Federal Government loans based on recommendations Updates

Federal government loans based on recommendations Updates

The Bank of Industry’s management has been directed by Umo Eno, the governor of Akwa Ibom State, to grant loans to borrowers who fulfill the requirements rather than relying on referrals from high-ranking government officials.

He assured management that he wouldn’t place needless strain on the state’s managing director and his staff.

Eno made this declaration on Tuesday at the state’s new BOI Office complex opening in Uyo, the state capital, and he said that he would not suggest anyone for loan release.

Declaring that the money he was going to contribute today was an investment for Akwa Ibom, the governor said, “Let me assure you, the MD and your management team that I will not bring pressure to your office and please do not take recommendations from people from any quarter that do not meet your criteria.”

As you are aware, you will reimburse us for the grant we have given you. Therefore, I beg of you up front: please do not lend money to anyone who does not fit your requirements. I want to be clear about the truth I want to share. Don’t listen to anyone, and I won’t suggest anyone to you.

Since I am currently the state’s governor, no one should put pressure on you if I tell you that I won’t. Make careful to evaluate the individuals who can fulfill your needs and distribute them throughout the state’s 31 local administrations.

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The governor welcomed BOI to the state and said that the bank’s founding is a brave step toward achieving the ambitious objectives of the second and fourth aspirations of the ARISE Agenda, which include the creation of jobs, economic prosperity, and the encouragement of industry and entrepreneurship in addition to long-term, sustainable economic growth among Akwa Ibom people.

Before this, Dr. Olasupo Olusi, the Managing Director and CEO of BOI, praised Eno for its dedication to fostering entrepreneurship in the region.

He claimed that the governor’s remarks at the 28th United Nations Climate Change Conference (COP28) in the United Arab Emirate in December 2023, where the bank was forced to establish its 32nd Nigeria branch in the state to bring its operations closer to the Akwa Ibom people, demonstrated this commitment.

Olusi insisted that BOI was happy to collaborate with the government of Akwa Ibom State on its activities and pledged to promote small, medium, and large-scale businesses by providing them with resources that aren’t available through the standard commercial banking system.

The governor of Akwa Ibom State’s economic blueprints, as well as President Bola Tinubu’s Renewed Hope Agenda, are all in line with our mandate to create development impact and to transform the social and economic landscapes of Akwa Ibom through sustainable economic growth and job creation.

“BOI is prepared to encourage private investment that will lead to transformation in the oil and gas, aviation, tourism, and hospitality sectors, in recognition of this.”