FirstBank, in collaboration with Junior Achievement Nigeria (JAN), has announced the winners of the 2024 National Company of the Year (NCOY) competition.
The event, which took place on Friday in Lekki, Lagos, brought together 12 schools representing various states, who were finalists from an earlier round of competition.
FirstBank Managing Director, Olusegun Alebiosu, speaking at the event celebrated a significant milestone, revealing that with the announcement of the 2024 winners, the initiative has produced 1.5 million student entrepreneurs.
Alebiosu, represented by the General Counsel of the bank, Raymond Mgbeokwere, noted that this year’s edition also marked the 25th anniversary of the competition, which began in 1999.
He highlighted the purpose of the program as a means to inculcate entrepreneurship knowledge and practice among senior secondary school students.
The competition, he explained, would help participants understand business organisation and operations, as well as how to apply innovative solutions to real-world challenges.
“This is why FirstBank, for the past 10 years, has been fully committed in its partnership with JAN and sponsorship of the National Company of the Year competition,” Alebiosu stated.
The FirstBank boss also emphasized how the initiative aligns with the bank’s FutureFirst Initiative, a programme designed to promote financial literacy and career counselling among Nigerian youth.
Through this initiative, over 1.5 million students from 2,500 schools have been positively impacted.
Alebiosu praised the innovations presented at the competition, noting that the theme for the 2024 edition, “Greenovation,” encouraged students to develop innovative solutions for environmental challenges.
He stressed the importance of sustainability and urged for collaboration in tackling environmental issues such as pollution and waste disposal through recycling and upcycling.
“The various innovations showcased today reveal that there is hope for Africa,” Alebiosu added.
Darun Noor Intercontinental School, Kano, emerged as the overall winner of the 2024 competition with their company, Smart Sprout Solutions, which invented a Smart Sprinkler for farmers.
The school received a cash prize of N500,000 from FirstBank and will represent Nigeria at an upcoming African competition in Mauritius.
In second place, Innovative Heritage School, Nasarawa, earned recognition for their company, De-Amazons, which created organic marker ink from coconut shells, charcoal, and used engine oil.
Ibesikpo Secondary Commercial School, Akwa Ibom, placed third with their company, Green Cycle, which produced fashionable bags from recycled plantain stems.
The event also featured several special awards, including Best Female Leadership, CEO of the Year, Best Corporate Social Responsibility (CSR), and the Public Choice Award.
Olaolu Akogun, Senior Programmes Manager at JAN, explained that the businesses presented by the students were carefully assessed based on their ideas, financial reports, presentations, and exhibitions before winners were selected.
He also noted the long-term impact of the programme, which has equipped over 1.5 million young Nigerians with entrepreneurial skills.
“We’ve raised 1.5 million young people that have what it takes to own their economic future,” Akogun added.
