By MICHAEL EBOH
Skye Bank Plc has cautioned awardees of the Youth Enterprise With Innovation in Nigeria (YouWin) scheme in Nigeria against the diversion of funds gotten from the government into fruitless ventures.
The YouWin scheme is an entrepreneurial programme set up by the Federal Government for young entrepreneurs with excellent business plans and ideas as part of the government’s effort to create wealth and reduce unemployment.
The scheme was introduced by the federal government to promote entrepreneurship among the youth through the provision of grants to about 1,200 successful applicants who took part with 20,000 other applicants in the qualifying rounds of the competition.
Speaking at a customer engagement and enlightenment forum for the YouWin awardees, in Lagos, Mrs Ibiye Ekong, Executive Director, South South/Retail Banking, Skye Bank, said diverting the funds into unproductive ventures will lead to the erosion of their capital.
She advised them to use the grants from the government for the purpose intended, adding that the bank is committed to developing the entrepreneurial and managerial skills of the awardees.
Ekong said the engagement and enlightenment forum is borne out of the need to help the young entrepreneurs grapple with the challenges of starting new businesses.
She promised the awardees that the bank would lend a helping hand to them at all times and advised them to embrace financial discipline in order to succeed in their businesses.
Speaking in the same vein, Mrs. Arinola Kola-Daisi, General Manager, Retail Banking, Skye Bank, advised the awardees against taking more loans than they would need, stressing that doing so would lead to waste and extravagance.