Wema Bank has set the stage for a landmark event in Nigeria's tech ecosystem by unveiling a staggering N120 million prize pool for the grand finale of its Hackaholics 6.0 competition. This announcement comes on the heels of intense regional pitch sessions that saw 1,460 participants compete across seven Nigerian cities, culminating in the selection of 35 finalist teams.
Breaking Down the Multi-Million Naira Prize Structure
The bank's Managing Director and Chief Executive Officer, Moruf Oseni, detailed how the N120 million will be distributed across several winning categories. In the Ideathon track, the first-place team will take home N25 million, followed by N20 million for the first runner-up and N15 million for the second runner-up.
For the Hackathon category, rewards are equally impressive. The top four teams will receive N20 million, N15 million, N10 million, and N5 million respectively. Demonstrating a firm commitment to gender inclusion in tech, Wema Bank has also earmarked special prizes. Two women-led innovations, one from each competition vertical, will be awarded ₦5 million each.
The Road to Lagos: Regional Pitch Battles and Finalist Selection
The journey to the finale was rigorous. The 35 finalist teams emerged from a highly competitive regional pitch cycle that received over a thousand applications. The action unfolded across eight pitch centres located in universities and academies nationwide:
- Ahmadu Bello University (ABU Zaria)
- Federal University of Technology Akure (FUTA)
- Lagos State University (LASU)
- University of Uyo (UniUyo)
- Babcock University
- University of Ibadan (UI)
- Veritas University Abuja
- Purple Academy Lagos
At each centre, participants benefited from industry-led masterclasses, hands-on mentorship, and structured pitch development sessions. Their final presentations were judged by experts, leading to the selection of 17 Ideathon teams, 12 Hackathon teams, and six women-led teams. These finalists are tackling critical challenges in areas like fraud detection, customer experience, credit management, and social impact.
Voices from the Finalists: Vision, Perseverance, and Gratitude
The finalists have expressed overwhelming excitement about advancing to the national stage in Lagos. Medugu Wali, team leader of Tensor, the Hackathon winner from Veritas University, explained their motivation. Their project, 'Wallet Padi', was built to improve how Nigerians manage their finances. Wali sees advancing to the pre-finale as a major step toward realizing that vision and appreciates Wema Bank for the platform.
The story of Akobundu Gift, from Babcock University's winning Ideathon team, is one of resilience. Having attempted the Hackaholics challenge in 2023 without winning, his enthusiasm is now greater. His startup, 'Chao', began as a small campus food-delivery idea and has grown significantly. Reaching the finals again, he says, reflects their evolution, and he is grateful for the opportunity.
Ogunlana Tosin, founder of the women-led project Eutopia.ai from Veritas University, shared a powerful lesson in perseverance. After not succeeding at Babcock, her team used the feedback to refine their solution and tried again. Their victory at Veritas showed her what's possible when one refuses to give up. She extended special gratitude to Wema Bank for championing women's empowerment through initiatives like SARA and supporting women-led innovation.
Hackaholics: A Growing Legacy of Empowering Nigerian Youth
Since its launch in 2019, Hackaholics has solidified its position as one of Nigeria's most influential youth innovation platforms. The initiative has attracted over 12,000 applicants from 15 schools and has disbursed more than $300,000 in funding and support. Notably, between 2023 and 2024, the bank awarded ₦75 million specifically to women-led teams.
Wema Bank's commitment extends beyond the competition. With the launch of the Hackaholics Accelerator and Collective Program earlier this year, the bank now provides ongoing support to early-stage founders, ensuring their ideas have a lasting impact.
The Hackaholics 6.0 Grand Finale in Lagos promises to be a convergence of Nigeria's brightest tech minds. The event will gather industry leaders, policymakers, investors, and technology experts for live pitches, product showcases, and the unveiling of the country's next generation of transformative founders.
