FirstBank Backs Imo State’s ÓKÓBÌ Scheme to Drive Entrepreneurship and Jobs

FirstBank has partnered with the Imo State Government to support the One Kindred One Business Initiative, also known as ÓKÓBÌ.

The bank says the programme promotes group entrepreneurship. It also encourages shared ownership of businesses within communities.

The initiative aims to strengthen small enterprises and improve job creation across the state.

What ÓKÓBÌ Is About

The Imo State Government launched ÓKÓBÌ in 2023.

Governor Hope Uzodimma designed the programme around traditional African community values. These include cooperation, kinship, and shared responsibility.

The model groups people from the same community into registered businesses. Members jointly own and manage the enterprises.

So far, the programme has registered over 600 businesses. It also includes about 20,000 participants.

The government targets up to 100,000 jobs within three years.

FirstBank Explains Its Support

FirstBank Group CEO, Olusegun Alebiosu, said the initiative strengthens enterprise growth through peer accountability.

He said group ownership improves discipline and performance in small businesses.

According to him, the bank supports ÓKÓBÌ because it expands financial inclusion. It also connects communities directly to structured financing.

He added that the model creates shared wealth and long-term economic value.

Government Sees Job Creation Potential

The Chief Economic Adviser to the Imo State Government, Professor Kenneth Amaeshi, praised FirstBank for its involvement.

He said ÓKÓBÌ has already shown strong potential to reduce unemployment.

He also called on other private sector players to support the model. According to him, group-based businesses can reduce informality and improve productivity.

Amaeshi credited Governor Uzodimma for introducing the initiative and sustaining its implementation.

National Recognition for the Programme

The Federal Government has listed ÓKÓBÌ among eight National Human Capital Development Accelerator Projects.

This recognition positions the initiative as a national model for job creation and community enterprise development.

It also attracts interest from development partners and investors.

Why FirstBank Is Investing in Group Businesses

FirstBank says its support aligns with its financial inclusion strategy.

The bank focuses on funding underserved communities. It also supports women and youth entrepreneurs.

Group-based lending reduces credit risk. Peer accountability also improves business survival rates.

The bank believes this model can scale entrepreneurship across rural and urban areas.

Expert View

Group-based business models can reduce startup risk in low-income communities.

They allow shared responsibility and easier access to credit. This improves survival rates for small businesses.

However, success depends on strong governance within groups. Poor coordination can slow decision-making.

If well managed, initiatives like ÓKÓBÌ can expand employment and strengthen local economies.

FAQ

What is ÓKÓBÌ?

ÓKÓBÌ is a group-based business initiative in Imo State that promotes collective ownership of enterprises within communities.

Who launched the initiative?

Imo State Governor Hope Uzodimma launched the programme in 2023.

How many people are involved?

The programme has over 20,000 members across more than 600 registered businesses.

Why is FirstBank supporting it?

FirstBank supports the initiative to promote financial inclusion, reduce credit risk, and drive SME growth.