Ado-Ekiti: The state government, in partnership with First Bank, has disbursed ₦50 million in grants to 300 entrepreneurs and innovators, strengthening enterprise growth across Ekiti.
The beneficiaries received between ₦150,000 and ₦1 million under the Innovation Enterprises Support Fund (IESF), an initiative aimed at scaling up their businesses.
Speaking at the event in Ado-Ekiti, Mr Olusegun Alebiosu, Chief Executive Officer of First Bank, said the partnership aligns with the bank’s longstanding commitment to financial inclusion, small and medium-scale enterprise (SME) development, and youth empowerment.
Alebiosu said the initiative aims to empower startups, accelerate innovation-driven growth, and provide mentorship and market access for high-potential enterprises in the state.
He was represented at the event by Mr Adebayo Yakubu of the bank’s Public Sector Department.
He emphasised that the collaboration provides support beyond funding, including mentorship and market access.
The programme also focuses on strengthening the innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities.
“MSMEs drive economic growth. First Bank has supported Nigerian businesses for 132 years.”
“Transforming ideas into impact takes funding, commitment, training, and mentorship.”
“We’re providing the financial support needed to drive this process in Ekiti.”
“We have committed nearly ₦50 million to IESF.”
This initiative supports society and entrepreneurship, leading to thriving businesses that boost Ekiti’s economy.
“This means more jobs, economic growth, and positive impact for Ekiti.”
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In his remarks, Gov. Biodun Oyebanji described the collaboration as a strong testament to what can be achieved when public leadership aligns with the private sector’s commitment to sustainable development.
He was represented by his Chief of Staff, Mr Niyi Adebayo.
Oyebanji said the initiative is a carefully designed platform to identify and nurture skilled enterprises within the state’s ecosystem.
“This initiative also integrates capacity building, mentorship, and a capability framework to ensure beneficiaries are not just funded but positioned for long-term success,” he said.
He urged beneficiaries to be good ambassadors of the state by building with discipline, innovating with purpose, and growing with integrity.
Mr Seun Fakuade, Commissioner for Innovation, Science and Digital Economy, described the programme as having four main phases: application (where interested entrepreneurs submit their entries), selection (where successful candidates are chosen), boot-camp training (where selected participants receive intensive business training), iteration (where participants refine their ideas), and finally, disbursement of grants.
“The initiative empowers early-stage startups and high-impact ideas through a structured journey of training, iteration, and milestone-based disbursement, with the goal of transforming Ekiti into a digital hub,” he said.
One of the beneficiaries, Mrs Ronke Aderonmu, commended First Bank and the state government for prioritising innovation and entrepreneurship development.
