Business Hilights
Tracking Nigeria's Headline Business News Online

Advert space

Advert space

Participants see FG’s Yes-P scheme as fraud to sap youths

Though it was started by the former administration lead by Dr. Goodluck Jonathan and sustained by the present leadership, some participants to the scheme who spoke to our correspondent have described the access to loan after training under the Yes-P scheme as the scam of the millennium.

They disclosed that after wasting their own hard earned money to undergo training by the Bank of Industry (BoI), the supervising agency, during access to the startup loan, they were given conditions that are not possible to meet by the same bank that had trained them.

The development has therefore compelled many participants to see the scheme as being a ploy to destabilize hardworking Nigerian youths.

Some of the factors presented by the participants to describe the scheme as a fraud include the conditions to access loans are very stringent and not even 2% of the total qualified participants have met them.

The youths are ready to revive the economy but no reasonable support from the government and other stakeholders, including BoI as far as the scheme is concerned has been worthwhile.

Many of the participants say they have lost faith entirely in the process of getting the YES-P loan. The conditions for securing the loan are very frustrating and a near impossible task. The program has not been able to achieve its objectives hence, many innovative ideas have been left to die due to this delay.

A trainee from Ebonyi State, Mr. Ndukwe lazurus said BoI Yes-p loan is fraud of the highest order, government want to empower entrepreneur youths in the country only to ended up frustrating them, sapping the little resources we have, we started this programme on march last year we undergoes intensive online training which cost a very big amount of money, after we proceed to in class training. we were responsible for accommodation and transportation for five days, after all this processes BoI being to play all manner of prates bringing conditions upon conditions every day to frustrate us, from one  guarantor to two guarantors, net worth notarize assets etc.

Another participant based in Benin said “The YES-P program has no face, seems it’s to frustrate the Nigerian youth as an entrepreneur, having visited their office at Asaba and was ask to get  my factory site which I lease since October last year, they latter came up with demands that makes the loan in accessible by a common Nigerian. Their requirements show this is no longer and intervention fund aim at supporting young business minds as the Yes-P program stated”.

Majority of them maintained that the disbursement of the loan is taking a long time, noting that the way prices are changing; it will take a miracle for the amount later disbursed to correspond to the quoted prices.

In all, participants want seamless access to loans based on what they were told at the beginning.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More