•… Inaugurates Entrepreneurship Alumni for social network
•…. We’ve disbursed N100m to 189 entrepreneurs in eight years: Executive Director
Among the beneficiaries were ten star prize winners who went home with N1 million each. 10 others emerged runners-up, and were awarded 200,000 naira each.
At the recently concluded Business Plan Competition 2024, organized by the Zakat and Sadaqat Foundation, more than 20 young entrepreneurs were celebrated and awarded business grants. This initiative seeks to foster innovation and entrepreneurship among youths, empowering them to transform their business ideas into reality. Through this competition, the foundation continues to contribute significantly to the economic growth and self-reliance of aspiring business owners.
On Thursday, August 29th, a prestigious business proposal competition was held at the Westwood Hotel in Ikoyi, Lagos. The event brought together a diverse group of innovative minds, all vying for recognition and the opportunity to present their groundbreaking business ideas. Applicants showcased their proposals and defended their concepts before a panel of judges, aiming to demonstrate the viability and impact of their business solutions. The competition fostered an atmosphere of intellectual challenge and entrepreneurial spirit, marking a significant event in the Lagos business community.
Ten lucky winners celebrated big as they each received the coveted grand prize of 1 million naira. In addition, ten runners-up were awarded 200,000 naira each, marking a day of extraordinary rewards and excitement for all the beneficiaries
In its ninth edition, the competition saw an impressive turnout, with over 800 participants vying for top honors. This strong engagement highlights the growing popularity and prestige of the event.
At the recent disbursement ceremony, Prince Sulaiman Olagunju, Executive Director of the Zakat and Sadaqat Foundation, announced that over the past eight years, the foundation has allocated a total of 100 million naira to support 189 young entrepreneurs. This funding is part of a competitive program aimed at fostering innovation and entrepreneurship among youth, reflecting the foundation’s commitment to uplifting aspiring business leaders and driving economic growth through empowerment initiatives.
He said one of their goals at Z&S Foundation is to help young people grow in their various businesses.
He charged the beneficiaries to put the grant to good use, noting it is a trust that must serve its original purpose.
The event also witnessed the inauguration of the ZSF Entrepreneurship Alumni, which is a network of past and present winners of the business plan competition.
Prince Olagunju said the alumni represents the story of transformation, adding they serve as inspiration to other young people.
“When we launched this programme, our goal was clear: to nurture and support the boundless potential of our youths by providing them with the resources, guidance, and mentorship needed to turn their creative ideas into successful enterprises. The foundation of this mission lies in the principles of Zakat and Sadaqah—pillars that embody the spirit of giving, community upliftment, and social justice.
“Today, as we reflect on the incredible outcomes of these efforts, we see the power of creativity, innovation, and determination. Each of you, our esteemed alumni, represents a story of transformation—a journey from a mere idea to a flourishing business, from uncertainty to confidence, and from dreams to reality.
“Your success stories are the true measure of our programme’s impact, and they serve as an inspiration to other young people who aspire to embark on a similar path.”
The Executive Director also expressed gratitude to donors and supporters of the Foundation, noting their contributions have been instrumental in turning creative ideas into thriving businesses.
“Your generosity has laid the foundation for a brighter and more prosperous future for our youth, and we are committed to ensuring that your trust in us continues to yield positive outcomes,” he added.
“As we look to the future, let us be reminded that our work is far from complete. There are still many young minds with brilliant ideas waiting to be nurtured and supported. Let this gathering serve as a renewed commitment to our mission—to continue empowering our youths, to foster innovation, and to create a legacy of sustainable growth and development.”
For his part, Chairman of the Technical Team for the 2024 Business Plan Competition, Alhaji Rasak Agboola, congratulated the winners, while also charging them on the spirit of giving back to the society.
He said the business support awarded by Z&S Foundation is a grant, but beneficiaries are expected to pay back in some indirect ways.
“Although you have been given a grant, but definitely you are going to pay back indirectly in the following ways:
“By creating massive wealth from your seed and growth capitals. By creating jobs for Nigerians, especially Muslims. By paying Zakat and Sadaqat to ZSF and other charity bodies when you grow in leap. By being an active supporter of corporate social responsibility initiatives (as a sponsor) in your operating environment. By contributing to economic growth and development of our dear country (Nigeria) through your production activities and services.”
He highlighted financial discipline, critical thinking and creating smart goals as some of the qualities that will assist them in succeeding at their businesses.
Top economic analyst, Dr. Muda Yusuf, described the Business Plan Competition as a laudable project, especially in light of the frightening level of youth unemployment in the country.
He said the initiative will unleash the resourcefulness and creativity in the young population.
“I must commend the initiative and vision of the Foundation in conceptualizing this project. The reality is that the Nigerian economy is going through a major transformation. The economic landscape is changing and becoming increasingly dynamic. The days of readily available paid employment for young people is fast becoming a thing of the past. Quality paid employment is more difficult to find.
“Searching for employment these days can be extremely frustrating, which is why it is important for our youths to begin very early in life to develop entrepreneurial mindset. They should be more introspective to identify their talents, their strengths, passion and other attributes they could leverage to create value and earn income.
“This disposition is beyond academic qualifications. This is not to diminish the value of certificates, but self-discovery is very critical for success in life. This Business Plan Competition resonates very well with this school of thought. It would unlock the resourcefulness and creativity in the beneficiaries.”
Dr. Yusuf, who served as chairman of the event, congratulated the winners of the competition, just as he charged them to become worthy role models in leveraging entrepreneurship for value and wealth creation.
In his own remarks, Dr Abdullah Shuaib, a director on the board of Jaiz Takaful Insurance Limited, advised Nigerian youths to contribute their quota to the revamp of the country’s economy.
He said young people have the population, and should refocus their energy on the reconstruction of the country.
“I congratulate the winners as well as the runners-up for being chosen as the best, especially during this hard time that things are very difficult and tough with so many people. I rejoice with them because they are able to navigate the rough waters and they were able to swim to the shore of the sea successfully. It is going to be a very big leap for them to have economic breakthrough,” he added.
Tajudeen Olushesi, who is the coordinator of the ZSF entrepreneurship alumni, rejoiced with the winners, saying that the alumni were created for networking, training and mentorship.
According to him, “I’ve been a beneficiary since 2018. I was a winner that year. I was trying to leave my job to go into entrepreneurship. I have my own business and that was when I came across the programme. I applied and fortunately for me, I was able to win and I have my business running now. The story of my journey to entrepreneurship can’t be complete without this great project.
“For the new entrepreneurs, they need to be very patient. What this program does is attach each entrepreneur to a mentor. So they should be patient to follow up with their mentors and follow all the rules, regulations, and training and make sure that the funds they’re given are used for the purpose that it is made for.”
One of the star prize winners, Hikmah Olatunji, said the grant will contribute to the growth of her business, especially in terms of revenue and visibility.
A 400-level student from Ladoke Akintola University of Technology (LAUTECH) has turned her passion for entrepreneurship into a promising venture. Specializing in selling underwear, she aims to expand her business and become a key distributor within the next year. Her vision is fueled by ambition, determination, and a clear focus on dominating the market in her niche, positioning herself as a rising figure in the retail sector.
“I appreciate every member of the Zakat and Sadaqat Foundation for the grant. May Almighty Allah never leave everyone of you to your affairs. May ZSF continue to grow in leaps and bounds,” she said.
