FMN Rewards 3 Innovative Local Businesses With N10m Cash Prize

Flour Mills of Nigeria(FMN) Plc has rewarded three innovative local businesses with N10 million cash prizes.

The three businesses were winners in category one of the second season of its annual Prize for Innovation competition, which focused on Innovative Techniques for Local Content Development in the Food and Agro-allied sector.

FMN Prize for Innovation season two aims to promote the development of local content and innovation in Nigeria’s food industry, creating new opportunities for entrepreneurs and driving economic growth in the country.

The high-octane pitch event which aired on February 18, 2023, brought together six finalists with businesses that have made significant contributions to the food and agro-allied sector in Nigeria through their innovative ideas and practices.

After a highly competitive pitch session before the judges, the winner and first two runners-up were selected.

The winner of the grand prize of N5million is Eugene Olumese Osomobegbe of Osomobegbe Global Ventures Limited, whose innovation involves the design and fabrication of highly efficient solar dryers in Nigeria.

The first runner-up and winner of N3million is Musa Pashi Ali of Palmark Syndicate Ltd, with an innovative idea of the production of tomato powder from tomato fruit, and the second runner-up and winner of N2million is Damilare Jacob Ogundipe of Indigo Farms and Bio Resources, an entrepreneur involved in the production of Cassava Residue Pellets for Animal Feeds.

Speaking after the pitch event and presentation of prizes, the director, group strategy and stakeholder relations at FMN, Mr. Sadiq Usman said: “it is quite intriguing to see that the FMN Prize for Innovation also affords entrepreneurs and business owners an opportunity for a valuable networking experience.

“In this season, we saw a unifying business driver for most of the businesses which have the potential for value creation both in the short and the long run. From the local fabricator of solar dryers, Osomobegbe Global Ventures Limited who happens to be the winner for this season to the producer of dried tomatoes powder, and to the manufacturer of animal feed pellets from cassava residue, there is already a common driver for growth, which is food dryer.

“And all these entrepreneurs are already finding ways to drive value for one another whilst building a profitable business. Therefore, the invaluable and transformative nature of the FMN Prize for innovation continues to be apparent every year, and as a Group, we are committed to enriching the lives of Nigerians across their various point of need.”

Through various planned developmental activities and support structures, the three winners of the FMN Prize for innovation will also be granted access to mentorship, trainings, partnerships, and other resources to help them further develop and commercialize their solutions.

The Annual Prize for Innovation is part of FMN’s commitment to supporting the development of local content in the Nigerian food and agro-allied sector, and to promoting innovation, sustainable development, and entrepreneurship in the country.