FirstBank of Nigeria Limited has awarded ₦10 million in grants to outstanding women entrepreneurs as part of its commitment to supporting female-led businesses, promoting financial inclusion, and strengthening entrepreneurship across the country.

The grants were presented under the bank’s women-focused empowerment initiative, which seeks to provide financial support and business development opportunities for women-owned enterprises. According to the bank, the programme is designed to help female entrepreneurs expand their businesses, create jobs, and contribute to Nigeria’s economic growth.

FirstBank said empowering women-owned businesses remains a key part of its broader strategy to promote inclusive economic development. The bank noted that women play a critical role in driving innovation, supporting local communities, and growing the nation’s small and medium-sized enterprise (SME) sector.

Beneficiaries were selected through a competitive process that recognised entrepreneurs with innovative business ideas, sustainable business models, and strong growth potential. Beyond the financial grants, the initiative also provides access to mentorship, business advisory services, networking opportunities, and capacity-building programmes aimed at improving long-term business performance.

The bank reaffirmed its commitment to supporting women through specialised financial products, enterprise development programmes, and partnerships that improve access to funding and business resources. It said sustained investment in women entrepreneurs would strengthen the SME ecosystem and contribute to broader economic development.

Industry experts have consistently noted that improving access to finance remains one of the biggest challenges facing women-owned businesses in Nigeria. Initiatives that combine funding with mentorship and business training are increasingly viewed as effective tools for improving business sustainability, encouraging innovation, and increasing employment opportunities.

Stakeholders believe programmes such as FirstBank’s grant initiative will help bridge financing gaps for female entrepreneurs while promoting financial inclusion and supporting the growth of Nigeria’s private sector. They also argue that expanding access to funding for women-led businesses can have a positive impact on household incomes, local economies, and national development.

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A Lagos-based entrepreneur has raised alarm over skyrocketing commercial rents in Lagos State, warning that the surge could jeopardize small and medium-sized enterprises (SMEs) across the city.

Laura Ikeji, who owns two retail outlets, revealed that rent for her stores has jumped from N7 million to over N50 million, a nearly sevenfold increase. “I’m frustrated. The rent for my two stores was N7 million; now it’s over N50 million,” Ikeji said.

She explained that such steep increments are putting business owners under severe financial strain, forcing some to consider relocating, shutting down operations, or raising prices on goods and services to survive. Ikeji emphasized that unchecked property costs could discourage new investments and stifle economic growth in Lagos, Nigeria’s commercial hub.

The rising rents have sparked widespread discussion among entrepreneurs and residents. One social media user highlighted additional burdens, noting Lagos State taxes on properties are compounding operational costs, while another recounted having to close a small business due to unmanageable rent increases.

Experts warn that unless policies balance property owners’ interests with those of business operators, SMEs—considered the backbone of Nigeria’s economy—may face closures, layoffs, and reduced contributions to local economic development.

The Whistler reports that escalating commercial rents in key Lagos business districts are fueling calls for urgent regulatory intervention and incentives to protect SMEs from unsustainable overheads.

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A cooperative society in Kenya is a member-owned organization established to promote the social and economic interests of its members by pooling resources for mutual benefit.

The process of registering a cooperative in Kenya is guided by the Co-operative Societies Act, Cap 490, and supervised by the Commissioner for Co-operative Development under the Ministry of Co-operatives. Cooperatives operate across sectors such as agriculture, savings and credit (SACCOs), housing, manufacturing, and trade.

To legally register a cooperative, a minimum of 10 founding members is required. Each must be a Kenyan citizen aged 18 or above, possess a valid national ID and KRA PIN, and share a common economic or social goal.

Members must agree on the cooperative’s name, objectives, and leadership structure—typically including a chairperson, secretary, treasurer, and two other officials.

The registration process starts with a founding meeting, where the members adopt the name, draft bylaws, and decide on share capital and contributions. Minutes from this meeting must be signed by all attendees. The proposed name is submitted for approval to the Commissioner for Co-operative Development and reserved for 30 days.

Applicants then prepare and submit Form I (the application form), draft bylaws, a list of members, copies of IDs, meeting minutes, a business plan, and proof of office address to the County Cooperative Office, along with a registration fee of Ksh 3,000 to 5,000. Once approved, the cooperative receives a Certificate of Registration.

After registration, the cooperative must open a bank account, begin operations, recruit members, and maintain accurate financial records. It is also required to hold Annual General Meetings (AGMs), submit annual returns, and present audited financial statements to the Commissioner.

SACCOs that collect deposits must additionally register with the SACCO Societies Regulatory Authority (SASRA).

By meeting these requirements, cooperatives in Kenya can operate legally and sustainably while contributing to the country’s social and economic development.

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Billionaire Femi Otedola has revealed in his memoir Making It Big that he never completed high school and did not attend university a surprising truth given his vast business success.

He began education at the University of Lagos Staff School in 1968, where he struggled academically and repeated a class, consistently placing low in exams. After finishing primary school in 1974, he joined Methodist Boys’ High School in Lagos, but his academic performance did not improve.

In 1977, he was transferred to Olivet Baptist High School in Oyo. Otedola grew captivated by his father’s printing business and continued to work toward A-levels. However, after Lower Sixth, he decided to leave school permanently to pursue business interests.

Despite his mother’s tears, he dove into the family printing business, eventually becoming managing director of Impact Press at age 25. Leveraging that early experience, he launched Centre Force Ltd in 1994 and went on to build a business empire spanning oil and gas, shipping, real estate, finance, and later, power generation through Geregu Power Plc.

In Making It Big, Otedola reflects that real-world experience not classrooms shaped his path to success. His story underscores that formal education isn’t the only route to achievement his instincts, drive, and industry learnings were equally critical.

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