Start-ups Receive N50 Million to Boost Operations
By Sulaimon Salau
The founder and Group Managing Director of the Rainoil Group, Dr. Gabriel Ogbechie (OON), has awarded N50 million to ten start-ups as part of efforts to help these companies scale their operations. Each of the start-ups received N5 million during Dr. Gabriel Ogbechie's Entrepreneur Symposium, themed 'Resilient Entrepreneurship: Building in an uncertain economy,' held to mark his 60th birthday.
The beneficiaries were selected from over 100 entrepreneurs who applied for the grant. The initial pool was shortlisted to 26 candidates, from which the final ten winners were chosen.
Highlighting Nigeria's population of over 200 million consumers, Ogbechie noted that the current macroeconomic challenges are accompanied by massive consumer demand across logistics, housing, agritech, and retail commerce. He urged young Nigerians, especially entrepreneurs, to focus on operational discipline and long-term planning rather than immediate profits.
Ogbechie recalled founding Rainoil in 1997 with a modest start-up capital of just N300,000, utilizing insights gained during five years of working as a sales and operations executive in an indigenous oil company. Instead of acquiring expensive retail assets upfront, the company initially focused on niche product sourcing and wholesale distribution logistics. Over nearly three decades, that model has evolved into an integrated energy giant.
The keynote speaker and co-founder of Sahara Group, Tope Shonubi, said humility is the greatest asset any entrepreneur should ever have. He noted that entrepreneurship is not only about running successful businesses but also involves creating opportunities for others to climb the entrepreneur ladder. Shonubi further said entrepreneurs must continually update their knowledge, embrace agility, and stay relevant in the marketplace.
Also speaking, the Executive Chairman of AA Holdings Group, Austin Avuru, outlined the limits of private philanthropy in isolation. Avuru emphasized that while private grants offer vital short-term runways for start-ups, long-term economic growth requires the government to actively support business activities. He stated that a responsible government must act as the 'oxygen' for entrepreneurship by providing reliable national security, simplifying business regulations, and maintaining stable monetary policies.
