By Ayomide Otitoju
FirstBank has reaffirmed its commitment to entrepreneurship development and financial inclusion with its support for the Imo State Government’s One Kindred One Business Initiative (ÓKÓBÌ), a community-driven business model designed to promote collective ownership and sustainable economic growth.
The initiative, conceived by Imo State Governor Hope Uzodimma, is rooted in the traditional African values of communal cooperation, kinship and shared responsibility. It formalises groups of like-minded individuals into registered business entities, making them more resilient, easier to finance and better positioned to reduce poverty in both rural and urban communities.
Since its launch in 2023, the programme has registered more than 600 businesses with over 20,000 members and is targeting the creation or support of 100,000 jobs within three years.
Speaking on the partnership, the Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, said the initiative demonstrates how social capital can be transformed into sustainable economic value through collective enterprise.
According to him, the bank is proud to support a programme that goes beyond traditional financing by embedding financial inclusion into group-owned businesses.
He noted that by supporting collectively owned enterprises, FirstBank is helping to stimulate inclusive economic growth, empower communities and create a self-sustaining ecosystem where wealth creation is shared among participants.
Alebiosu added that the initiative aligns with the bank’s commitment to supporting small and medium-sized enterprises (SMEs), expanding access to financial services and driving long-term socio-economic development across Nigeria.
Also speaking, the Chief Economic Adviser to the Imo State Government, Professor Kenneth Amaeshi, commended FirstBank for supporting the initiative, describing ÓKÓBÌ as a practical model for addressing unemployment and reducing informality in the economy.
He urged more corporate organisations to adopt and support the initiative, noting that it empowers individuals to become business owners, participate in wealth creation and build resilient enterprises through collective ownership.
Amaeshi also praised Governor Uzodimma for conceiving the initiative and providing the leadership required for its successful implementation.
The ÓKÓBÌ initiative has been recognised by the Federal Government as one of eight National Human Capital Development Accelerator Projects and continues to attract interest from development partners and private sector investors seeking credible platforms for impact investment.
FirstBank said its support for the programme aligns with its sustainability agenda, particularly its focus on diversity, financial inclusion and sustainable finance.
According to the bank, funding group-owned businesses helps reduce credit risk through peer accountability, improves business sustainability and expands access to finance for underserved groups, particularly women and young entrepreneurs.
