CHUKS OLUIGBO 
The Lagos Business School (LBS) has announced fully funded certificate programme scholarships worth more than N3 million to each of five lucky members of the One Kindred, One Business Initiative (ÓKÓBÌ) of the Imo State Government.
This is not just another scholarship offer but one that specifically targets businesses with positive impact in the sustainability ecosystem.
According to LBS, eligible candidates for the scholarship must be in business activities related to waste management, facilities management, cleaning and maintenance services, and recycling, upcycling and/or materials recovery.
It said the certificate programme will run for five weeks online and two days in class at LBS Lagos.
The programme offers data support for scholarship candidates to aid their participation in online sessions. It does not, however, offer transportation or accommodations support but LBS said it has partner hotels that can offer reduced rate for its students.
Why It Matters for Sustainability
By offering scholarship to ÓKÓBÌ members, LBS signals its willingness to support sustainable businesses. By narrowing down to businesses related to waste management, facilities management, cleaning and maintenance services, and recycling, upcycling and/or materials recovery, the school demonstrates intentionality about supporting businesses that help to reduce environmental impacts, improve public health, create jobs, and support the transition to a circular economy. E
If run effectively, waste management can reduce pollution, prevent greenhouse gas emissions from open dumping and burning, protect water resources, and improve public health. In a country where governments at all levels have been unable to figure out a solution to mountains of garbage, the role of waste management businesses becomes even more urgent. It is these businesses that will ensure that waste is promptly collected, sorted, treated, and disposed of responsibly.
On their part, facilities management companies help to improve energy and water efficiency, extend the lifespan of buildings and assets, reduce resource consumption, and create healthier, safer environments through sustainable operations and maintenance. Similarly, cleaning and maintenance service providers extend the lifespan of assets and create healthier indoor environments if they use environmentally responsible products and resource-efficient practices.
But perhaps more central to the transition to a circular economy are recycling, upcycling and/or materials recovery businesses. When recycling companies recover valuable materials for reprocessing into new products, they reduce demand for virgin raw materials. When upcycling businesses create higher-value products from discarded materials, they extend product life while encouraging innovation. And when materials recovery facilities extract reusable materials from mixed waste streams, they divert waste from landfills and reduce greenhouse gas emissions.
When it opted to offer scholarships to ÓKÓBÌ members operating in these areas, the LBS voted for natural resources conservation, energy use reduction, lowering of carbon emissions, and green jobs creation, paving the way for a more sustainable environment. If the businesses succeed, the social impact will be felt in more jobs, increased household incomes, improved community health, and healthier environment for all.
Growing Institutional Support Points to ÓKÓBÌ’s Promise
The LBS scholarship offer is coming on the heels of the FirstBank partnership with the Imo State Government to support ÓKÓBÌ.
By virtue of the partnership, FirstBank will provide strategic support to help participating businesses to grow and become financially sustainable. The bank’s involvement is expected to improve access to financial services while equipping entrepreneurs with the knowledge and resources required to manage successful enterprises.
Beyond what each of these support programmes offers, the involvement of institutions is a pointer that ÓKÓBÌ, a programme designed to stimulate entrepreneurship, strengthen community-based enterprises, and create sustainable employment opportunities across Imo State, is right on course.
Looking Ahead
Since it began, OKOBI has shown potential to transform communities by enabling families and local groups to establish viable businesses capable of generating long-term income. By promoting collective enterprise, thus enabling communities to pool resources, skills, and expertise to create businesses capable of supporting multiple households, the programme is showing the power of collectivism.
One thing that seems to have worked for OKOBI is its distance from political influence. Run by Prof. Kenneth Amaeshi, a Professor of Sustainable Finance at the European University Institute, Italy, and Chair in Business and Sustainable Development at the University of Edinburgh, UK, OKOBI is not funded by government, but government has shown readiness to help with access to finance. Around April 2024, the promoters of OKOBI announced that the programme would assist group-owned businesses to access up to N10 million business funding from the Bank of Industry (BOI) through BOI’s Rural Area Programme on Investment for Development (RAPID) programme with up to three years tenor and of 5 per cent interest per annum.
From available feelers, the OKOBI experiment seems to be working. And the model is replicable across the states. At a time when economic hardship is taking a toll on households and communities, encouraging group-owned businesses may be the game changer. As EFInA (Enhancing Financial Innovation and Access) said in an April 2012 report entitled “Understanding Co-operatives in Nigeria”, cooperatives “could be a significant force in empowering rural communities, farmers, women and micro entrepreneurs throughout Nigeria”. OKOBI could just be steps ahead of a regular cooperative.
In due time, CSR Reporters will be here to assess how impactful or not the OKOBI experiment has truly been.
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