FirstBank in partnership with Junior Achievement Nigeria (JAN), a non-profit organisation has produced new winners in its 2024 National Company of the Year (NCOY) competition.

The 2024 competition held in Lekki, Lagos on Friday comprised of 12 schools representing different states, who were finalists from an earlier contest, locking horns.

Speaking at the event, First Bank Managing Director, Olusegun Alebiosu, said that with the announcement of the 2024 winners, they had achieved a new milestone of producing 1.

Alebiosu said that the 2024 NCOY edition marked its 25th anniversary, having started the programme in 1999 and metamorphosing through various phases.

He said that the programme was part of efforts by the two organisations to inculcate entrepreneurship knowledge and practice among senior secondary school students.

The First Bank boss explained that the competition would help the students understand business organisation and operation.

He explained the importance of the bank’s sponsorship of the programme, while commending JAN’s consistency in nurturing young creative minds to drive national development.

Alebiosu, who was represented by the General Counsel of the bank, Raymond Mgbeokwere, said the competitions bridged the gap between the classroom and the larger world, while also commending the finalists.

He said the programme aligned with FirstBank’s FutureFirst Initiative, which was its financial literacy and career counselling programme, established to promote financial inclusion amongst the youth.

“This is why FirstBank, since the past 10 years, has been fully committed in its partnership with JAN, and sponsorship of the National Company of the Year competition.

“More than 1,500,000 young Nigerians in over 2,500 schools have been impacted through the Bank’s FutureFirst initiative, providing financial literacy, entrepreneurship and career counselling to students.

“We have also continued to strategically drive sustainability practices through our commitment to these innovative programmes organised by JAN,” he said.

Alebiosu added that the various innovations showcased at the competition revealed that there was hope for Africa.

He noted further that the 2024 theme – “Greenovation” showcased innovative solutions for environmental challenges in various sectors.

Alebiosu emphasised the importance of sustainability and the need for collaboration to tackle pollution, waste disposal and environmental infractions through recycling or upcycling.

Olaolu Akogun, Senior Programmes Manager, JAN, said the team of judges were carefully chosen from different fields to assess the businesses of participants.

He said that the businesses were assessed in terms of ideas, financial reports, presentations and exhibitions before winners were picked.

Akogun enumerated the benefits of the entrepreneurship programme in helping the students run real brands, marketing strategies and other factors required for an ideal company’s operations.

“So, what I would say instead is that we’ve raised 1.5 million young people that have what it takes to own their economic future,” he said.

The JAN manager gave examples of notable Nigerians running successful conglomerates who started with JAN and currently form part of its alumni body.

Report says that all the schools took turns to make presentations and answer questions before proceeding for exhibition and demonstration of their inventions.

Darun Noor Intercontinental School, Kano, whose company name was Smart Sprout Solutions, emerged overall winner of the 2024 NCOY competition for their invention of a Smart Sprinkler for farmers.

The school went away with First Bank’s cash reward of N500,000.00 and also qualified to represent Nigeria in Mauritius in an upcoming African competition.

The second prize went to Innovative Heritage School, Nasarawa, owners of De-Amazons, for producing organic marker ink from coconut shells, charcoal and used engine oil.

Ibesikpo Secondary Commercial School, Akwa Ibom, owners of Green Cycle, came third place for producing fashionable bags from recycled plantain stems.

Other awards won include best female leadership, CEO of the year, best Corporate Social Responsibility (CSR) and Public Choice. (NAN)