NASEN will rely on the (ECF) provision expected from the government through the federal ministry of finance, which is will be deposited with the Central Bank of Nigeria (CBN) and which will serve as a life line to NASEN.
NASEN identity having been seen as an instrument that stops one from getting involved in any act of illegality, is commendable as it makes its holders trusted personalities.
The chat as stated above shows the presence of the Federal Ministry of Finance, Central Bank of Nigeria (CBN) the commercial banks, investors and NASEN; this is seen and referred to as (transaction networking.)
The federal ministry of finance deposit cash referred to as bond with the CBN, the CBN presents it as a lifeline for NASEN to the commercial banks, this is expected to encourage the commercial banks do business with investors who have NASEN identity card.
Investor who needs credit facility or loan from the bank will tender his proposal to the bank of his choice; send the bank acknowledgment copy to NASEN. NASEN will inspect and evaluate the project, considering the risk and making sure that the risk is covered by an insurance company, confirming the feasibility study made by the investor and finally endorse the loan application; in other words, NASEN will take up the responsibility to make sure that such cash is safe with the investors.
Bad Debt Recovery Process
If in anyway the investor was not able to repay his loan, the banks are expected to give more time with a penalty, and if at the end of extended time the investor did not meet up with the payment, then NASEN will apply to the Central Bank of Nigeria CBN for the use of the bond known as lifeline.
The CBN using the lifeline to pay the commercial bank while giving the investor ample time to repay.
At this time, NASEN will come in to take over major responsibility of the company which includes management; this is in a bid to reshape, build and stabilize the investment with the aim of re-paying the loan and after which NASEN hands over to the owner of the investment.
And if in anyway, sharp/illegal practices or diversion of funds is found, such a company/person should not be allowed to further hold NASEN identity card again until issues are cleared.
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