Most of the loans and grants approved by the Federal Government and agencies for entrepreneurs for the improvement of the businesses usually ended up in the pockets of those who had no business establishments, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said .
Its president,Hajia Saratu Aliyu disclosed this in Ondo at a dinner organised by the Ondo State Chambers of Commerce, Industry, Mines and Agriculture (OSCCIMA) for her and the national executives in commemoration of her visit to the state.
She said the impostors manoeuvred their ways and accessed the credit facilities without any traces of suspicion.
She implored government at all levels to put in place machinery that would ensure proper disbursement of credit facilities set aside for entrepreneurs.
She said: “We at NACCIMA 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 wrong hands.
“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 are the people who accessed the funds.
“In most cases, the loans set aside for entrepreneurs 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.
“What this people do is just fill in the forms and submit for approval and payment of the loans. But if a water-tight measure is put in place by the authorities in charge of disbursement of the loans, it would reduce the loans diversion.”
President of OSCCIMA, Mrs. Olakunle Module, described the visit of the national executive as an encouragement for more entrepreneurs, both small scale and large scale entrepreneurs to join the association for concerted efforts to improve their businesses.
She noted that the state chapter would organise trade fair to showcase products and produce from member industries.
