Improving Economy: EME Foundation Invests N55million on Young Entrepreneurs in Imo
Blessing Ibunge writes that to cushion economy hardship and positively impact in the lives of young people in the society, a non profitable organisation, Eze Mitchell Egbukole Foundation splashed N55million on youths of Imo State, encouraging the drive for entrepreneurship in the state
The Eze Mitchell Egbukole Foundation, a non governmental organisation, on Monday July 8, 2024, lit up the city of Owerri in Imo State with its strategic way of economically improving the lives of the people of the area. A prominent stool in the area, known for their philanthropic deeds, has again touched the lives of young people, whose lives could have been distracted by the vices in the society, hence the intervention.
Established in 2019, by the Royal family in memorial of their father, HRH Eze Mitchell Ezesomaga Egbukole (Ochoronma IV of Egbu Autonomous community), the aim of EME foundation is to support youth entrepreneurship in Nigeria, with its initial focus on youths in Imo state. This has also encouraged rural development over urban migration, brought positive transformation to the lives of so many youths in the areas of financial empowerment, social responsibility, skills acquisition and self-development, just as some of the beneficiaries testified during the event.
The event held at the palace of the Egbu kingdom in Owerri attracted so many dignitaries including government officials, politicians, traditional rulers from other communities in the state, women, youths, religious leaders and sundry, who showered praises on the foundation for their years of tackling issues of insecurity, poverty, others through the programme which they noted have positively affected lives of so many young people in the state.
History of the Foundation and Motive for Establishment
The founder of EME Foundation, a philanthropist and of the sons of late Eze Mitchell Ezesomaga Egbukole, Prince Ikenna Egbukole, who noted how significant the event is to him and his family members, said it was established to honour his late father, a visionary leader who believed deeply in the power of education and entrepreneurship to transform lives and communities.
Ikenna revealed that the scheme was first established in 2019, to commemorate the 20th anniversary of his passing of their father, with the initial focused on Egbu Autonomous community, awarding one million naira each to five promising young entrepreneurs and 300,000 naira each to three others, totaling N5.9 million.
According to him, “Today, five years later, we gather to celebrate the tremendous growth of our initiative. This second edition of the scheme has expanded its reach to include 48 communities across Owerri North, Owerri West, and Owerri Municipal local governments.
“We have also increased our funding almost tenfold to 54.5 million naira, demonstrating our commitment to supporting entrepreneurship on a broader scale”.
He explained that the response to this year’s program has been overwhelming, with recipient of 1,130 applications from ambitious young people across the 48 communities. “While we wish we could support every applicant, our resources allowed us to fund only a select number. Our selection process was rigorous and impartial”.
He also revealed that the foundation engaged an independent Canadian Company “Dgytal” to evaluate applications based on criteria including business knowledge, marketing strategy, customer understanding, business viability, scalability, and proposed use of funds.
Ikenna congratulated the 50 main awardees who received rone million naira each, saying that they emerged successfully from a highly competitive process with a 5 percent success rate. “This means that out of every 20 applicants, only one has made it to this stage”.
He further explained that “Initially, we earmarked 50 million naira for 50 applicants, however, during the application process, we identified some applicants who showed exceptional need or are overcoming significant challenges in pursuit of their entrepreneurial dreams. To encourage them, we created a compassionate category, awarding 500,000 naira each to nine individuals.
“I am pleased to share that our support extends beyond financial assistance. Before the disbursement of funds, all awardees participated in a comprehensive two-day training program which covered essential aspects of
business management, including marketing, strategy, customer service, and financial management. They also had the opportunity to learn from successful business owners who have graciously offered their ongoing
support”.
To the awardees, he said “This grant is a vote of confidence in your potential to drive positive change in your communities. Use these resources wisely, conduct your businesses ethically, and always seek opportunities to grow and innovate”.
The founder however, expressed his gratitude to our foundation trustees, expressed that their selfless contributions and unwavering commitment to the foundation’s progress made the day possible.
To those who did not receive a grant, he said “Your entrepreneurial spirit is commendable. I encourage you to persist in your endeavors. The very act of applying and presenting your ideas is a valuable experience that will serve you well in future opportunities”.
Commendations to the Founders
A retired Naval Officer, Rear Adm. Sunday Lawal Baje (Rtd), who is the
Director-General EME Foundation, in his address at the event, described the late king of Egbu, Eze Mitchell Ezesomaga Egbukole, as a great Nigerian patriot, noting that what stands out is the legacy of a good man with a good name and the importance of instilling family values that transcends generations.
Rear Admiral Baje recalled that the late king played a significant role in nation building, economic and social development and promotion of entrepreneurship.
“He worked in the Ministry of Commerce and Industry where he retired as the Chief Industrial Promotions Officer, after acting as the Permanent Secretary and as the Director- General in the Ministry of Commerce and Industry in Imo state. He was a distinguished alumnus of the prestigious University of Nigeria, Nsukka.
