Wema Bank has awarded N300 million to 11 Nigerian startups at the grand finale of the seventh edition of its Hackaholics innovation programme, held in Lagos on 6 November. The programme, themed Festival of the Future, backs technology-driven businesses at the stage when most struggle to raise their first meaningful funding.
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Who won
The top prize of N60 million went to Tony Niteon Nwose, founder of Niteon, an agricultural technology platform that links African farmers with processors, financial services and international markets. Emmanuel Adeboje of Acceede received N40 million for an education solution, and Kabir Olaosebikan of Craft Planet received N40 million for converting plastic waste into building materials.
Kelvin Nnadi of Neural Forge won N30 million in the hackathon category for an artificial intelligence medical diagnostic tool, and Samuel Ayomide Shonubi of SocialSign received N30 million for sign language technology. In the women-led category, Zainab Boluwatife Adeagbo of MamaAlert won N20 million for a digital healthcare solution. David Lawani of All-Arbitrates took third place in the startup category with N20 million for a digital dispute resolution platform. Precious Zino of URI received N10 million for an AI-powered marketing tool.
The winners cover agriculture, education, health, building materials and legal services. Several of those sectors are where Nigerian small businesses operate every day, which gives the funded ideas an immediate commercial audience.
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The scale of the programme
This year’s competition attracted 5,329 participants and generated 1,632 ideas and proposed solutions across seven pitch centres. Wema Bank launched Hackaholics in 2019, and the bank says it has recorded more than 21,000 applicants across seven editions and supported more than 10,000 startups across three countries.
Wema Bank Managing Director and Chief Executive Moruf Oseni said the N300 million reflects the bank’s confidence in young Nigerian innovators and their capacity to drive economic growth. The bank described the award as part of a sustained effort to help emerging businesses move beyond the idea stage through funding, mentorship, industry exposure and access to networks.
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What the money can and cannot do
Prize funding of N10 million to N60 million can pay for development, staff and a first commercial push. It does not guarantee customers or a sustainable business model, and the longer-term prospects of the 11 winners will depend on how well they win and keep paying customers.
Wema Bank’s approach also illustrates a wider trend among Nigerian lenders, which increasingly use competitions to find and back small businesses early. The bank won international recognition earlier this year for its SME lending, and Hackaholics extends that relationship to founders who are not yet ready for conventional credit.
For an early-stage founder, a bank that provides funding, mentorship and market access in one programme offers more than a prize. It offers a relationship with a lender that may fund the business again when it needs a loan.
