First Bank of Nigeria Limited (FirstBank) has reaffirmed its commitment to promoting women entrepreneurship with the launch of the Spark A Gem Challenge, awarding N10 million in grants to outstanding women-owned businesses.
The bank disclosed this in a statement issued on Sunday in Lagos, describing the initiative as a flagship programme under its Women Preneur Pitch-A-Ton initiative and FirstGem proposition.
According to the statement, the programme is designed to equip women entrepreneurs with business training, mentorship, networking opportunities, and funding support to help scale their enterprises.
FirstBank said the challenge attracted 356 applications from women-owned businesses operating across sectors including agriculture, education, healthcare, food services, and other areas of the economy.
Following a rigorous selection process, eight finalists participated in a four-day capacity-building programme before presenting their business ideas to an independent panel of judges.
At the end of the competition, Mrs. Onyinye Obayi, founder of Honeypot Confections Limited, emerged as the overall winner and received a N5 million grant.
The first and second runners-up were awarded N3 million and N2 million, respectively, bringing the total grant disbursed under the challenge to N10 million.
The bank added that all applicants have been integrated into its FirstGem ecosystem, giving them access to banking services, business advisory support, and future credit opportunities.
Speaking on the initiative, the Group Executive for e-Business and Retail Products at FirstBank, Chuma Ezirim, said the programme reflects the bank’s commitment to supporting women entrepreneurs beyond financial assistance.
“When women thrive, economies thrive. Women entrepreneurs play a critical role in driving economic growth, job creation, and community development.
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“Spark A Gem was deliberately designed to identify promising women-led businesses, strengthen their financial and business capabilities, and support their long-term growth,” he said.
Ezirim noted that access to finance alone is not enough for business success, stressing that women entrepreneurs achieve better outcomes when funding is complemented with mentorship, financial literacy, and strong business networks.
He added that the challenge was created to improve business readiness, accelerate enterprise growth, and promote sustainable businesses.
According to him, the initiative aligns with FirstBank’s vision of advancing women’s economic empowerment, deepening financial inclusion, and fostering inclusive economic growth across Nigeria.
