Thursday 16 February 2017

Heritage Bank Claims to Have Returned Funds to CBN And Refuses to Pay YIEDP Beneficiaries

HERITAGE BANK REFUSES TO PAY YIEDP BENEFICIARIES

Heritage Bank has refused to give youths the ?3million loan the Federal Government through the C.B.N
provided for youth empowerment through the ?Youth Innovative Entrepreneurship and Development 
Programme (YIEDP)?. We heard from top sources within Heritage bank that the bank does not want to 
gives us the loan and they have diverted the funds. 
The ?Youth Innovative Entrepreneurship and Development Programme (YIEDP)? is a CBN initiative to 
empower Nigeria?s Graduates. Heritage bank is the pilot bank for the program.
On March 2016, there was a call for application asking youths with viable business ideas to apply for an
individual loan of ?3million and a group loan of ?10million. The guarantee for the loan is our University
Degree Certificate and National Youth Service Certificate, alongside a guarantor attesting to pay 50% of the 
loan in case of default.
On October 17, 2016, after rigorous selection process, 310 candidates were selected for the programme. It
was blown all over the media, the radio, TV stations and newspaper houses. All said that the President 
Muhammadu Buhari?s administration is giving out ?3million loan to youth.
We, the 310 beneficiaries whose names appeared on pages 26-29 of Monday, October 17, 2016 PUNCH 
newspaper, hereby say emphatically and categorically that no loan has been given to us. Despite the fact 
that our University Degree Certificate, N.Y.S.C Certificate, Notarized attestation letter to 50% of the loan by
our guarantor and 55 other stringent criteria have been met by us. It is also noteworthy that unemployed 
graduates have spent as much as ?100,000 to process the cumbersome documentation.
As we write now, all our certificates have been with Heritage Bank since last year, and we are yet to 
receive the loan. We re-emphasize that we have met all the stringent conditions in the offer letter for the 
loan agreement. But Heritage bank has been playing hide and seek game with us, using all manner of delay 
tactics to make sure we do not access the loan. Heritage bank has been playing on our intelligence by 
disbursing funds to 5 people therefore giving us false hope and unreal expectations. In fact, they currently 
do not have any explanation for their ineptness.
We decided to cry to the media for the whole world to hear because we have exhausted all diplomatic 
approach with Heritage Bank, and we are left with no option than to sue Heritage Bank for damages; illegal 
possession of our certificates, dishonesty, fraud to increase customer base and illegal use of our names for 
empowerment publication in punch newspaper.
We appeal to the Presidency, Senate and C.B.N to help us put Heritage Bank in check so that the youth 
empowerment programme of the President Muhammadu Buhari?s administration will not just be on the 
pages of newspaper and on T.V, but it will be felt by all citizens of Nigeria.
Special Regards to our President, Commander in Chief of the Armed Forces President Muhammadu Buhari, 
as we eagerly expect a rapid change from callousness shown by Heritage Bank. 
310 Successful Candidates.

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