FirstBank backs Imo State’s OKOBI initiative to boost jobs
By Babajide Komolafe
FirstBank has pledged its support for the Imo State Government’s One Kindred One Business Initiative (ÓKÓBÌ), a community-focused entrepreneurship program aimed at creating jobs, enhancing financial inclusion, and fostering sustainable wealth through collective ownership.
The bank stated that its involvement aligns with its mission to empower small and medium enterprises and to promote long-term socio-economic development throughout Nigeria.
ÓKÓBÌ, initiated by Imo State Governor Hope Uzodimma, is grounded in traditional African concepts of communalism and shared responsibility. The initiative seeks to formalize groups with shared interests into registered businesses, thereby increasing their resilience, improving access to financing, and addressing poverty in both rural and urban areas.
Since its launch in 2023, ÓKÓBÌ has registered more than 600 businesses with around 20,000 participants and aims to create or support 100,000 jobs over the next three years.
Olusegun Alebiosu, Chief Executive Officer of FirstBank Group, emphasized the significance of peer accountability in fostering sustainable business growth. “The ÓKÓBÌ initiative exemplifies this by transforming existing social capital into tangible economic value for communities,” he said.
Alebiosu further noted, “FirstBank is proud to support the Imo State Government in this innovative program, which transcends conventional financing methods by integrating financial inclusion directly within group-based enterprises.” He added that the bank’s support for collectively owned businesses is intended to stimulate economic empowerment on a large scale, forming a self-sustaining ecosystem for inclusive wealth creation.
Professor Kenneth Amaeshi, Chief Economic Adviser to the Imo State Government, characterized ÓKÓBÌ as an effective solution to unemployment and informality, highlighting its significant achievements in a short timeframe. He encouraged other corporations to adopt and support the initiative, asserting that it empowers individuals to become business owners, reinforces group enterprises, and promotes sustainable economic development.
