ASM Fund


The Nigerian Artisanal and Small-Scale Miners (ASM) Financing Support Fund is a Managed Fund between the Federal Ministry of Mines and Steel Development (FMMSD) and the Bank of Industry Limited (BOI) and is designed to achieve the following strategic


  1. Play a catalytic role in unlocking funding to the mining sector.
  2. Provide alternative source of finance for Artisanal and Small-Scale Miners.
  3. Integrate the Artisanal and Small-Scale Miners into the formal sector and enhance their growth and development in a structured manner in line with global best practice.
  4. Spur productivity and job creation in the mining sector.
  5. Facilitate value addition and promote the development of Nigeria’s solid minerals resources in an environmentally friendly and sustainable way.
  6. Attract investment capital into the sector and boost contribution of the sector to Nigeria’s economic growth.
  7. Harness Nigeria’s mining potentials towards achieving economic diversification and exports.

Eligibility Criteria

  • Cooperative Societies, Associations, Business Enterprises or Limited Liability Companies engaged in artisanal or small-scale mining business involving Industrial Minerals, Precious Stones, Precious Metal (Gold), Dimension Stone and such other solid minerals in Nigeria.

Initial Documentation Required

  • Formal loan application 
  • Completed BOI Questionnaire
  • Business Plan/Feasibility Study
  • Certificate of Incorporation
  • Certified True Copy of Form CAC 2.5, 2.3 and 2.1
  • Quotation for Supply of items of minerals, plants and machinery
  • Quotation for Raw Materials such as explosives, consumables, etc.
  • Recent Tax Clearance Certificate of the company and two Directors (where applicable).
  • Recent three years Audited Account of the company (where applicable).
  • Recent Management Account (where applicable).
  • Recent Bank Statements of the Company/Directors for the past one year
  • Evidence of Availability of Statutory Certificate of Occupancy of Collateral Property and factory (where applicable).
  • Declaration of Outstanding Liabilities to other institutions or individuals
  • Means of Identification of the Company’s Directors
  • Detailed Profile of the Directors and Key Management Staff
  • Valuation report from BOI Accredited Valuer (where applicable).
  • Letter of Recommendation from the State Chapter of Miners Association of Nigeria (MAN).
  • Letter of intent to provide Bank Guarantee from the Bank.

Loan Documentation Required

Customers are required to open an account with the Bank of Industry before application can commence. The documents needed for an account to be opened are listed below. A customer identification number will be created at the end of the account opening process.

An account can be opened by completing an account opening form and submitting all the required documents:


  • Schedule of the shareholders signed by the company secretary. (Shareholders Register) for new customers and a confirmation of earlier submission for returning customers
  • Full Incorporation Documents:
    • Photocopy of Certificate of Incorporation
    • Certified true copy of Memorandum and Articles of Association
    • Forms CAC 2.5 (Allotment of Shares)
    • CAC 2.3 (Particulars of Directors)
    • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company (i.e., photocopy of International Passport/Driver’s License and National Identity Card) and BVN of the Executive Directors. (**note that ID of all Directors are needed for compliance and credit search)

The loan application process will begin after the account is opened. A loan application form is required to be completed and all required documents submitted and verified:


  • Formal Loan Application on Letterhead
  • Duly completed Loan Application Form
  • Feasibility Study Report on the project to be financed stating write-up on technology and manufacturing process(s), etc.
  • Quotation/Proforma Invoice for the supply of items of Machinery and Equipment. Sources and quotations for Raw Materials expressed in quantity and amount
  • Security: Bank Guarantee, a letter of intent for Bank Guarantee (with Risk Management being part of the authorized signatories) of the commercial bank issuing the guarantee. Any exception should be supported with the Bank’s approval limits OR
    • Legal Mortgage
    • Photocopy of the title document(s) to the property being pledged e.g Statutory Certificate of Occupancy/Deed of Assignment/Conveyance/Deed of sublease
    • Valuation Report on the Property Proposed as Security from BOI’s accredited value
    • Lease agreement, if operating from a rented premises
  • A copy of the draft Technical, Management, Machinery Supply and/or Joint Venture Agreement (where applicable)
  • Three years’ Audited Financial Accounts and most recent Management Account from a BOI accredited auditors (for an existing business) OR Statement of Affairs (for business less than one (1) year)
  • Company’s Bank Statement for a period of one (1) year
    • The output of the process is the offer letter
    • Two options are proposed for this stage as shown below
  • Regulatory approvals e.g NAFDAC certificate, Mining Lease
  • Declaration of Outstanding Liabilities to other Institutions and/or Individual

If a loan a loan is approved, the next and that last part of the process is disbursement. Before disbursement can begin, the documents below must be submitted:


To be provided by the customer:

  • Submission of Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors
  • Letter of acceptance of Offer and Letter showing specimen signature of the authorized signatory
  • Board Resolution authorizing borrowing
  • Return of duly executed Loan Agreement
  • Evidence of payment of fees (if applicable – appraisal, commitment and legal fees)
  • Letter of Attestation
  • Original proforma invoice(s) for the approved item
  • Four (4) Passport photographs of the Chief Promoter and a Director
  • Evidence of filing of Annual Returns, as well as tax clearance certificate -TCC- for the Company, the Chief Promoter and Directors of the Company. Evidence of payment (eTCC) should be accepted for deferral
  • Submission of Bank Guarantee or title documents/other legal documents e.g. Statutory Certificate of Occupancy of the pledged property, ground rent receipts etc.
  • Letter of undertaking to pay interest during moratorium

Click to view or download checklist


  • Single Obligor Limit: ₦100 Million
  • Tenor: Term Loan: Maximum of 5 years, Working Capital: Maximum of 3 years
  • Moratorium: Not more than 1 year
  • Pricing/Charges: Interest Rate: 5% p.a., Processing Fee: 0.5%
  • Security: Legal Mortgage or Bank Guarantee
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