By Sheriff Mahmud Ismail & Dauda Musa Bangura in Lagos, Nigeria

Saturday, October 5, The Stanley Uzochukwu Foundation awarded N40 million in grants to 80 small and medium enterprises (SMEs) across Nigeria. The beneficiaries had to pass through a rigorous vetting and selection process, underscoring fairness and viability of their proposals. The initiative aims to provide critical financial support for such businesses to expand and thrive in the current challenging economic environment. 

The Stanley Uzochukwu Foundation, established by Nigerian businessman and philanthropist, Dr. Stanley Uzochukwu, has, through its various initiatives, been at the forefront of empowering youth and underprivileged communities. At his Luxurious The Delborough hotel in Lagos, where the grant presentation ceremony took place, Chief Executive Officer of the Stanley Uzochukwu Foundation, Dr Jovita Ibdi opened the auspicious occasion with an overview of the Foundation’s work and its commitment to supporting SMEs nationwide. “We continue to write a story of hope, resilience and progress for Nigeria. Together we are not just changing lives, we are building a nation,” said Jovita. Attendees who included entrepreneurs, business leaders, banking executives, Sierra Leone’s former President Ernest Bai Koroma, were treated to a documentary that showcased the far-reaching impact of the foundation’s efforts across Nigeria, particularly in improving the economic standing of young entrepreneurs and other vulnerable groups. 

A country where the minimum wage hovers around 65 and 70,000 Naira, and where inflation stands at 34%, starting a business might be a smart way out of the grinding economic hardship. But access to financing, especially without the requisite collateral, could be as frustrating as the high interest rates – as high as 21%– could be prohibitive. A 500,000-grant start – up is therefore definitely quite big push for struggling business but without the right mental attitude such investment might easily be derailed.  This fact is not lost on the Foundation which was why it curated a mentorship session featuring two widely acclaimed motivational speakers – Arch – Apeh Iwodi, who served as Guest Speaker, and the benefactor, Dr Stanley Uzochukwe. Both speakers offered valuable insights into business sustainability. 

Arch – Apeh Iwodi emphasized the state of one’s mind is the key factor that changes their lives. “Your money will diminish or increase depending on how much you have conquered poverty in your mind,” he asserted. Iwodi went on to say that the important thing about growing a business is not just about having customers, it is about “getting them, keeping, and growing the customer base.” In Iwodi’s view, success in business depends on customer satisfaction usually driven by tack and the knack to create a niche. As he puts it, “It is not what you sell, it’s how you sell it because people don’t buy goods, they buy experience.” 

Dr. Stanley Uzochukwu delivered a business masterclass, drawing from his own experiences to guide the SMEs on strategies for long-term success. His personal journey, marked by humble beginnings and mentorship from prominent business figures like Cosmos Maduka, served as an inspirational example for the beneficiaries. A deeply religious man, Stanley spoke about key practices which he said have helped him through his journey. One of those he said was ‘the God factor.’ There could be no prosperity without spirituality, said Stanley adding that “the God that gave you the vision, will give you the provision.” He also spoke passionately about ‘adding value’ in whatever one does or whomsoever they met. The business tycoon made the point that there is no man too big to be positively impacted.  “Coming in contact with influential people is an opportunity to add value, not to be a burden on them. Do not be a liability, switch from the mindset of collecting to that of giving, and do not confuse mentorship for sponsorship,” he said to the awardees.

Stanley also elaborated on how positive association could change one’s destiny. Quoting God servant Pastor Enenche, he said your association determines your elevation. “The quality of people you surround yourself with, will determine what you will surmount.  If anyone is not adding to your life they are taking away.” He also said “if you are the biggest in your group, and everyone is hailing you, then your group is small.” Your lifting, he asserted, is at the mercy of your association.

Other virtues Stanley expounded on include hard work, integrity/character, consistence, and resilience. He pointed out that success is a matter of being principled and focused both of which must be driven by the fact that you do not want to go back to your old hard days.

“When you fall, pick up yourself, clean your shame, and push even harder,” Stanley urged his beneficiaries; emphasizing to them the importance of staying at the top. He also told his audience that “maintaining standards is a mark of mediocrity, excellence is about continuously evolving and upgrading.”

Miss Uchechi Rochas, Director – General of the Rochas Foundation, congratulated the recipients and urged them to seize the networking opportunities available to them during the ceremony. “Those who were called to receive the grant should consider themselves fortunate,” she stated, and reiterated the importance of connecting with others for future collaborations. She further encouraged the beneficiaries to take full advantage of the insights shared by the speakers, noting the competitive nature of the grant selection process. “Five thousand people applied, but only 80 succeeded in getting the grant, so they should be grateful,” she said.

Rochas also reminded the recipients to remain humble as they advance their businesses, stressing that humility would help them on their journey to success. Noting that appreciation is key that could open many doors, she said there are three types of people: those who eat and walk away; those who eat and multiply, and those who multiply and express thanks. Thanksgiving, she maintained, is part of success because though it doesn’t “add blood and money” to anyone, it multiplies the goodwill.

Mr. Emmanuel Azuka Okofu, Managing Director of the Bank of Industry Microfinance Bank, highlighted collaborative initiatives aimed at providing ongoing support to small businesses. In addition to the grant awards, the Stanley Uzochukwu Foundation showcased its ongoing work in refurbishing one of orphanages the Foundation has taken over, underscoring its ongoing efforts to improve the living conditions of the children in those orphanages.

The high point of the event was the award ceremony, where former President of Sierra Leone, H.E. Ernest Bai Koroma, presented the grants to the selected SMEs. Each recipient was recognized for their innovative ideas and potential for growth. The president applauded the foundation’s efforts in promoting economic empowerment and encouraged further support for SME development.

In a surprising turn of events, Chief Uzochukwu Akunedozi, CEO, Blake Resorts, announced a N2,000,000 donation to each of the awardees. Ultimately, the beneficiaries did not only walk away with a 2, 500,000 Naira each, they also took with them much needed motivation, guidance and counselling.