First Bank Nigeria has announced its support for the Imo State Government’s One Kindred One Business Initiative (ÓKÓBÌ), a group-based entrepreneurship model that promotes collective ownership and management of businesses by members.
ÓKÓBÌ, a brainchild of the Imo State governor, Hope Uzodimma, is rooted in traditional African values of communalism, kinship, cooperation, and collective responsibility.
ÓKÓBÌ formalises groups of like-minded people into registered businesses, creating resilient enterprises that are easier to finance and better positioned to tackle poverty in both rural and urban areas.
Launched in 2023, ÓKÓBÌ has registered over 600 businesses with 20,000 members, and is targeting the creation or support of 100,000 jobs within three years.
Speaking on the sponsorship, FirstBank’s chief executive, Olusegun Alebiosu, noted 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. FirstBank is proud to support the Imo State Government in this forward-looking programme, which goes beyond traditional financing to embed financial inclusion directly within group-based enterprises.
“By supporting these collectively owned businesses, we are helping to stimulate economic empowerment at scale, creating a self-sustaining ecosystem where wealth creation is inclusive, participatory, and widely shared. This initiative aligns with our broader commitment to enabling small and medium enterprises, deepening financial inclusion, and driving long-term socio-economic development across Nigeria.”
Also speaking on First Bank’s sponsorship, the Chief Economic Adviser to the Imo State Government, Professor Kenneth Amaeshi, thanked the bank for its support, stating that ÓKÓBÌ has shown the potential to address the problems of unemployment and informality across Nigeria, given the achievements recorded in a short period.
He also emphasised the need for other corporate organisations to adopt and support the ÓKÓBÌ model to create sustainable jobs, as it empowers 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 the Governor of Imo State for pioneering the initiative and for his continued support in ensuring its successful implementation and growth.
