Multiple registrations that killed SURE-P surfacing again at YES-P—Olagunju, BoI MD
More revelations have emerged on why the current government’s youth empowerment scheme is having serious problems of implementation.
Acting Managing Director of Bank of Industry (BoI), Mr. Waheed Olagunju has disclosed that the main problem of YES-P now is the observed multiple entries by applicants who were thinking that the programme will go the same way the suspended SURE-P went.
He said “By the time the Enterprise Development Centre of the Pan Atlantic University, the major development centre driving the process did their checks, they realized that out of the 70,000, about 40,000 were false entries. They thought that the N5 million was per person and they were saying that if this is YES P, it could be like SURE P.”
Clarifying perceptions on the programme, the Acting Managing Director of BoI, Waheed Olagunju explained that many of the entries received under the YES programme, which is in its second phase are false entries seeking free money and grants rather than entries willing to establish sustainable businesses in the country.
“We were encouraged by GEF and we moved to YES which is the Youth Entrepreneurship Programme (YES P) which was launched in March last year. It is a national programme and we have done two rounds where about 70, 000 applications were received even though we discovered that because we said N5 million will be the highest, some people went and sat down at a business centre for three days and started filing multiple entries.
Olagunju explained further that the Bank noted that the scheme is not a grant-giving scheme like the SURE-P, as the development finance institution is responsible to its investors and seeks to enhance sustainability by ensuring funds are made available for developmental impacts in the society.
