A Nigerian business can apply for some Bank of Industry financing without presenting audited financial accounts, but this depends on the type of business and the amount being requested.
The best option is the BOI micro facility for ₦10 million and below.
According to the current MyBOI application checklist, a registered business enterprise applying for a facility of ₦10 million or below is required to provide business records such as a business plan, bank statement, identification and registration documents. Audited financial accounts are not listed among the pre approval requirements for this category.
BOI also states on its facility assessment page that audited financial statements are not mandatory for micro facilities below ₦10 million.
However, the rule is different for an existing limited liability company.
Who Can Apply Without Audited Accounts?
The clearest category is a registered business enterprise or sole proprietorship applying for a BOI micro facility of ₦10 million or below.
For this category, BOI’s current checklist requires:
- Formal application on the business letterhead
- Completed facility application form
- Certificate and form of business registration
- Business plan
- Proforma invoice for equipment being financed
- Sources and quotations for raw materials
- Identification of the business owner
- Passport photograph
- BVN
- One year business bank statement for an existing business
- Declaration of outstanding debts, if any
The checklist does not require three years of audited accounts for a registered enterprise in this category.
This makes the micro facility relevant to small registered businesses that have proper business records but do not yet prepare audited annual accounts.
How Much Can You Request Without Audited Accounts?
BOI classifies its micro facility as financing of ₦10 million and below.
The MyBOI facility assessment page states that audited financial statements are not mandatory for micro facilities below ₦10 million, while facilities above ₦10 million require recent audited accounts.
Applicants should still understand that ₦10 million is the facility category limit. It does not mean every applicant will qualify for ₦10 million.
BOI assesses the amount it is willing to finance based on the business, cash flow, repayment capacity and credit assessment.
Does This Apply to Limited Liability Companies?
Not in the same way.
The detailed MyBOI checklist for a limited liability company applying for ₦10 million or below requires an existing company to provide:
Three years of audited financial accounts and the most recent management accounts from BOI accredited auditors.
This means an existing limited liability company should not assume that applying for less than ₦10 million automatically removes the audited accounts requirement.
The detailed checklist is more specific than the general statement that audited accounts are not mandatory for micro facilities.
For applicants, the safest interpretation is:
Registered enterprise or sole proprietorship, ₦10 million and below: audited accounts are not listed as a requirement.
Existing limited liability company, ₦10 million and below: audited accounts are listed among the required documents.
What If the Company Is Less Than One Year Old?
BOI provides an alternative for businesses that have not operated long enough to produce three years of audited accounts.
For limited liability companies that are less than one year old, the checklist accepts a Statement of Affairs instead of three years of audited financial accounts.
A Statement of Affairs gives a picture of the company’s financial position, including assets and liabilities.
This is particularly relevant to newly incorporated businesses that are already operating but have not completed a full financial year.
Can a New Business Apply for BOI Financing?
Yes.
BOI states that early stage businesses can be considered based on the viability of the business, its business model and projected cash flow.
A new business should therefore prepare a clear business plan showing:
- What the business will produce or provide
- Target customers
- Expected revenue
- Operating costs
- How the BOI financing will be used
- How the business will repay the facility
A startup still has to pass BOI’s credit and viability assessment.
Can an Informal Business Apply?
BOI states that micro businesses can apply where there is:
- Verifiable CAC registration
- Evidence that the business is operating
- Consistent cash flow
- A verifiable business bank account
This means a business that has never registered with CAC does not meet the stated requirement.
A small trader or producer who wants to use MyBOI should first make sure the business has a verifiable registration and bank account.
Does BOI Still Require Bank Statements?
Yes.
Not needing audited accounts does not mean BOI will finance a business without financial records.
For an existing enterprise applying for ₦10 million or below, the official checklist requires one year of business bank statements.
The bank statement helps BOI see:
- Whether the business is active
- How much money regularly enters the account
- The pattern of business transactions
- Whether the business has enough cash flow to support repayment
Using a dedicated business bank account therefore makes it easier to present a clear financial history.
What Documents Should a Sole Proprietor Prepare?
For a registered enterprise applying for a micro facility, prepare these documents before starting the MyBOI application:
- CAC Certificate and Form of Registration
- Completed BOI facility application
- Business plan
- Proforma invoice for equipment
- Raw material quotations where applicable
- Passport photograph
- BVN
- Valid means of identification
- One year business bank statement if the business is already operating
- Details of any outstanding debts
BOI accepts an International Passport, Driver’s License, National Identity Card or Permanent Voter’s Card as identification under the current checklist.
What Happens If You Request More Than ₦10 Million?
The documentation becomes more demanding.
For Small and Medium Enterprise facilities above ₦10 million, BOI requires an existing business to provide three years of audited financial accounts and its most recent management accounts.
A business that is less than one year old can provide a Statement of Affairs.
The same requirement applies to large enterprise facilities above ₦10 million.
A business owner who does not have audited accounts should therefore check the facility size and business structure before beginning the application.
Does Applying Without Audited Accounts Reduce Your Chance of Approval?
BOI does not approve a facility simply because all documents have been uploaded.
The bank evaluates the business using creditworthiness and repayment capacity.
Its assessment covers factors including:
- Character
- Capacity
- Capital
- Collateral
- Conditions
BOI refers to these as the 5Cs of Credit.
For a business without audited accounts, the bank statement, cash flow, business plan and transaction history become particularly important because they help show that the business can repay the facility.
Do You Need Collateral?
The absence of an audited account requirement does not automatically mean the facility is unsecured.
BOI states that facilities can require security such as:
- Personal guarantees
- Bank guarantees
- Legal mortgage
- All asset debenture
- Other approved forms of security
The security requirement depends on the facility and BOI’s risk assessment.
For micro enterprise facilities, the post approval checklist also provides for individual external guarantors where required and landed property where pledged as security.
How to Apply Through MyBOI
Applications are submitted through the official MyBOI Portal: https://onlineportal.boi.ng
BOI launched MyBOI on October 2, 2026, to allow businesses to complete onboarding, submit financing applications, upload documents and monitor application progress online.
Before applying, identify your business structure and choose the correct facility.
A sole proprietor applying for ₦10 million or below should prepare the micro enterprise documents.
An existing limited liability company should follow the limited liability company checklist, which includes audited accounts.
The Bottom Line
You can apply for some BOI financing without audited financial accounts.
The current BOI document checklist supports this clearly for registered enterprises applying for micro facilities of ₦10 million and below.
An existing limited liability company is different. BOI’s detailed checklist requires audited accounts for that category, even under the micro facility section.
A new limited liability company that is less than one year old can provide a Statement of Affairs instead.
The key is to check your business structure and facility amount before preparing the application.
