Hikmah Omolola Olatunji, a 400-level student at Ladoke Akintola University of Technology (LAUTECH), along with 19 others, won this year’s Business Development Competition hosted by Zakat and Sadaqat Foundation (ZSF).
The ninth edition of the annual competition produced 10 winners in the N1 million each category and another 10 winners in the N200,000 category.
More than 800 people applied for the competition and cheques were given during a ceremony at the Westwood Hotel in Ikoyi, Lagos.
The Executive Director and Chief Executive Officer of ZSF, Prince Sulaiman Olagunju, said the goal of the foundation has always been to helping youths grow in their various businesses through provision of capital seeds and mentorship.
“Our goal has always been to empower youths with not just the capital, but also the tools, knowledge, and networks needed to succeed. Our training sessions and the mentorship platform have equipped winners with essential skills and insights guiding their entrepreneur journey,” he said.
Prince Olagunju advised the winners to judiciously utilised the funds giving to them, noting that the grant is a trust which they must use for the purpose meant for.
He said: “The seed capital you are receiving today is the first step in a long and rewarding journey. The real challenge lies ahead, turning these business ideas into thriving enterprises that will contribute to our economy, create jobs, and inspire others to follow in your footsteps.
“To our winners on the Growth Track, you know what it takes to get additional fund injected, kindly use the fund you are receiving here today wisely to take your business to the next level.”
Olatunji, who specialises in sales of women underwears, couldn’t hide her joy.
She thanked the foundation and promised to judiciously use the fund given to her in boosting her business.
She said: “I am grateful to God for making me one of the beneficiaries of this competition. This grant will help my company achieve its objectives as mentioned in the business plan which will contribute to the growth of the business in terms of visibility and revenue. My vision is to to become a major distributor of underwear products by this time next year.”
Another winner, Habeeb Issa, who specialises in beehives, promised the organisers that he would use the funds to grow his business and expressed gratitude for the gesture.
Isa stated that the grant surprised him, despite the fact that he was determined to win it but never expected to receive that much money. He prayed that God would reward the ZSF for their kind gesture towards the growth of his firm.
Isa stated that the grant would enable him to take his business to the mechanical level by purchasing modern tools.