By: Odeh Favour Adiya
First Bank of Nigeria Ltd. has reinforced its commitment to women entrepreneurship following the inauguration of the “Spark A Gem Challenge,” awarding a total sum of N10 million in grants to outstanding women-owned businesses.
The financial institution made this known in a statement issued on Sunday in Lagos, explaining that the initiative is a flagship programme executed under its “WomenPreneur Pitch-A-Ton” programme and “FirstGem” proposition.
According to the bank, the scheme was specifically designed to provide female entrepreneurs with business training, structured mentorship, networking opportunities, and critical funding support.
The competitive programme attracted 356 applications from women-owned enterprises operating across key sectors of the economy, including agriculture, education, healthcare, and food services.
Following a rigorous selection process, eight finalists were selected to undergo a comprehensive four-day capacity-building programme before pitching their business ideas to an independent panel of judges.
At the end of the pitch sessions, Mrs. Onyinye Obayi, founder of Honeypot Confections Ltd., emerged as the overall winner, taking home the star prize of a N5 million grant.
The first and second runners-up were awarded N3 million and N2 million grants respectively, bringing the total disbursement under the initiative to N10 million.
The bank further noted that all 356 applicants have been integrated into its FirstGem ecosystem, granting them direct access to banking services, advisory support, and future credit opportunities.
Speaking on the drive behind the initiative, the Group Executive, e-Business and Retail Products at FirstBank, Mr. Chuma Ezirim, stated that the intervention reflects the bank’s vision of supporting female entrepreneurs beyond traditional banking services.
“When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development,” Ezirim said.
He added, “Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth.”
Ezirim further stressed that funding alone is not enough to sustain enterprise growth, noting that women-led ventures perform significantly better when financial assistance is backed by mentorship and training.
He noted that access to finance alone was insufficient for business success, stressing that women entrepreneurs achieved better outcomes when funding was combined with mentorship, financial literacy and strong business networks.
The bank official emphasized that the challenge was created to improve business readiness, strengthen enterprise growth, and promote sustainable businesses across the country.
He added that the initiative aligns seamlessly with FirstBank’s long-term vision of advancing women’s economic empowerment, deepening financial inclusion, and promoting inclusive economic growth across Nigeria.
