The inaugural Spark A Gem Challenge, organised under FirstBank’s Women-Preneur Pitch-a-Ton programme, has produced its first set of winners, with N10 million in grants distributed among eight female-led ventures. The competition, which focused on unlocking growth opportunities for women-owned businesses in Nigeria, attracted 356 applications from across sectors such as agriculture, healthcare, education, food processing, and hospitality. The response underscores the appetite for such initiatives, as women continue to face significant hurdles in accessing capital and markets. After a thorough screening exercise, eight finalists were shortlisted and enrolled in a four-day entrepreneurial development programme before presenting their business plans to an independent panel of judges. This intensive process was designed to assess the viability and scalability of the enterprises, ensuring that the most promising businesses received the support they needed.
How the N10 Million Was Shared
Honeypot Confections Ltd, led by Managing Director Onyinye Obayi, emerged as the overall winner and received the top prize of N5 million. The first runner-up and second runner-up were awarded N3 million and N2 million respectively, bringing the combined grant total to N10 million. Each winner demonstrated exceptional business acumen and a clear vision for growth. The prize distribution underscores FirstBank’s effort to reward promising women-led enterprises across different stages of development.
All Applicants Gain Access to FirstGem Ecosystem
FirstBank emphasised that the benefits of the challenge extend beyond the cash prizes. Every entrepreneur who submitted an application, regardless of whether they made the final eight, will be enrolled into the FirstGem ecosystem. Through this platform, participants can access financing, financial education, business advisory services, mentorship, and networking programmes specifically designed for women entrepreneurs. This inclusive approach ensures that the impact of the challenge is not limited to the winners alone but reaches every woman who took the bold step to apply. It is also a deliberate strategy to build a broader community of women entrepreneurs who can support one another.
Why FirstBank Created the Programme
Chuma Ezirim, Group Executive for e-Business and Retail Products at FirstBank, explained that the bank’s investment in women-owned businesses is central to its broader objective of driving inclusive economic growth across Nigeria. He said women entrepreneurs significantly contribute to job creation, community development, and economic transformation, but require sustained and structured support to thrive. Under the programme, the bank seeks to bridge the gap between access to finance and the skills needed to manage and scale a business. Ezirim was quoted as saying: “We have seen that access to finance alone is not enough. Women entrepreneurs perform better when capital is paired with the right capabilities, networks and support. With Spark A Gem, we are positioning FirstBank as a long-term partner in growth for women.”
The bank also noted that research informed the design of the programme. Evidence indicates that women-led businesses achieve better outcomes when funding is combined with financial literacy training, management development, and mentorship. According to The Sun, FirstBank described Spark A Gem as a business acceleration initiative meant to improve the investment readiness and long-term growth potential of participating entrepreneurs.
Expanding Financial Inclusion
FirstBank reiterated its commitment to expanding financial inclusion by helping women build businesses that generate employment, foster innovation, and contribute to national economic development. The bank said it intends to position itself as a long-term partner for women entrepreneurs through initiatives like Spark A Gem. The initiative is part of a wider effort to reduce gender disparities in the business landscape. By providing both financial and non-financial support, the bank aims to create a sustainable pipeline of successful women-led enterprises.
Related: MTN Foundation Opens Applications for 2026 Scholarships
In a related development, Legit.ng earlier reported that the MTN Foundation has opened applications for its 2026 scholarship programmes, aimed at students in Nigeria’s public tertiary institutions. The scholarship categories include the Science and Technology Scholarship (STS), the scholarship for Blind Students (SBS), and a newly introduced category specifically for medical students. The foundation said 400 beneficiaries will be selected, with 100 slots reserved for medical students. This initiative complements ongoing efforts across the private sector to support education and human capital development in Nigeria.
