TheCable

The Bank of Industry (BOI) has not fully complied with the directive issued by President Muhammadu Buhari on granting a three-month moratorium to loans given by government institutions, TheCable can report.

Delivering his presidential address on March 29, the president had said: “I have directed that a three-month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect.

“I have also directed that a similar moratorium be given to all federal government-funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export-Import Bank.”

BOI facilitates loans to startups, small and medium scale enterprises and large enterprises.

However, TheCable can report that the institution sent an email requesting repayment on April 2, four days after the president’s address.

“We recognise the potential impact of the coronavirus on all loans advanced to our customers and will do our best in making palliative recommendations to management on a case by case basis to ease the burden of the pandemic on businesses,” the email read.

“While we pray and await further management directives and considerations, please find attached the loan repayment bill for the month of March for your attention and further action.”

Speaking with TheCable, the recipient of the email said: “We have been told by the BOI that their funds are not all entirely from the federal government.

“They said they would look into it and that failure to comply would make them invoke the necessary clause in the agreement. We are at the receiving end and we have no choice but to pay.

“They are asking for both principal and interest repayment.”

When TheCable reached out to beneficiaries under the graduate entrepreneurship fund of the BOI, only one individual said he had been notified by the BOI of the repayment moratorium.

A screenshot of the text message shared with TheCable showed that the message was sent on March 31.

“Make we for careful with Coro disease, President Buhari talk say no need to pay anything for your loan until June 30,” the text message which was written in pidgin English read.

Another beneficiary told TheCable that he made payment to the BOI on April 2 for an outstanding monthly payment.

Although he said he did not receive any notification from BOI about the moratorium announced by the president.

In fact, he was not aware of the moratorium until TheCable sent him a link to the story.

NOT AUTHORISED TO COMMENT

When TheCable contacted Solomon Tommy, a member of staff in the BOI corporate communications department, he said he was not authorised to comment on the subject and recommended that an inquiry be sent to the customer care email address.

No response has been received from the agency eight days after the email was sent.

Another member of the department, however, confirmed receipt of the email to TheCable and said, “we are working on a response”.

Featured image: Kayode Pitan, Bank of Industry managing director