First Bank Partners Ekiti Govt To Empower Entrepreneurs, Innovators

The First Bank of Nigeria is collaborating with the Ekiti State government to empower innovators and entrepreneurs across the state.

The West African Premier Bank said it has committed a whopping N50 million in financial support to upscale the startups, innovations, and business ideas of beneficiaries through the Innovation Enterprise Support Fund (IESF).

The managing director and chief executive officer of First Bank, Mr Olusegun Alebiosu, stated this in Ado-Ekiti, the state capital, at the weekend, during the disbursement of funds to beneficiaries under the IESF.

Speaking at the event, Alebiosu, who was represented by Mr Adebayo Yakubu of the FBN Public Sector Department, said the partnership aligns with FirstBank’s longstanding commitment to financial inclusion, Small and Medium Scale Enterprises development, and youth empowerment

The initiative, which saw each beneficiary receive financial support of between N150,000 and N1.2 million, according to him, was designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across Ekiti state.

The FBN boss added that the partnership, aside from the funding, would also provide for the beneficiaries’ mentorship,  market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities.

He said, “We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation.

“It takes money, commitment, training and mentorship to take your initiative from ideas to impact. So what we are doing in Ekiti is providing the funding that supports the entire process.

“So as a bank, we have committed close to about N50 million to make that happen through the Innovation Enterprise Support Fund.

“It is a way of supporting society and helping build entrepreneurs. You can imagine what that would do to Ekiti if we had multiple entrepreneurs.

“It means that the economy of Ekiti will grow, more jobs will be created, and more lives will be impacted,” he said.

Governor Biodun Oyebanji, in his remarks, said the collaboration was a strong testament to what can be achieved when public partnership and public leadership are aligned with private-sector commitment to sustainable development.

Oyebanji, who was represented by his Chief of Staff, Mr Niyi Adebayo, described the initiative as a carefully designed platform to identify and nurture skill enterprises within the state ecosystem.

“This initiative also integrates capacity building, mentorship and a capability framework to ensure that beneficiaries are not just funded but positioned for long-term success,” he said.

He advised the beneficiaries to strive to be good ambassadors of the state and urged them to build with discipline, innovate with purpose and grow with integrity.