Wema Bank has announced 11 winning teams at the seventh edition of its Hackaholics innovation programme, offering a combined package of prizes, funding and entrepreneurial support valued at up to N300m.
Niteon Team emerged as the overall winner of the competition, securing the N60m grand prize after the final stage held in Lagos.
According to The Guardian, the programme attracted 5,329 young innovators who submitted 1,632 ideas aimed at addressing social, economic and technological challenges.
Wema selects 11 winning startups
The competition, themed Festival of the Future, featured 21 startups at its final stage.
After the evaluation process, 11 teams were announced as winners across various categories.
The organisers explained that the programme was designed to identify promising innovations and provide participants with resources to turn their ideas into sustainable businesses.
The overall winner, Niteon Team, received a record N60m grand prize.
Wema targets innovation funding gap
Speaking during the event, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the initiative was created to address the challenges faced by talented young Nigerians seeking support for their businesses.
He explained that many innovators had strong ideas but lacked access to funding, mentorship, infrastructure and technical assistance.
Oseni disclosed that the bank had spent four months engaging participants across Nigeria’s six geopolitical zones.
The programme covered locations including Kano, Uyo, Benin, Enugu, Ibadan and Lagos.
According to him, the turnout demonstrated the determination of young Nigerians to develop solutions despite economic and infrastructural difficulties.
Bank urges innovators to prioritise practical solutions
Oseni encouraged participants to create products that would meet the needs of ordinary Nigerians.
He noted that innovations should remain useful even to people without sophisticated devices or reliable internet access.
Former OPay Nigeria co-Chief Executive Officer Olu Akanmu also spoke at the event.
Akanmu highlighted the role of technology in lowering transaction costs, improving productivity and expanding access to markets.
Wema Bank encouraged investors and other business leaders to support promising startups beyond the competition.
The bank maintained that funding, mentorship and institutional partnerships were essential to helping Nigerian innovators turn promising ideas into successful enterprises.
