A 132-year-old bank just wrote cheques worth N50 million for 300 Ekiti innovators and entrepreneurs, and none of them had to take a loan.
- A 132-year-old bank just wrote cheques worth N50 million for 300 Ekiti innovators and entrepreneurs, and none of them had...
- The Ekiti State Government, in partnership with First Bank, on Saturday disbursed N50 million in grants to 300 innovators and...
- The programme focuses on strengthening the innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities.
- As a bank, we have committed close to N50 million to this initiative through the Innovation Enterprises Support Fund.
Keep reading for the full breakdown on Ekiti innovators entrepreneurs — everything you need to know is covered below.
The Ekiti State Government, in partnership with First Bank, on Saturday disbursed N50 million in grants to 300 innovators and entrepreneurs across the state.
The programme was officially announced on Thursday, April 2, 2026, under the leadership of Governor Biodun Oyebanji.
The beneficiaries received between N150,000 and N1 million under the Innovation Enterprises Support Fund (IESF), an initiative aimed at scaling up their businesses.
N50m fund targets jobs, women, and Ekiti entrepreneurs
The grants do not stand alone. The collaboration goes beyond financial support to include mentorship and market access for participating businesses. The programme focuses on strengthening the innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities.
At least 40 per cent of the fund has been reserved for female-led enterprises. This makes the Innovation Enterprises Support Fund one of the few grant programmes in Nigeria to formally ring-fence resources for women-owned businesses.
First Bank CEO Olusegun Alebiosu, represented at the Ado-Ekiti event by Adebayo Yakubu, head of the bank’s public sector department, spoke directly to the stakes involved for Ekiti innovators and entrepreneurs.
“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 funding, commitment, training, and mentorship to transform ideas into impact. What we are doing in Ekiti is providing the financial support required to drive that entire process. As a bank, we have committed close to N50 million to this initiative through the Innovation Enterprises Support Fund. This is our way of supporting society and building entrepreneurs. Imagine the impact on Ekiti if we have multiple thriving entrepreneurs. It means the state’s economy will grow, more jobs will be created, and more lives will be positively impacted,” he said.
Boot camp to disbursement: how Ekiti picks its entrepreneurs
The Innovation Enterprises Support Fund did not simply hand out money. Ekiti State Commissioner for Innovation, Science and Digital Economy, Seun Fakuade, described the programme as a four-phase initiative comprising application, selection, bootcamp training, iteration, and disbursement.
“The initiative empowers early-stage startups and high-impact ideas through a structured journey of training, iteration, and milestone-based disbursement, to transform Ekiti into a digital hub,” Fakuade said.
Governor Oyebanji, represented by his Chief of Staff Niyi Adebayo, described the partnership as a demonstration of the impact of collaboration between the public and private sectors in achieving sustainable development goals, adding that the initiative was carefully structured to identify, nurture, and support high-potential enterprises within the state.
Commissioner Fakuade also stressed that the initiative is not merely about financial support. “This is not just a funding initiative; it is a deliberate strategy to build a pipeline of globally competitive entrepreneurs and tech-enabled businesses from Ekiti. We are investing in ideas, but more importantly, in people and capacity,” he said.
One beneficiary, Mrs Ronke Aderonmu, expressed what many of the 300 innovators and entrepreneurs in the room felt. She commended First Bank and the state government for prioritising innovation and entrepreneurship development.