LSETF Celebrates Women Founders through Lagos Innovates Initiative
The Lagos State Employment Trust Fund (LSETF) is honoring women entrepreneurs for their groundbreaking innovations via the Lagos Innovates initiative. This recognition took place during the third annual Demo Day of the Women Founders and Funders (FFF) program, hosted at the National Theater Wole Soyinka Center for Cultural and Creative Arts in Iganmu, Lagos.
Among the award recipients, Omolala Sanni, founder of Middleman—a trade technology startup that streamlines procurement, payments, and logistics between African companies and Chinese suppliers—was awarded five million naira. Bassanat Abubakar, founder of FUSE Varsity, an education technology platform, secured the second prize of three million naira, while Oluwaseyi Ebire, founder of Univast Space Limited, a digital platform dedicated to space and climate education, took third place with a prize of two million naira.
The event brought together a diverse group of stakeholders, including investors, ecosystem partners, government officials, and entrepreneurs. In total, ten million naira in prize money was distributed, sponsored by MTN Nigeria, accompanied by both cash prizes and corporate support for the top three female founders.
Now entering its third year, the Women Founders and Funders Program is designed to close the gap between women entrepreneurs and funding opportunities. The program equips participants with essential knowledge, investor readiness skills, and market exposure, enabling them to successfully attract capital. From a pool of 178 applications, the final cohort featured 30 founders who underwent six weeks of mentorship, masterclasses, and business development training before presenting their projects at Omniverse Africa 3.0.
Speaking at the event, LSETF Secretary-General Feysayo Alayande emphasized that the Demo Day marks a significant step in promoting inclusive entrepreneurship throughout Lagos State. He acknowledged the program’s success in reiterating the importance of women having a seat at the decision-making table, along with access to crucial resources, networks, and capital necessary for their success.
Njideka Jack, General Manager of Enterprise Marketing at MTN Nigeria, reinforced the idea that innovation flourishes at the convergence of determined founders and supportive funders. She noted that the future success stories of Africa are more likely to emerge from visionary entrepreneurs rather than traditional corporate settings.
Mope Abdu, Managing Director of AfriGloCal VC, which co-designed and implemented the Women Funders curriculum, remarked on the evolving landscape of investment in Africa. She stated that while capital is essential, value creation is what actually attracts investment. With more women transforming from observers to architects of wealth creation, gender-lens investing is being recognized as a strategic investment approach rather than merely a charitable act. Abdu highlighted the need for both businesswomen and capital allocators to work together to bridge the gender finance gap.
The event also signaled an increasing trend of local capital participation in Nigeria’s innovation sector. As global investment activities slow, local family offices, affluent individuals, and angel networks are stepping up to create opportunities that empower women to influence Africa’s economic narrative.
This program has been realized in collaboration with various partners, including Omniverse Africa, MTN Nigeria, AfriGloCal VC, and other stakeholders dedicated to promoting inclusive entrepreneurship across Lagos State.
