UNITY Bank has given N1 million to Youth Corps members in the Lagos State National Youth Service Orientation Camp, who emerged winners in the maiden edition of its Corpreneurship challenge.
The money was in the sum of N500,000 for first position, N300,000 and N200,000 for second and third positions respectively.
According to the bank, the word ‘Corpreneurship’ is derived from the words ‘corper’ and ‘entrepreneurship’ and the challenge is a novel entrepreneurship development initiative of the bank aimed at promoting the entrepreneurial capabilities of Youth Corp members during their one year compulsory service to the nation.
Speaking at the event, Fafunwa Akinmade, Group Head, Retail & Small Medium Enterprises, Unity Bank, said that 75 participants registered for the challenge and submitted their business plans out of which 10 contestants made it to the final.
He said: “It is a programme that was drawn up by Unity Bank. We sat down and looked at what we can do to add value to the youth market in the NYSC. Corpreneurship is a business competition going on in four areas. This one is Lagos and there is Abuja, Edo and Ogun as well.
“What happens is that in each of the camps we invited the corpers to write their business plans and to defend it. So the top ten business plans, we picked the best three at an independent panel of judges and the winner has just won a business grant of N500,000. The second person won N200,000 and the third person won N300,000.
“So that money is going to be disbursed into their accounts before the end of business today and there is going to be a direct touch with our branch and regional managers so that the way we are going to help them manage the money, advise them by giving them business advice.”