FirstBank backs Imo State’s OKOBI  initiative to boost jobs

By Babajide Komolafe

FirstBank has actively supported the Imo State Government’s One Kindred One Business Initiative (ÓKÓBÌ), which is a community-focused entrepreneurship plan aimed at fostering job creation, enhancing financial inclusion, and encouraging sustainable wealth development through shared business ownership.

The bank stated that its involvement reflects its dedication to uplifting small and medium enterprises, increasing financial access, and fostering long-term socio-economic progress throughout Nigeria.

ÓKÓBÌ, initiated by Imo State’s Governor, Hope Uzodimma, is founded on traditional African principles of communal support, family ties, and shared accountability. This program formalizes groups of individuals with similar interests into registered enterprises, making them more robust, simplifying financing, and better positioning them to combat poverty in both rural and urban settings.

Since its launch in 2023, the initiative has seen the registration of over 600 businesses with approximately 20,000 participants and aims to generate or support 100,000 job opportunities within a span of three years.

While discussing the collaboration, Olusegun Alebiosu, Chief Executive Officer of FirstBank Group, stated: “Accountability among peers is a significant factor in fostering sustainable growth in enterprises. The ÓKÓBÌ initiative illustrates this by converting existing communal resources into real economic benefits for communities.”

He further commented: “FirstBank is honored to back the Imo State Government in this innovative program, which transcends typical financing methods to integrate financial inclusion directly into group-centered businesses.

“By endorsing these collectively managed enterprises, we are aiding in the large-scale promotion of economic empowerment, establishing an ecosystem that is self-sustaining where wealth generation is inclusive, participatory and widely disseminated. This initiative is in line with our overall mission to support small and medium enterprises, enhance financial accessibility, and promote enduring socio-economic growth across Nigeria.”

In addition, Professor Kenneth Amaeshi, Chief Economic Adviser to the Imo State Government, remarked that ÓKÓBÌ is an effective remedy for unemployment and informality, noting that the program has shown significant achievements within a brief timeframe.

He encouraged more corporate entities to embrace and support this model, emphasizing that it enables individuals to take on entrepreneurial roles, fortifies group enterprises, and fosters a sustainable economic environment.