LEAP Africa, Union Bank set to groom 4th generation of social innovators

Leadership, Effectiveness, Accountability and Professionalism (LEAP) Africa and Union Bank PLC on Monday launched the 2016/2017 Social Innovators Programme & Awards (SIPA) in Lagos to groom 20 new social impact entrepreneurs.

The Organisation for Economic Development and Co-Operation (OECD) defines social impact investing as the provision of finance to organisations addressing social needs with the explicit expectation of a measurable social, as well as financial, return.

This has become increasingly relevant in today’s economic setting as social challenges have mounted with public funds in many countries under pressure. New approaches are needed for addressing social and economic challenges, including new models of public and private partnership which can fund, deliver and scale innovative solutions from the ground up.

The LEAP Africa’s SIPA, sponsored by Union Bank PLC is championing the social impact investing in Nigeria and has graduated 60 social innovators over the last three years who are having significant social impact in their various communities.

“For me, the SIPA programme has transformed how I understand business. Through the mentorship I got, I have been able to develop bankable business structures, re-branded and scaled up my business. From zero naira, I built up a business that caters to the needs of malnourished childrent, which is worth about N7 million now with 23 outlets spread across Nigeria” said Oluwaseun Sangoleye, Founder and Chief Executive Officer, Baby Grubz Nigeria, a beneficiary of the SIPA.

As sponsors, Union Bank PLC sees a future in social impact investing and as a bank reinventing itself this new business model aligns with its long-term sustainability strategy.

“Over 60 percent of Nigeria’s population is between the ages of 15 – 35 and unemployment rates happen to be highest in this demographic as well. The SIPA caters to this group of Nigerians. Again social needs seeking for solution abound in Nigeria and these young Nigerians are proffering solutions in the form of businesses” said Ogochukwu Ekezie-Ekaidem, Head, Corporate Affairs and Corporate Communication, Union Bank, PLC.

“The SIPA grooms these fledgling social innovators by helping them build business structures, develop strategies and attach them to mentors, who teach them the nitty-gritty of long-term business sustainability” Ekezie-Ekaidem added.

 

STEPHEN ONYEKWELU