The managing director of the Bank of Industry (BoI), Mr. Olukayode Pitan has said that about 1.8 million Nigerians have so far benefitted from the TraderMoni and FarmerMoni schemes of the federal government.
TraderMoni is an empowerment scheme of the federal government created specifically for petty traders and artisans across Nigeria to have access to interest-free loans staring from N10, 000 and growing all the way to N100, 000 as the beneficiaries pay back
Similarly, FarmerMoni is a Government Enterprise and Empowerment Programme (GEEP) initiative created to boost the Nigerian economy through leverage and access to collateral-free loans that are repayable over a six-month period.
Speaking with the chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye during a courtesy visit in Abuja, Pitan said the bank is one of the two development financial institutions in Nigeria disbursing the money.
Spokeswoman for the ICPC, Ms. Rasheedat Okoduwa, quotes the BoI chief as applauding the cooperation of ICPC as a stakeholder in sanitising the banking industry.
Responding, Owasanoye reiterated the commitment of the agency to rid the country’s financial institutions of bad elements.
He promised to work together with financial institutions to rid them of corrupt elements.
The chairman expressed concerns about the complicity of a few of Nigeria’s financial services providers in widespread corruption in the country” noting that “one bad apple can ruin the entire bunch.”
Furthermore, the chairman denounced some financial institutions who condone unethical conduct by opening accounts for “criminal elements”.
While condemning unethical investors undermining the growth of the industry, the ICPC chairman promised to deal decisively with operators who infringe the laws of the country.
“It is by working together that we can isolate those who give everybody a bad name,” he added.
