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BOI, Dangote fund: Operators want more institutions involved

By on March 26, 2011

Operators in the real sector, most especially the Small Medium Enterprises, have said that in the spirit of transparency, more financial institutes should be involved in the granting of the N5 billion loan recently signed by Dangote and the Bank of Industry (BoI).

Stakeholders who spoke with The Nation, said there is need for the fund to get to the grassroots in the spirit of transparency.

Chairman, Nigeria Association of Small and Medium Enterprises (NASME), Dr Ike Abugu, said although BoI is well positioned to supervise the grant, other financial institutions should be involved. He said this was necessary so that they can get to the grassroots.

” I can say it is a very good development and this is the first time an individual will be doing that. We believe that BoI can deliver, but we want other financial institutions to be involved. This will ensure transparency and also even distributions.

The President, Lagos Chamber of Commerce and Industry, Otunba Femi Deru, said the N5 billion generated by BOI-Dangote Group partnership would surely benefit SMEs. He said the success of it depends on on terms and conditions for getting the loans.

Source : The Nation