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Zakat Foundation Gives Grants To Support Business Owners To Eradicate Poverty

As part of efforts to eradicate poverty, Zakat and Sadaqat Foundation yearly Business Plan Competition has empowered another 20 business owners with grants to support their businesses. Speaking during the 8th entrepreneurship development project, award, and prize giving ceremony, the Director/CEO, Zakat and Sadaqat Foundation, Prince Sulayman Olagunju, said the known business plan competition (BPC) is a unique window of opportunity for the youths to get grants to either kick start their businesses or to expand their existing businesses.

“It may interest you to know that this is the 8th edition of the project since its inception in the year 2015. We have been consistent in supporting, creating, and managing small-scale businesses for the past nine years across the length and breadth of our dear country, Nigeria. Undoubtedly.” He said the BPC interventions have been impactful on the youths and the larger society. He disclosed that the total number of direct beneficiaries on this intervention from the commencement to date is 168, while indirect beneficiaries stand at 1,165, with a total sum of over N90 million expended including administrative expenses.

Olagunju added that the online training on entrepreneurship development was another innovation introduced this year and it was highly appreciated as more applicants participated and benefited maximally from it. He urged the winners to emulate the habits of hard work and generosity as displayed by most past winners. He noted that many of them are doing well in their businesses. Interestingly, some of them have been paying back both in kind and cash, as a matter of facts and figures, some of them are here today to share their success stories.

He commended the MD/CEO, Noor Takaful Insurance Limited, Mr. Rilwan Sunmonu, who graciously accepted the invitation to chair the occasion despite his busy schedule. Speaking, Sunmonu said the Business Plan Competition represents a beacon of hope and opportunity for countless youths who possess the passion and vision to launch successful businesses. “These talented individuals are equipped with the ideas and determination to flourish in the business world, yet often find themselves constrained by financial limitations. The BPC was created to address this very issue and provide a platform for these aspiring entrepreneurs to turn their dreams into reality.

“The BPC not only empowers our young entrepreneurs but also aligns with the principles of Islamic finance and the spirit of community support that Noor Takaful Insurance Limited holds dear,” he said. He applauded and extended heartfelt gratitude to the organizers, men- tors, and judges who have been instrumental in guiding and evaluating the budding entrepreneurs. Star Prize Winners, Director, Al- Arqam Schools of Arabic and Islamic Studies, Habeeb Aderemi Adepoju, commended the organisation, its team, trainers, mentors, and donors for keeping hope and the banner of the Islamic social empowerment packages alive.

“This is not a cut of the Nigerian national cake that must be uncontrollably lavished, nor is it a promo or a betting reward from which blessings have been outrightly famished. It is indeed a social investment package meant to raise more social entrepreneurship investors. It is both a test and a trust. I will use this grant to procure major facilities needed to facelift my Arabic school,” he said.

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