Empowerment Through Strategic Funding

The SME Mall has awarded N3 million in equity-free funding to three women entrepreneurs as part of efforts to strengthen women-led businesses and promote sustainable growth among small and medium-sized enterprises in Nigeria. The beneficiaries emerged winners at the 2026 Women in Business Competition (WIBC), organised by the SME Mall and held on Saturday, September 12, 2026, at Vogue Event Centre in Ebute Metta, Lagos.

Oshin Ayokunlemi of Natureffects Limited emerged as the overall winner, receiving N1.5 million. Natureffects Limited operates in the natural drinks and wellness space. Yewande Maborukoje of Sidus Care, which provides scar-care products developed for Nigerian skin tones, emerged as the first runner-up with N1 million. Eniola Robert of Ennie Wears, a business that transforms discarded materials into creative fashion pieces, placed third and received N500,000.

The three winners were selected after six finalists pitched their businesses before an independent panel of judges. Other finalists included Dr. Kofoworola Awoyera of Dharkag Foods, Oreva Elisha of Revon Foods, and Tolulope Ogungbemi of The Quiver Tutors. The competition featured diverse sectors, ranging from wellness and fashion to food and education.

A Structural Approach to Business Growth

Managing Director of The SME Mall, Muyiwa Femi-Pearse, stated that the WIBC initiative was designed to go beyond the provision of prize money. The program aims to help women entrepreneurs understand their businesses, improve their capacity, and gain access to opportunities for sustainable growth. The initiative addresses the significant challenges many women-owned enterprises face in accessing capital and business support.

The WIBC is about more than giving out prize money. It is about creating an opportunity for women to understand their businesses better, present their ideas, receive exposure and access support that can help them take the next step.

— Muyiwa Femi-Pearse, Managing Director, The SME Mall

The SME Mall structured the competition around business diagnosis and capacity building rather than treating funding as an isolated intervention. Participants were required to complete a Business Health Check before progressing through the application and pitching stages. The judging criteria focused on financial feasibility, business viability, market opportunity, innovation, social impact, and scalability.

Enhancing Sustainability and Economic Impact

The event also featured the launch of the SME Mall's Business Health Checker. This digital tool is designed to enable entrepreneurs to assess the status of their businesses across critical areas, including legal and compliance, finance and accounting, human resources, marketing, and technology. The tool is part of a broader strategy to help entrepreneurs identify structural gaps and build long-term growth.

Femi-Pearse emphasized that supporting women-owned businesses is vital to the wider economy, noting that successful small businesses create employment and contribute to the economic well-being of communities. Many of the businesses showcased were inspired by personal experiences, addressing specific community challenges such as specialized scar care for Black skin and special educational needs.

With N3 million distributed among the top participants, the 2026 WIBC aims to draw attention to the need for increased access to funding and professional networks. The SME Mall stated its objective is to help women-owned businesses move beyond survival and develop structures capable of contributing meaningfully to Nigeria's economic growth.