FATE Foundation, a leading business incubator and accelerator program in Nigeria, has awarded a total of 70 million Naira to 70 of its alumni entrepreneurs. This special initiative, called the FATE Platinum Jubilee Grant, was created to honor the 70th birthday of the foundation’s Founder and Chairman, Mr. Fola Adeola. The grant is a way to celebrate his commitment to supporting Nigerian entrepreneurs and promoting business growth across the country.
Earlier this year, the foundation opened up applications for the grant, which attracted over 200 entries from across Nigeria. After a thorough review process, 70 entrepreneurs were selected based on criteria such as having a proven business concept, positive cash flow, visible business growth, strong organizational structure, and the ability to employ and retain staff. The chosen entrepreneurs represent a wide range of sectors including Agribusiness, Healthcare, Education, Technology, Real Estate, and Waste Management.
Adenike Adeyemi, Executive Director of FATE Foundation, highlighted the significance of this grant, stating, “This initiative is a fitting tribute to our founder’s legacy, who has dedicated his life to nurturing entrepreneurs, promoting businesses, and contributing to the economic development of Nigeria. We believe that by supporting these entrepreneurs, we are investing in the future of Nigeria’s economy and creating a ripple effect of positive change.”
The grant recipients include a diverse group of entrepreneurs such as Doowuese Kwaghgba of Crestycrisp Foods, Idris Olayemi of Babtech Computers, Jane Frances Ighosewe of Something Lite, Francis Obanijesu of The Lightning Artz, Oladolapo Quadri of Lightup Naija Projects Limited, Olawale Taiwo of Cakes By Whales, and many others. Each of these entrepreneurs received a grant of 1 million Naira to support and grow their businesses.
Bolaji Agbede, Director and Chairperson of FATE Foundation’s Governance Committee, expressed pride in the foundation’s ongoing efforts to empower Nigerian entrepreneurs. She stated, “I am proud to see FATE Foundation’s commitment to empowering entrepreneurs come to fruition again through this grant initiative. By investing in these 70 entrepreneurs, we are not only celebrating our founder’s 70th birthday but also igniting a chain reaction of innovation, job creation, and economic growth that will resonate across Nigeria’s entrepreneurial ecosystem for years to come. And we know that this is dear to the heart of our chairman.”
FATE Foundation, founded in 2000 by Fola Adeola, has long been recognized as Nigeria’s foremost business incubator and accelerator. The foundation’s mission is to harness the strong entrepreneurial spirit of Nigerians by providing aspiring entrepreneurs with the necessary tools, support, and guidance to start, grow, and scale their businesses. Through initiatives like the Platinum Jubilee Grant, FATE Foundation continues to make a significant impact on Nigeria’s entrepreneurial landscape, helping to foster economic development and innovation.
As these 70 entrepreneurs continue to build and expand their businesses with the support of the FATE Platinum Jubilee Grant, they are expected to contribute significantly to job creation, economic growth, and the overall development of Nigeria’s business ecosystem. The foundation’s ongoing commitment to entrepreneurship and business development remains a powerful force for positive change in the country.
