The National Youth Service Corps (NYSC) Foundation has begun to search for over 75 corps members who took loans between N300,000 and N400,000 to start small scale businesses but refused to pay back after 4 years.
The defaulting corps members, who have now passed out, used their certificates as collateral to collect the loan but seemed to have abandoned their certificates with the foundation for 4 years now.
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The NYSC Foundation Director, Bako Ventim, confirmed this in an exclusive interview on Monday during the opening of Skills’ Acquisition and Entrepreneurship Development workshop at the NYSC Orientation Camp in Kubwa, Abuja.
The foundation was in the camp to donate 10 sewing machines to the camp for SAED training.
Below is the statement made by NYSC foundation director;
“We have been providing loans to corps members and our interest rate is one digit. There is no collateral except the NYSC certificate and two guarantors. We make the conditions very flexible so that the corps members can benefit from these loans.
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“We have a challenge where corps members have refused to pay back the loans. We have over 100 corps members who took the loans but some of them have not paid back and we still have their NYSC certificates with us. They have not come to claim these certificates for a number of years.
“We give as much as between N300,000 and N400,000 depending on the business proposals. From the records, we have over 75 corps members that have defaulted and we are pursuing them.”
We at nyscinfo.com, hereby, advise all corps members not to take any loan they cannot pay, so others may not be affected by such.
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