Controversy is trailing the disbursement of the Youth Revolving Funds Scheme following disagreement between the Nasarawa State authorities, the Bank of Industry (BOI) and a beneficiary of this system.
The Youth Revolving Funds Scheme (YRFS), established by the Governor Abdullahi Sule’s administration to supply loans to younger entrepreneurs in Nasarawa State in collaboration with the Bank of Industry, was launched in Lafia on March 6, 2023.
During the launch, 10 beneficiaries out of about 42 candidates had been awarded a mock cheque and subsequently referred to the Bank of Industry for onward disbursement of the mortgage.
Mr. Daniel Abraham, a younger entrepreneur and founder of E-Dan Nets, who was one of the ten beneficiaries, dissatisfied in regards to the rigorous stress they needed to endure for months and never with the ability to entry the mortgage, went on Facebook to precise his dissatisfaction relating to the detrimental impression the N500 million Youth Revolving Funds Scheme (YRFS).
E-Dan Nets alleged that regardless of paying the required 11 p.c appraisal and safety charges, which amounted to N225,000 of the N2 million awarded him, he had not acquired the promised mortgage.
“A Scheme that was said to support, we were forced to pay 11% of total amount approved per beneficiary.
“However, after the payment, it has been one signature and document or the other, making us believe in the process. Every week they will offer you one explanation or another for the ongoing process.
“I have asked Human Capital Development (Nasarawa State) and the Bank of Industry for my 11% paid reimbursement.
“Please, send my money back between October 5 and October 6, 2023,” he demanded.
Investigation by Media Talk Africa confirmed that of a fact E-Dan has not acquired any disbursement.
Some of the recipients, who pleaded anonymity, mentioned that there isn’t a deception anyplace.
One of beneficiaries, (identify withheld) mentioned, “Though I have not received mine yet, I know of people who have received theirs, I can tell you it is not a scam.”
Further investigation led to 1 of the recipients, a feminine (identify withheld).
She requested: “Will Bank of Industry soil its name just to scam people of Nasarawa with just a few hundreds of naira?
“The process is long and most times frustrating, but who wants to give his two million and above to those who they don’t know from adam.
“I can assure you the scheme is real. I have received mine, (N2 million) and it came the same week I almost gave up”, she added.
Media Talk Africa put a name to the Director-General/Focal Person, Nasarawa State Human Capital Development Agency, Ms. Habiba Balarabe Suleiman, for her opinion on the problem.
Ms Sulaiman confirmed the state of affairs and shed extra gentle on it.
She mentioned, “It is true that the aggrieved was one of the beneficiaries and was awarded 2 million naira.
“There are procedures to follow, there are other factors involved. The aggrieved bank record shows that he has a pending loan on that account. We helped him resolve that with his bank
“His CAC record showed that his registration was not up to date, all these takes time even for him to resolve.
“One of the aggrieved guarantors will resign in three months and the agreement is that whomever will guarantee them must still have five years to serve.”
She additional asserted that this was a deliberate try to smear the nice identify of the company and that of His excellency, Governor Sule, whose sole intention was to assist the youths because of absence of white collar jobs.
Ms. Habiba mentioned that what’s being skilled is simply first time challenges which has helped to make different batches run easily.
She maintained that to date, about three individuals have acquired their mortgage and one other will obtain theirs earlier than the tip of the day, whereas some are scheduled for subsequent week.
The director assured that the method of refunding the aggrieved’s 11% has been initiated and the cash could be given again to him as quickly as the method is concluded.
A doc made out there to Media Talk Africa by the director defined that three candidates had been paid the sum of N7,105,758.63.
The assertion reads in half: “In summary, a total number of 89 applications were received under Batch ‘A’ and ‘B’. The total number of 53 applications were approved amounting to N125,467,800.00 and sent to BOI for onward disbursement, out of which the sum of N7,105,758.00 have so far been paid.”
