First Bank of Nigeria Ltd. has reinforced its commitment to female entrepreneurship with the inauguration of the “Spark A Gem Challenge,” awarding N10 million in grants to outstanding women-owned enterprises.
An official statement by the bank on Sunday in Lagos noted that the initiative was a flagship venture under its “Women Preneur Pitch-A-Ton” programme and “FirstGem” proposition.
It revealed that the scheme was designed to equip women entrepreneurs with enterprise training, guidance, networking opportunities, and financial support.
According to the bank, the initiative attracted 356 applications from women-led ventures operating in agriculture, education, healthcare, food services, and other sectors of the economy.
It added that following a rigorous screening process, eight finalists participated in a four-day capacity-building workshop before pitching their business concepts to an independent panel of judges.
The bank stated that Mrs Onyinye Obayi, founder of Honeypot Confections Ltd., emerged as the overall victor, securing a N5 million grant.
It also noted that the first and second runners-up received N3 million and N2 million, respectively, bringing the total grant disbursement to N10 million. All applicants have been integrated into its FirstGem network, granting them access to banking services, advisory assistance, and future credit opportunities.
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Mr Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, stated the initiative reflected the bank’s dedication to supporting women beyond offering capital.
“When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation and community development.
“Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities and support their long-term growth,” he said.
Ezirim observed that access to funding alone was insufficient for commercial success, emphasizing that female business owners achieved superior outcomes when financing was combined with mentorship, financial literacy, and robust commercial networks.
He mentioned that the competition was created to enhance business readiness, foster enterprise development, and advance sustainable ventures.
According to him, the effort aligns with FirstBank’s vision of furthering women’s economic empowerment, expanding financial inclusion, and fostering inclusive economic growth across Nigeria.
