4. A clear timeline for the loans approval and a publication of the names of the beneficiaries in a national daily and/or official website to foster transparency and to help track the progress of the programme.
We are grateful for the patience in reading through this letter.
Please accept our regards of the highest esteem.
God bless Your Excellency.
God bless the Federal Republic of Nigeria.
Yours faithfully.
FINANCIAL WATCH had earlier reported on the grievances expressed by the young entrepreneurs over their innability to secure the loan after spending so much time and money during the 4 month long training session after which the loan be disbursed.
The YES Programme is an initiative of the federal government and the Bank of Industry to tackling unemployment in the country which is expected to generate 36,000 jobs for the nation. The YES Programme is also part of the federal government’s drive and wealth creation programme which is aimed at addressing the malaise of youth unemployment.
The programme is targeted at young aspiring entrepreneurs within the age range of 18-35 years, who have a minimum educational qualification of Ordinary National Diploma (OND) or its equivalents.
Considering the hurdles standing in the way of these entrepreneurs, it is highly unlikely that the objective of this programme will be accomplished except the federal government steps in and help advice the bank of industry to soften the loan conditions.

Cc:lalasticlala, dominique, puskin, FOD, naijacutee

Click this link to join Jos whatsapp group for d protest.. https:///C5n0zYn0s7SI2mwAGR4NTP

Click this link to join Jos whatsapp group for d protest.. https:///C5n0zYn0s7SI2mwAGR4NTP

YES-P NATIONWIDE PROTEST: If you are in Lagos, Ogun, Abuja, Yobe, Jos or Port Harcourt and wish to join our whatsapp group, kindly click here
https://www.nairaland.com/3658408/boi-yes-p-participants-abuja-lagos#54186381

The FCT commissioner of Police have approved our protest permission

LibertyRep:
Where are the YESP participants?
This thread should already be at the front page

you can say that again boss!

Portharcourt is covered,

In the protests
Place of assemble, Ordinance Hotel, Close to BOI office
Trans Amadi industrial layout, Portharcourt , Rivers state.

Contact: Darlington
08032516795

Join up In this WhatsApp group for direction


https:///5nJ0uw8yNC30vf1bJ7rYau