Gideon Arinze in Enugu
The Southeast Development Commission has launched a merit-based venture capital programme aimed at supporting young entrepreneurs in the Southeast through equity investment.
Speaking at a pitch presentation in Enugu yesterday, the Managing Director and Chief Executive Officer of SEDC, Mark Okoye, said that the initiative seeks to address two major challenges facing startups in the region — limited access to finance and inadequate founder support.
According to Okoye, the programme aligns with President Bola Tinubu’s Renewed Hope Agenda and is part of efforts to boost innovation, industrialisation, and the digital economy in the Southeast.
“The commission would invest $500,000 in 30 startups,” he said. The programme is not a grant or loan, but an equity investment driven by merit and transparency.n“This is not empowerment. It is a merit-based, transparent, governance-secured process,”.
Okoye explained that startups with existing operations and market traction could receive investments of up to $20,000, while early-stage innovators would receive a minimum of $5,000 to develop minimum viable products.
He disclosed that over 1,200 startups applied within the first three weeks of the programme, with the number later reduced to 50 finalists pitching in Enugu for the final 30 slots after independent screenings and interviews.
“The selected beneficiaries would undergo a three-month support programme covering mentorship, corporate governance, accounting, and business development,” he said.
Also speaking, Executive Director of Finance on the SEDC governing board, Stanley Ugochukwu Ohajuruka, said that independent professionals within the venture capital ecosystem were brought in as judges to ensure transparency and credibility in the selection process.
