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Govt loans for entrepreneurs are used to marry new wives —NACCIMA president

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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), says most of the loans and grants approved by the Federal Government and its agencies for entrepreneurs usually end up in the pockets of those who had no business establishments.

Saratu Aliyu, NACCIMA national president made this statement in Ondo State at a dinner organised by the Ondo State Chamber of Commerce, Industry, Mines and Agriculture (OSCCIMA) for her and the national executives in commemoration of her visit to the state.

According to Aliyu, several impostors maneuvered their way and obtained government credit facilities without any indications of suspicion, noting that all they do is fill out the paperwork and submit for approval and payment of the loans.

“When we learn there is a loan available to small scale industries, before we know what’s happening, all the money would have been accessed and disbursed; and our members who benefit would be few. And we will begin to wonder who the people who accessed the funds are.

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“These loans set aside for entrepreneurs, in most cases, are accessed by people who have nothing to do with business; and they divert the money to buying new cars, marrying additional wives, while the real people who need the money would not get it,” she said

NACCIMA president therefore called for a water-tight measure to be put in place by the authorities in charge of disbursement of the loans, so as to reduce the rate of loan diversion.

“Government at all levels shuld put in place machinery that would ensure proper disbursement of credit facilities set aside for entrepreneurs

“We at NACCIMA also advise the Federal Government and other agencies to put in place the machinery that would ensure the loans and grants prepared for small scale industries do not go to the wrong hands,” she added.

By David Ibemere…

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