The Lagos State Employment Trust Fund (LSETF) has disbursed N10 million in prize funding to three female founders through its Lagos Innovates initiative. The awards were presented at the third annual Demo Day of the Female Founders & Funders (FFF) Programme, held at the Wole Soyinka Centre for Culture and the Creative Arts, National Theatre, Iganmu, Lagos. Omolara Sanni, founder of trade-tech startup Middleman, received the top prize of N5 million. Middleman streamlines sourcing, payments, and logistics between African businesses and Chinese suppliers. Bassanat Abubakar, founder of FUSE Varsity, an edtech and workforce development platform, won N3 million as second prize. Oluwaseyi Ebire, founder of Univast Space Limited, a digital platform for space and climate education, received N2 million.
The event, supported by Omniverse Africa, MTN Nigeria, and AfriGloCal VC, brought together investors, entrepreneurs, government representatives, and ecosystem partners. This year's cohort was selected from 178 applications, with 30 founders completing six weeks of mentorship, masterclasses, and business development training before pitching on the Omniverse Africa 3.0 stage. Feyisayo Alayande, executive secretary of LSETF, stated, "Today marks an important milestone in the journey of the Female Founders & Funders Programme. Now in its third cohort, this initiative has consistently demonstrated that women belong at the decision-making table and deserve access to the resources, networks, and capital required to thrive." Njideka Jack, general manager, Enterprise Marketing at MTN Nigeria, said, "Innovation thrives at the intersection of courageous founders and courageous funders. We understand that the next African success story may not emerge from a corporate boardroom, it may come from a founder who stood on this stage today."
Mope Abudu, managing director of AfriGloCal VC, noted that the FFF community has evolved into an active network of female angel investors, syndicate members, and venture partners influencing investment decisions in Nigeria. She emphasized that gender-lens investing is not charity but a sound investment strategy. The programme aims to close the gender funding gap by strengthening both women-led businesses and women-led capital allocation.
Feyisayo Alayande leads an agency giving out N10 million to women founders while Lagos still ranks among Nigeria's most expensive cities for small business operations. The same government funding that supports a select 30 women through a competitive programme also oversees multiple levies and compliance hurdles that most female traders never recover from. LSETF celebrates women on stage while many more struggle under policies enforced by the same state. The gap between stage lights and street realities for Lagos women has never been wider.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
