The Ekiti State government, in partnership with First Bank, on Saturday disbursed ₦50 million in grants to 300 innovators and entrepreneurs across the state.
The beneficiaries received between ₦150,000 and ₦1 million under an initiative tagged the Innovation Enterprises Support Fund (IESF), 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, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.
He was represented at the event by Mr Adebayo Yakubu of the bank’s Public Sector Department.
According to him, the collaboration, beyond funding, will also provide mentorship and market access to high-potential enterprises.
He added that the programme focuses on strengthening the innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities.
“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 ₦50 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.
In his remarks, Gov. Biodun Oyebanji described the collaboration as a strong testament to what can be achieved when public leadership aligns with private sector commitment for 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 a four-phase initiative involving application, selection, boot camp 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, 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.
