Students and employees of Yaba College of Technology have received a combined ₦1.8 million in cash prizes after presenting outstanding business proposals in an entrepreneurship competition organised by the institution.
The business idea contest was organized by the Folawiyo Entrepreneurship Centre as part of its second Annual Lecture Series.
A total of 32 proposals were submitted for consideration, comprising 22 entries from students and 10 from members of staff.
The programme was held on Thursday at the Yusuf Grillo Auditorium under the theme, “Folawiyo Entrepreneurship Model Series 2: Real Estate Development Business in Nigeria.”
Business Proposals Judged on Innovation and Viability
Providing details about the selection process, Dr Samson Oloketuyi explained that the entries were assessed using several important business criteria.
These included innovation and creativity, commercial viability, sustainability, market opportunities, potential for expansion, strength of the business model and the quality of each participant’s presentation.
The evaluation was designed to identify ideas that could solve real problems while developing into sustainable and scalable businesses.
Student Winners Receive Cash Prizes
In the students’ category, Komolafe Joseph emerged as the overall winner and received ₦250,000 from the competition.
Chief Tunde Fanimokun, who chaired the lecture, provided an additional ₦250,000 to support Joseph’s business idea, bringing his total reward to ₦500,000.
Olaleye Femi secured second position and received the competition’s ₦200,000 prize. Fanimokun also matched the amount with another ₦200,000, giving the runner-up a total of ₦400,000.
Raymond Egbuson finished in third place and received ₦150,000. The chairman contributed an additional ₦150,000, increasing Egbuson’s total prize to ₦300,000.
Beyond the financial rewards, YABATECH also promised to provide scholarship support for the further development of the winning business proposals.
Staff Members Recognised for Business Ideas
In the staff category, a team comprising Babatunde Adesoji Atiba, Abdulwakeel Oluwatobi Atóyèbí and Dr Adebola Karamah Shogbuyi emerged in first position and received ₦250,000.
Mrs Aishatu Atóyèbí placed second and was awarded ₦200,000.
The published results also named Shogbuyi, Atiba and Atóyèbí among the recipients of the third-place prize of ₦150,000.
Altogether, the awards given to students and staff, including the additional donations made by Fanimokun, amounted to ₦1.8 million.
YABATECH Promotes Job Creation Through Entrepreneurship
Speaking during the programme, YABATECH Rector, Dr Ibraheem Abdul, said the initiative demonstrated the institution’s determination to produce graduates capable of creating employment and developing solutions to problems within society.
Abdul explained that the college was building a stronger relationship between education, industry and enterprise by exposing students and employees to practical business knowledge.
He noted that the Folawiyo Entrepreneurship Centre was established through Fanimokun’s generosity in honour of his former benefactor, the late Chief Iyanda Folawiyo.
According to the Rector, the Centre has become an important platform through which members of the college community can acquire practical entrepreneurship experience.
He said its monthly Open Market Sales introduced students and staff to the commercial and trading aspects of the Folawiyo business model, while the Annual Lecture Series examined wider industries and business opportunities.
Abdul described the lecture’s focus on sustainable property development as relevant to Nigeria’s current needs.
He explained that modern real estate development should cover more than constructing buildings. It should also address access to clean water, reliable energy, environmental protection, energy efficiency and the creation of communities that can withstand future economic and environmental pressures.
Centre Seeks Investors for Promising Ventures
Director of the Folawiyo Entrepreneurship Centre, Dr Funmilayo Adeoye, said the Centre was created to provide members of the YABATECH community with exposure to practical entrepreneurship and the different elements of the Folawiyo enterprise tradition.
Adeoye appealed to investors, business owners and industry stakeholders to support viable ideas emerging from the institution.
She identified funding, mentorship, business partnerships and joint ventures as some of the ways private-sector stakeholders could assist promising entrepreneurs from the college.
The director also encouraged participants to view entrepreneurship primarily as a means of identifying and solving problems, rather than focusing exclusively on profit.
Fanimokun Shares Lessons From Folawiyo
Fanimokun said his decision to establish the entrepreneurship centre was influenced by the experience he gained while working with the late Chief Folawiyo.
He recalled leaving public service voluntarily before reaching the age of 40 and subsequently receiving an invitation to participate in managing Folawiyo’s business interests, despite having limited entrepreneurial experience at the time.
Fanimokun said the seven years he spent working with the businessman provided valuable lessons about entrepreneurship, wealth creation, business administration and preparing younger generations for future responsibilities.
He advised students to make full use of the opportunities available through the Centre.
The lecture chairman encouraged aspiring entrepreneurs to begin with the resources available to them, develop relevant knowledge, remain adaptable and create clearly defined visions, missions and strategies for their businesses.
Expert Highlights Real Estate Opportunities
Delivering the keynote address, Professor of Estate Management and Valuation Timothy Nubi urged young Nigerians to recognise the business opportunities hidden within the country’s social and economic difficulties.
Nubi, who is also an alumnus of YABATECH, spoke on the topic, “Sustainable Estate Development in Nigeria: Building Resilient Communities through Clean Water, Clean Energy and Innovation.”
He explained that real estate encompasses much more than constructing, buying or owning buildings. The sector also affects public health, employment, family wealth, transportation, physical safety, energy, water supply and the wider economy.
According to him, young entrepreneurs can explore several opportunities across the real estate value chain.
These include land acquisition, planning, construction, plumbing, electrical installation, painting, landscaping, interior design, furnishing, cleaning, facility management and the production and distribution of building materials.
Nubi also identified housing shortages, inadequate water supply, high energy costs, ineffective waste management, poor road networks and food supply challenges as areas where young people could build profitable ventures while solving pressing community problems.
Students Urged to Acquire Practical Skills
The professor advised students to combine their academic qualifications with practical and technical abilities as artificial intelligence continues to transform employment across different industries.
He cited plumbing, electrical installation, construction and other technical services as skills that could provide dependable and sustainable sources of income.
Addressing Nigeria’s urban-development challenges, Nubi called for deliberate regeneration of neglected communities.
He argued that areas currently described as slums could be transformed through effective planning, infrastructure investment, entrepreneurship and collaboration between the government and private-sector organisations.
The lecture and business competition reinforced YABATECH’s broader goal of encouraging its students and staff to develop innovative solutions, establish sustainable enterprises and contribute to Nigeria’s economic growth.
