75 Corp members who took out loans years ago from the National Youth Service Corps (NYSC) Foundation are now been trailed by the foundation due to their refusal to pay back the loans.
According to reports, the loan ranges between N300,000 and N400,000 taking to start small businesses but 4 years later, have still refused to pay back.
According to Herald Nigeria, the defaulting corps members had used their certificates as collateral to collect the loans back then as that was the only way they could access the loan. The corp members have since abandoned their certificates with the foundation for almost four years.
The NYSC Foundation Chief Executive Officer, Bako Ventim, made this known on Monday during the opening of Skills’ Acquisition and Entrepreneurship Development workshop at the NYSC Orientation Camp in Kubwa, Abuja.
In his words;
“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.
“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.”