* Commits over N111m to business plan competition winners in 11 years
One of Nigeria’s leading Zakat agencies, the Zakat and Sadaqat Foundation (ZSF) has disbursed ₦9.4 million to young entrepreneurs under the 11th edition of its Entrepreneurship Development Project (EDP), bringing the total amount disbursed through the business plan competition over 11 editions to ₦111.85 million.
The latest intervention was announced on Wednesday, August 12, at the 11th EDP Award/Prize-Giving Ceremony held at Lagos Airport Hotel, Ikeja, Lagos, to commemorate International Youth Day.
Muslim News gathered that the disbursement coincided with International Youth Day, observed globally on August 12 to draw attention to issues affecting young people and celebrate their potential as important partners in global development.
The programme, themed “Empowering Youth Through Entrepreneurship for Sustainable Development,” is aimed at supporting young Nigerians with viable business ideas and existing enterprises through funding, entrepreneurship training and mentorship.
Speaking at the ceremony, the Executive Director/CEO of the Foundation, Prince Sulayman Olagunju, said the ₦9.4 million disbursed in the 11th edition brought the cumulative funding under the EDP to ₦111.85 million, benefiting 223 entrepreneurs since the programme began.
The Foundation’s breakdown showed that 98 star winners had received ₦92.75 million, while 125 runners-up received ₦20.1 million, bringing the cumulative number of beneficiaries to 223 and total disbursement to ₦111.85 million.
Prince Olagunju said the programme demonstrated the Foundation’s commitment to using Zakat and Sadaqah as instruments of economic empowerment, poverty alleviation and sustainable livelihood creation.
He said the EDP was designed not merely to provide financial assistance but to equip beneficiaries with the skills, mentorship and resources required to establish or expand sustainable businesses.
Prince Olagunju expressed appreciation to the Foundation’s donors, development partners, facilitators, mentors and volunteers for their contributions to the success of the programme.
‘Zakat should move recipients from dependence to independence’
The Chairman of the Board of Directors of the Foundation, Prof. Tajudeen Yusuf, said the entrepreneurship programme reflected the organisation’s conviction that sustainable poverty reduction required more than giving people money to meet immediate needs.
Prof. Yusuf said the Foundation wanted beneficiaries to create value, earn with dignity, employ others and contribute meaningfully to society.
“Today is more than a ceremony for presenting cheques or transferring funds. It is a ceremony of hope, empowerment and transformation,” he said.
He explained that the proper administration of Zakat could restore dignity, reduce vulnerability and create pathways towards economic independence.
“Our aspiration at the Zakat and Sadaqah Foundation is therefore not simply to keep giving assistance to the same people year after year. Our greater success is achieved when yesterday’s recipient becomes economically independent, and, by the grace of Allah, becomes tomorrow’s giver of Zakat,” Yusuf said.
The Chairman noted that Nigeria had a large population of talented and innovative young people, many of whom possessed viable business ideas but lacked access to capital, mentorship and opportunities.
He said a well-targeted grant could make the difference between an abandoned business idea and a thriving enterprise.
Yusuf urged the beneficiaries to regard the grants as an Amānah, or trust, and to use the funds strictly for the purposes for which they were awarded.
He warned them against diverting the money to personal expenses, ceremonies or unnecessary consumption, while urging them to maintain proper records, separate business funds from personal finances and conduct their businesses honestly.
“Treat your customers honestly. Give value for money. Avoid fraud, deception and exploitation. Be disciplined with your cash flow and reinvest wisely in your business,” he said.
Zakat Foundation receives over 1,600 applications for EDP
The Lead Consultant for the 2026 EDP, Mr. Abdulwasiu Ayoola, said more than 1,600 applications were received for this year’s competition, representing an increase from about 1,400 applications recorded in the previous edition.
Mr. Ayoola, who is also affiliated with Yaba College of Technology, said applicants were first given free entrepreneurship training before those interested in funding proceeded to the next stage.
He said more than 400 participants applied for funding after the training, with the applications subsequently screened down to about 200.
