The Cross River State Government has issued a statement to address public misinformation surrounding a federal loan program aimed at youth empowerment, highlighting a mandatory N13,000 deposit as part of the application process. The initiative, managed by the Office of the Chairman of the Cross River State Youth Empowerment Scheme (YES), is a partnership with the Federal Government and Zenith Bank to offer financial support to young entrepreneurs.
In the press release dated January 9, 2026, signed by Prof. A. Owan Enoh, Secretary to the Government of the State, officials sought to dispel rumors by confirming the program’s legitimacy. “There has been some misinformation in the public space regarding the Federal Government Loan Anchored by the Office of the Chairman, Cross River State Youth Empowerment Scheme (YES),” the statement noted, encouraging residents to rely on official information.
The program is structured as a loan facility domiciled with Zenith Bank, not a grant. Potential beneficiaries must complete authentication via the Corporate Affairs Commission (CAC), open accounts at Zenith Bank, and receive ATM cards. A key requirement is the statutory deposit of N13,000 (Thirteen Thousand Naira), which covers loan and insurance processing for all applicants.
Loans are available up to a maximum of N5,000,000 (Five Million Naira) per beneficiary, divided into five categorized business segments with pegged amounts. The government underscored the program’s authenticity and urged Cross Riverians to participate. “This is to notify Cross Riverians and the general public of the authenticity of the aforementioned bank charges. The public is therefore admonished to take advantage of the loans and benefit maximally,” the release added.
This scheme is part of Nigeria’s ongoing efforts to promote youth entrepreneurship, particularly in states like Cross River, where such programs aim to boost local economies and combat youth unemployment.
