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By Chukwuma Umeorah
Flour Mills of Nigeria Plc (FMN) has rewarded three local businesses with cash prize of 10 million as winners in category one of the second season of its annual Prize for Innovation competition.
The competition which focused on innovative techniques in the Food and Agro-allied sector sought to promote the development of local content in Nigeria’s food industry while creating new opportunities for entrepreneurs and driving economic growth in the country.
The high-octane pitch event which aired on at the weekend brought together six finalists with businesses that have made significant contributions to Nigeria’s food and agro-allied through their ideas and practices. After a highly competitive pitch session before the judges, the winner and first two runners-up were selected.
The grand prize winner of N5 Million was Eugene Olumese Osomobegbe of Osomobegbe Global Ventures Limited, whose innovation involves the design and fabrication of highly efficient solar dryers in Nigeria.
The first runner-up and winner of N3 Million was Musa Pashi Ali of Palmark Syndicate Ltd, with an innovative idea of the production of tomato powder from tomato fruit, while the second runner-up and winner of N2 Million was Damilare Jacob Ogundipe of Indigo Farms and Bio Resources, an entrepreneur involved in the production of Cassava Residue Pellets for Animal Feeds.
The Director of Group Strategy and Stakeholder Relations at FMN, Sadiq Usman in his remarks said, “it is quite intriguing to see that the FMN Prize for Innovation also affords entrepreneurs and business owners an opportunity for a valuable networking experience.”
In addition to the cash prizes, he announced that the three winners will also be granted access to mentorship, training, partnerships, and other resources to help them further develop and commercialise their solutions.
Usman noted that this season of the competition saw a unifying driver for most of the businesses which have the potential for value creation both in the short and the long run.
“From the local fabricator of solar dryers to the producer of dried tomatoes powder, and to the manufacturer of animal feed pellets from cassava residue, there is already a common driver for growth. And all these entrepreneurs are already finding ways to drive value for one another whilst building a profitable business.”
“Therefore, the invaluable and transformative nature of the FMN Prize for innovation continues to be apparent every year, and as a Group, we are committed to enriching the lives of Nigerians across their various point of need”, he added.
The Annual Prize for Innovation is part of FMN’s commitment to supporting the development of local content in the Nigerian food and agro-allied sector, and to promoting innovation, sustainable development, and entrepreneurship in the country.
