Nigerian Artisanal & Small-Scale Miners Finance Support Fund Security Requirements
Loan Amount < ₦0.5 million
1. Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:
a) Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first). (Guarantee to be on the annual salary of the Guarantor).
b) Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc. (Guarantee to be on the annual salary of the Guarantor).
c) Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers). (Guarantee to be on the annual salary of the Guarantor).
d) Businessmen/Businesswomen acceptable to BOI (if Guarantor is High Net worth Individual (HNI), then the guarantee must be supported with Notarised Statement of Net worth acceptable to BOI).
2. Undated cheques for repayment covering the loan tenor.
3. Moveable collateral to be registered on National Collateral Registry portal. The FAC stipulated by Policy for moveable collateral must be satisfied.
Loan Amount ₦0.5 million – ₦1.0 million
1. Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:
a) Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first). (Guarantee to be on the annual salary of the Guarantor).
b) Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc. (Guarantee to be on the annual salary of the Guarantor).
c) Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers). (Guarantee to be on the annual salary of the Guarantor).
d) Businessmen/Businesswomen acceptable to BOI (if Guarantor is High Net worth Individual (HNI), then the guarantee must be supported with Notarised Statement of Net worth acceptable to BOI).
2. Un-dated cheques for repayment covering the loan tenor.
3. Moveable collateral to be registered on National Collateral Registry portal. The Fixed Asset Coverage (FAC) stipulated by Policy for moveable collateral must be satisfied.
Loan Amount ₦1 million – ₦10 million
1. Specific charge over the equipment financed (if equipment financing).
2. Irrevocable Personal Guarantee of the Chief Promoter (for Limited Liability Companies).
3. Acceptable Collateral worth 1.5 times the loan value OR Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:
a) Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first). (Guarantee to be on the annual salary of the Guarantor).
b) Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc. (Guarantee to be on the annual salary of the Guarantor).
c) Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers). (Guarantee to be on the annual salary of the Guarantor).
d) Businessmen/Businesswomen acceptable to BOI (if Guarantor is High Net worth Individual (HNI), then the guarantee must be supported with Notarised Statement of Net worth acceptable to BOI).
4. Deed of Cross-Guarantee (in the case of Cooperative Societies)
5. Credit Life Insurance on Chief Promoter.
6. Insurance of the financed items against burglary and theft, fire and any other hazards, with BOI noted as the first loss payee.
7. Un-dated cheques for repayment covering the loan tenor.
8. Moveable collateral to be registered on National Collateral Registry portal. The Fixed Asset Coverage (FAC) stipulated by Policy for moveable collateral must be satisfied.
Loan Amount ₦10 – ₦20 million
1. Specific charge over the equipment financed (if equipment financing).
2. All assets debenture (to include other existing assets apart from the procured assets). The Fixed Asset Coverage (FAC) must not be less than 1.0 OR Existing business project successfully appraised by BOI and structured with lien on proceeds of project transactions.
3. Insurance of the financed items against burglary and theft, fire and any other hazards, with BOI noted as the first loss payee.
4. Irrevocable Personal Guarantee of the Chief Promoter (for Limited Liability Companies). Or
5. Bank Guarantee from Commercial Banks acceptable to BOI.
6. Legal Mortgage over pledged property.
Loan Amount > ₦20 million
1. Specific charge over the equipment financed (if equipment financing).
2. Insurance of the financed items against burglary and theft, fire and any other hazards, with BOI noted as the first loss payee.
3. Irrevocable Personal Guarantee of the Chief Promoter of the company in addition to one or a combination of the following:
4. All assets debenture (to include other existing assets apart from the procured assets). The FAC must be between 1.5 and 2.0.
5. Legal mortgage on pledged property located in acceptable urban centre, or
Existing business project successfully appraised by BOI and structured with lien on proceeds of project transactions, or
6. Bank Guarantee from Commercial Banks acceptable to BOI
