The MTNF YEDP is a N100.0 million Fund targeted at the MTNF Alumni community and aims to build the capacity of the 75 current members with the objective of providing financial support to 50 successful beneficiaries leading to the establishment of 50 small and medium businesses.

Eligibility Criteria

Selection of the 75 Alumni was through a questionnaire administered on MTNF’s online portal to 1030 members of MTNF Scholar Alumni. The framework involved the following:

  • Four (4) weeks intensive online training portal managed by PAU-EDC.
  • The four (4) days in class training managed by BOI’s SME Training Consultants.
  • The final screening process to select the best 50 business proposals involved pitching of business ideas by participants to demonstrate their knowledge of the businesses to selected MTNF and BOI officials.
  • Submission of loan applications, business plans and other supporting documents online or physically at the State Offices.

Loan Requirements

  • Debenture on all present and future fixed and floating assets of the company/ Lien on all existing and future items of equipment and stock of trade of the company.
  • All risk insurance policy for all equipment or items procured.
  • One (1) external guarantor acceptable to BOI. The guarantee may be supported with a notarized statement of net worth.
  • Post-dated cheques for loan repayment.

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: Maximum of ₦2 million (broken down as ₦1.8 million loan and ₦0.2 million grant)
  • Tenor: 3.5 years
  • Moratorium: 6 Months
  • Pricing/Charges: Interest Rate: 5% Flat, Appraisal Fee: 1% of approved loan amount (one-off), Legal Fee: Statutory Fees: Payable to Government Agencies (Stamp Duties, Registration Fees, CAC Filing fees, etc.) - These fees are dependent on the security arrangement, loan value and location of security, Professional legal fees: Dependent on loan value.
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