Home News TRADERMONI: 1.8Millions Nigerians Benefitted From The Scheme – BOI Report

TRADERMONI: 1.8Millions Nigerians Benefitted From The Scheme – BOI Report


The Bank of Industry (BoI), has revealed that about 1.8 million Nigerians have benefitted from the disbursement of  TraderMoni and FarmerMoni policy of the Federal Government.

Its Managing Director,  Mr. Olukayode  Pitan, told the Chairman of Independent Corrupt Practices and other related offences Commission (ICPC), Prof. Bolaji Owasanoye, that his bank was one of the two Development Financial Institutions (DFIs) in Nigeria disbursing the money.

The disbursement of TraderMoni at selected markets nationwide by Vice President Yemi Osibanjo, peaked towards the eve of the presidential election last February.

The ICPC spokesperson, Rasheedat Okoduwa, in a statement, said the revelation was made during a courtesy call to the Commission’s headquarters. She stated that the BoI boss also informed Prof. Owasanoye  about the activities of the bank so far.

Responding, the ICPC boss reiterated the commitment of the anti-graft agency to rid the country’s financial institutions of bad elements. He promised to work together with financial institutions to rid them of corrupt elements.

The chairman expressed concerns at “the complicity of a few of Nigeria’s financial services providers in the widespread corruption in the country,” noting that “one bad apple can ruin the entire bunch.”

Furthermore, the chairman slammed some financial institutions who condone unethical conducts by opening accounts for “criminal elements”. 

While condemning unethical investors undermining the growth of the industry, the ICPC boss promised to deal decisively with operators who infringe the laws of the country.

“It is by working together that we can isolate those who give everybody a bad name,” he was quoted as saying.

This was even as the BoI boss had alluded to the cooperation of ICPC as a stakeholder in sanitising the industry.