By Amira Abdullahi Ahmad
Publish Date: Dec 22 2016 2:00AM Six months after the commencement of the Youth Enterprise Support programme by the Bank of Industry, not even a single person has benefited from the time invested to this initially promising scheme even after getting to the final stage (Plan Approval). NOT ONE!
The YES programme has successfully wasted the precious times of young entrepreneurs who initially thought it would be their stepping stone to a greater future.
BOI led the entrepreneurs, to sign up for the programme, hid key terms of the loan and allowed these helpless youths to commit their time, resources energy, intellect for 60 solid days in online training from AMI (A good exposure I must say) and a week in class training for which some participants had to travel long distances, feed themselves and pay for hotel accommodation. Imagine the stress nursing mothers and their babies had to go through for 6 days and probably more for some.
My major problem with BOI is this: why must you lie and lure thousands of youth to sign for the YES programme when you know that there are other terms and conditions you never disclosed initially to these youths until they have reached the final stage before telling them? Why? Is it because you knew if you told them early enough, many would not join the scheme because you also know only 1-2% of these entrepreneurs can meet such stringent conditions. BOI an organization I hold in high esteem has turned itself into a petty corporate liar.
To our great youth, whether you have started or not, there is one condition (a major condition) BOI never told you during the training but will inform you only when your plan is approved and I doubt many will meet such condition in time, if at all.
YOU MUST PRODUCE 2 GUARANTORS WORTH 5M (subject to loan amount requested) EACH AND THEY MUST BE READY TO SWEAR A NOTARISED AFFIDAVIT OF NET WORTH AND DROP THE RECEIPT(S) OF THEIR ASSET.
Unfortunately for me, I can’t meet such stringent conditions of N5m net worth of each guarantor. I was ready to drop my certificate but this I cannot do, after much investment into this programme. I know many are like me, BOI deceived us into this programme but what can we do? How many young entrepreneurs can meet these conditions?
I strongly want to call on the Federal Government and all parties involved to ask BOI to revert to the original conditions with which this programme was advertised.
We are sincere and excellent entrepreneurs to have made it this far and we are ready to contribute their quota in developing our economy that currently lies in a cesspool, but we need support, not one with impossible conditions as BOI YES programme is asking for.
To BOI, I thank you for time wasted, I strongly advise henceforth that you come out plain with the true conditions from day one and not cajole Nigerian youths into your failed YES programme filled with half-truths. Have you asked yourself why not one person across the nation has benefited from this YES after 6 months? I will advise you maintain the certificate as security because it will be easily met by sincere youths than the 5m each (subject to loan sum requested), 2 guarantors, if truly the goal of your YES programme is to assist young entrepreneurs, contribute to the economy and take people out of poverty. Right now, you are not different from commercial banks, why do I need to waste my time with you if I have such guarantors in the first place.
To our youths, I must commend your courage, we have really endured this country despite the frustration. My encouragement to you all is to keep up fighting and look out for better deals and grants.
Amira Abdullahi Ahmad,
Katsina.
