Bank Of Industry is the designated fund manager of the proposed N13.6billion based on the MOU executed by the Federal Ministry of Agriculture and Rural Development (FMARD) and the Bank of Industry on October 23, 2014.
The Fund which has defined hallmarks has to be utilized solely for the establishment of ten (10) medium scale Rice Mills of about 36,000 metric tons of paddy per annum and six (6) High Quality Cassava Flour Mills of about 18,000 metric tons of cassava tubers per annum capacity in identified locations across the nation, namely Kano, Kogi, Kebbi, Zamfara, Bayelsa, Bauchi, Benue, Ogun and Anambra States for the Rice Mills and in Ondo, Ogun, Abia, Delta, Nasarawa and Cross River States for the High Quality Cassava Flour Mills.


Targest: The Fund will be accessed by Limited Liability Companies, and Enterprises engaged in adding value to the rice/cassava commodities through the setting up of milling facilities.


1. Formal Application
2. Photocopy of Certificate of Registration or Incorporation (2 copies)
3. Certified true copy of Memorandum and Articles of Association (2 copies)and Form CO2 now C.A.C 2.5 (Allotment of Shares) and Form CO7 now C.A.C
2.3 (Particulars of Directors)
4. A photocopy of the filed Annual Returns (up to date) of the Company at Corporate Affairs Commission (CAC)
5. Business Plan
6. Quotations for the supply of items of Machinery and Equipment
7. Sources and quotations for Raw Materials expressed in units
8. Eight(8) passport photographs of the Chief Promoter and one or two Directors of the company
9. A photocopy of the Current Tax Clearance Certificate of the Company and two of its Directors.
10. Photocopy of International Passport or Driver’s License or (other forms of Identification such as voters card, National Identity of two (2) Directors of the Company
11. Two years’ Audited Statement of Accounts and most current Management Accounts for one year or six months for existing business (where applicable).
12. Company’s Bank Statement for a period of one (1) year for existing business.
13. Two years’ Financial Statement of Accounts for Institutional Investors in the project (where applicable)
14. Declaration of Outstanding Liabilities to other Banks and individuals.
15. Provision of Personal Guarantee and/ or Guarantors with notarized statement of net worth.




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