“As a traditional ruler, he (Eze Mitchell Ezesomaga Egbukole) was a visionary and unifier of the good people of Egbu community. He was a man of courage, character, commitment and compassion. This is evident as the seeds he planted are bearing fruit 25 years after, in the lives of these 59 beneficiaries. Out of which 50 beneficiaries will each receive One million Naira and 9 beneficiaries will each receive N500,000 as Seed Capital to start or expand their existing business”.
Baje who noted that the recent statistics report, revealed that 75 percent of the Nigerian population are within ages of 15 to 35 years, stressed that the implications of not educating, training, upskilling and empowering the youths are grave.
He said the youth entrepreneurship program is relevant now more than ever as the youths needs support in this difficult time of moral decadence, economic hardship, unemployment and underemployment.
“The exponential increase in sundry crimes such as Boko Haram terrorism, banditry, kidnapping for ransom, ritual practices and political thuggery over the decades have been traced to the spiralling waves of youth unemployment. With the funds being provided to the youth, the spin-off effects include job creation, innovation, productivity and reduction in crimes and criminality.
Urging the beneficiaries to be good ambassador of your families, the retired senior navy officer said “It is time to think outside the box-to add value to your ongoing businesses and take them to a higher level, as the subject of today’s celebration has done for Egbu community”.
In a joyful and fulfilled mood, the paramount ruler of Egbu community, HRM Eze Uchenna Mitchell Egbukole, said “today marks 25 years of the demise of my late father, Eze Mitchell Ezesomaga Egbukole. We came together and agreed to set up this foundation. And to the glory of God we have gotten this far. It is actually given back to the society for the blessing that God has given to us”.
He asserted that his mother taught them to touch the lives of people around, hence what the foundation stands for.
The monarch further stated that nobody influenced their selections, not even the founder, noting that a consultant in Canada interviewed all participants and confirmed them all qualified for the benefit.
To the beneficiaries, he said “I want in the next few years, the beneficiaries should come out boldly and testified how the they also impacted lives through the proceeds from their hardwork from the N1million awarded to them, saying that “The foundation will take a review of the beneficiaries, watch how they are doing and if they are able to prove that their benefits are profitable, it will please us”.
He added that the foundation is non political, non profit, but a project to help build up the society, to build up the youths, reason the process was not influenced.
Governor Hope Uzodimma Assures of Partnership with the Foundation
In his remarks, the Imo State governor, Hope Uzodimma assured that his led government will partner with the EME Foundation to impact on the youths of the state who have shown the enthusiasm in entrepreneurship, hoping that their gains will impact positively in the development of the stste.
Uzodimma who was represented by the Commissioner for Youth Development, Mandela Emeka, expressed that the governor is passionate about the economy development of the state and improvement in the lives of the Imo people.
“His Excellency, Senator Hope Uzodimma loves the peoples of Imo state and whenever there is empowerment for Imolites, the governor identifies fully. It quite intelligent to see a family embark on this without government intervention or support. If we have a family like this from everyone federal Constituency, I don’t think we will still have youths who are jobless, who are not supporting with their various entrepreneur skills in this state.
Dr Emeka said the governor is solidly behind and identifying with the Royal family, “he is thanking you for the wonderful opportunity you are giving to Imo youths and call on other citizens to join the line to support our youth.
“So we are call on every well meaning citizens across the world, to emulate the Egbukole family and start on the little way they can. We thank the royal family for this feat and promised you that the state government will partner with the foundation on this programme”.
To the beneficiaries, the youth development commissioner said “Please, do not take this opportunity for granted. Alot of people are looking for such opportunity, be ever grateful to this family. Defend this family with all you have, because what they have given to you today, is not a child’s play, N1million empowerment per person”.
Also, an Anglican Bishop at the programme, Rt Rev Jeffrey E. Okoroafor, eulogies the foundation for lifting sufferings in the area through the empowerment support to the youths.
He advised the beneficiaries “Money is hard to come by and many do anything to get and many need it to please ladies. A boy is now in detention with his girlfriend for stealing gold to lavish gifts on her. But you have chosen to seek wealth through the noble way. So, use this seed capital well and watch good things come to you later. Know that posterity will not forgive you if you misuse this seed. History has marked today”.
On his part, a Eze Owerri, Eze D.C Nworgu represented by the Secretary of South-East Council of Traditional Rulers, Dr Lucky Okoro, remarked “No better way to immortalize a great man than this. We all in Owerri LGAs benefitted from this. We now await testimonies. I confirm that the process is very transparent. Keep it up. The one that got from my area is known to be an industrious young graduate”.
Some of the beneficiaries who spoke during the event, appreciated the organisation for giving them the opportunity to improve in their businesses.
Ezinne Osuji said “I have up to an MSc in Microbiology but no job. I opened a school in an uncompleted building to hustle. Then, this scheme just dropped. I got the N1million and used it to register in the government and improved the building in order. We now have a good environment and a school bus (applause).
Speaking on behalf of the 2024 batch of scheme, Victor Iheme, a modern farmer, said “On behalf of the 2024 EME Foundation beneficiaries wish to express our heartfelt gratitude to the royal family and other organisers. We promise to utilise this great opportunity to empower, improve ourselves and society at large”.