The remaining applicants were assessed using established criteria and independent assessors before 15 finalists emerged.
He said the finalists participated in an oral interview in the last week of June before proceeding to the grand finale.
According to Mr. Ayoola, the finalists were divided into two categories: the Idea Track, for entrepreneurs at the early stage of developing their business concepts, and the Growth Track, for existing businesses seeking funding to expand.
He said the programme would continue after the award ceremony with mentoring and monitoring.
Trustlub Fluid urges entrepreneurs to embrace integrity
The Chairman of the 11th Annual Business Plan Competition and Managing Director/CEO of Trustlub Fluid Resources Limited, Alhaji AbdulGaffar Akolawole Babatunde, commended the Zakat and Sadaqat Foundation for its sustained commitment to empowering young entrepreneurs.
Alhaji Babatunde, who was represented at the ceremony by Alhaji Isiaka Kadiri, Executive Director, Finance, Trustlub Fluid Resources Limited, said the competition was helping to identify and nurture a new generation of ethical business leaders through mentorship, capacity building and financial support.
He congratulated the participants for their courage, creativity and determination, while urging the winners to see their recognition as the beginning of a greater entrepreneurial journey.
“Let integrity, honesty, and excellence guide your businesses, as lasting success is built on trust and strong values,” he said.
Alhaji Babatunde encouraged the young entrepreneurs to embrace innovation, maintain discipline and continue learning as they develop their businesses.
He said challenges were inevitable in entrepreneurship but could also provide opportunities for growth and improvement.
He urged the beneficiaries to build businesses capable of solving problems, creating jobs, reducing poverty and improving people’s lives.
“True success is measured not only by profit, but by the positive impact you have on your community and society,” he said.
The Trustlub Fluid chief executive also commended the judges, mentors, sponsors and partners for their contributions to the competition, saying their support was helping to shape the next generation of entrepreneurs and business leaders.
Al-Barakah promises additional support
The Managing Director/CEO of Al-Barakah Microfinance Bank, Rasak Agboola, said his organisation had partnered with the Foundation on the entrepreneurship programme for nearly five years as part of its corporate social responsibility.
Alhaji Agboola said the partnership was motivated by the desire to give young Nigerians opportunities to develop themselves and build sustainable businesses.
“Our motivation is to do our own part, particularly through our CSR, to join them in ensuring that Nigerian youths have the opportunity to improve themselves, particularly in the business aspect,” he said.
He described entrepreneurship and small and medium-sized enterprises as important drivers of economic growth and poverty reduction because of their capacity to create employment.
The MD of one leading microfianance said Nigeria needed to encourage young people to become employers of labour instead of relying excessively on white-collar jobs.
He identified two business ideas presented during the competition as particularly impressive and pledged to support the entrepreneurs with microcredit financing if they required additional funding.
He, however, advised the beneficiaries to use the grants strictly for their businesses and avoid personal withdrawals.
Beneficiary develops menstrual health product
One of the beneficiaries, Akande Rahman Temitope, emerged as runner-up in the Idea Track and received ₦200,000 to support the development of her business, Itura Care.
Itura Care is developing a proprietary product intended to help women manage menstrual cramps, medically known as dysmenorrhoea.
Temitope said the business was still at the development stage and that the prize money would help with formulation and testing.
“My business is more of still in an idea stage. We are still in the development stage, so that’s why I’m in the Idea Track,” she said.
She said she learnt about the Foundation’s competition through a friend who won two years ago and decided to apply after developing her own business idea.
Temitope said the immediate plan was to produce a test batch and conduct appropriate testing before launching the product.
She said the broader objective was to address the impact of menstrual cramps on women’s daily and economic activities.
“The point of my idea is to help close the gap in terms of women’s economic contribution,” she said.
The Foundation said the EDP would continue to combine financial support with training, mentoring and monitoring to improve the sustainability of beneficiaries’ businesses.
It said its long-term vision remained to transform beneficiaries from recipients of Zakat and Sadaqah into economically independent entrepreneurs, employers of labour and, ultimately, contributors to the same cycle of empowerment.
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