Business
Unity Bank Increases Entrepreneurship Prize to N16M Per Stream, Honors 30 New Winners
Unity Bank Increases Entrepreneurship Prize to N16M Per Stream, Honors 30 New Winners
The Corpreneurship Challenge, Unity Bank Plc’s flagship initiative for entrepreneurship development, has increased the prize money for winners to 16 million Naira per stream. This move is a calculated attempt to boost start-up capital and give young entrepreneurs in Nigeria more support.
Due to this large increase, the first, second, and third place winners of the business pitch competition will now receive business grants of N800,000, N500,000, and N300,000, respectively. Compared to the previous editions, where winners received N500,000, N300,000, and N200,000, this represents a significant increase.
The Corpreneurship Challenge initiative is a partnership between the NYSC Skills Acquisition and Entrepreneurship Development (SAED) program and was first introduced in 2019 with pilots in four states. By 2020, it had expanded to ten states. It gives participants a stage on which to pitch their business ideas and vie for grants.
In the most recent Corpreneurship Challenge, which was held for the 2024 NYSC Batch A, Stream 1, 30 winners from a variety of industries, including pastry, fashion, and poultry farming, emerged. These aspiring entrepreneurs showcased innovative solutions during the business pitch sessions conducted across ten NYSC orientation camps in different states.
At the Delta State NYSC Orientation Camp in Issele-Uku, Folorunsho Kolade secured the top prize of N800,000 with a poultry farming business plan. Samuel Ayodotun. J. claimed the second position and a cash prize of N500,000 with his innovative footwear venture, Basky Footprint, while Udoji Chibuike Peter took the third spot and won N300,000 for his footwear fashion venture.
Similarly, at the NYSC Orientation Camp in Nonwa Gbam Tai, Rivers State, Dan Betobong Samuel emerged as the winner with a food production business plan, earning the grand prize of N800,000. Linda Christopher’s Lily Pastries secured the first runner-up position and N500,000, while Esther Jacob’s poultry business idea earned her the second runner-up spot and a cash grant of N300,000.
During the event at the Rivers State NYSC Orientation Camp, Mrs. Adenike Ambimbola, Divisional Head of Retail and SME Banking at Unity Bank, praised the Corps Members for their innovative business plans and reiterated the bank’s commitment to supporting entrepreneurship development.
Mrs. Ambimbola stated, “Unity Bank is honored to partner with the NYSC’s SAED scheme to provide assistance and resources to young entrepreneurs with promising business ideas through grants, enabling them to bring their visions to life. We understand the significance of investing in our youth and empowering them to drive positive change in our economy.”
Dr. Opeyemi Ojesina, Head of SME Banking at Unity Bank, also expressed satisfaction with the growth and impact of the Corpreneurship Challenge as a leading business incubation platform and catalyst for entrepreneurship development in Nigeria.
He remarked, “For the past five years, Unity Bank has been a steadfast supporter of the Corpreneurship Challenge, witnessing its transformative effect on youth empowerment and job creation nationwide. The program is renowned for its innovative approach, combining financial support, mentorship, and skill development to nurture the next generation of entrepreneurs.”
The success of the recent Corpreneurship Challenge highlights Unity Bank’s dedication to fostering entrepreneurship and supporting the aspirations of young Nigerians. By increasing the prize money and expanding the reach of the initiative, Unity Bank continues to play a vital role in promoting innovation and economic growth in the country.
Ojesina further underscored the invaluable mentorship offered to participants, connecting them with seasoned professionals who provide crucial insights, guidance, and a roadmap for success. He emphasized Unity Bank’s belief that true empowerment extends beyond financial aid to the cultivation of entrepreneurial acumen.
So far, Unity Bank has invested over N120 million in the initiative, which has now produced 369 winners since it was launched in 2019.
In 2021, the leadership of the NYSC bestowed on Unity Bank the “Icon of Youth Empowerment” award in recognition of the impact of the initiative.
The Corpreneurship Challenge continues to elicit growing interest among the corps members, attracting over 4,000 applicants and participation in every edition.
