FirstBank, a leading financial institution, has announced its support for the Imo State Government's One Kindred One Business Initiative (ÓKÓBÌ). This group-based entrepreneurship model promotes collective ownership and management of businesses by members.
ÓKÓBÌ, conceived by Imo State Governor Hope Uzodimma, is built on traditional African values of communalism, kinship, cooperation, and collective responsibility. It formalizes groups of like-minded people into registered businesses, aiming to create resilient enterprises that are easier to finance and better equipped to combat poverty in both rural and urban areas.
Since its launch in 2023, ÓKÓBÌ has successfully registered over 600 businesses, encompassing 20,000 members. The initiative aims to create or support 100,000 jobs within three years.
Olusegun Alebiosu, CEO of FirstBank Group, commented on the sponsorship, stating that “Peer accountability remains a powerful driver of sustainable enterprise growth. The ÓKÓBÌ initiative exemplifies this by transforming existing social capital into tangible economic value for communities.” He added that FirstBank is proud to support this forward-looking program, which goes beyond traditional financing to embed financial inclusion directly within group-based enterprises.
Alebiosu further noted that by supporting these collectively owned businesses, FirstBank helps stimulate economic empowerment at scale, fostering a self-sustaining ecosystem where wealth creation is inclusive, participatory, and widely shared. He affirmed that this initiative aligns with the bank's broader commitment to enabling small and medium enterprises, deepening financial inclusion, and driving long-term socio-economic development across Nigeria.
Professor Kenneth Amaeshi, Chief Economic Adviser to the Imo State Government, thanked FirstBank for its support. He highlighted ÓKÓBÌ's potential to address unemployment and informality across Nigeria, citing the achievements recorded in a short period.
Professor Amaeshi urged other corporate organizations to adopt and support the ÓKÓBÌ model to create sustainable jobs. He emphasized its role in empowering people to become business owners, participate in wealth creation, and build resilient, group-based enterprises that contribute to long-term economic development. He also expressed appreciation to Governor Uzodimma for pioneering and consistently supporting the initiative.
ÓKÓBÌ has garnered attention from development partners and private institutions as a credible, low-risk platform for impact investment, recognized by the federal government as one of eight National Human Capital Development Accelerator Projects.
FirstBank’s involvement is rooted in its sustainability pillar of Diversity and Financial Inclusion, aiming to drive sustainable finance and empower people in communities where it operates. By funding group-owned businesses, the Bank reduces credit risk, enhances business survival through peer accountability, and expands access to finance for underserved populations, particularly women and youth.
