FMN Rewards Three Innovators with N10M Cash Prize

Flour Mills of Nigeria Plc (FMN) is pleased to announce the winners in category one of the second season of its annual Prize for Innovation competition, which focused on Innovative Techniques for Local Content Development in the Food and Agro-allied sector. FMN Prize for Innovation season two aims to promote the development of local content and innovation in Nigeria’s food industry, creating new opportunities for entrepreneurs and driving economic growth in the country.

The high-octane pitch event, which aired on February 18, 2023, brought together six finalists with businesses that have made significant contributions to the food and agro-allied sector in Nigeria through their innovative ideas and practices. After a highly competitive pitch session before the judges, the winner and first two runners-up were selected.

The winner of the grand prize of N5 Million is Eugene Olumese Osomobegbe of Osomobegbe Global Ventures Limited, whose innovation involves the design and fabrication of highly efficient solar dryers in Nigeria. The first runner-up and winner of N3 Million is Musa Pashi Ali of Palmark Syndicate Ltd, with an innovative idea of the production of tomato powder from tomato fruit, and the second runner-up and winner of N2 Million is Damilare Jacob Ogundipe of Indigo Farms and Bio Resources, an entrepreneur involved in the production of Cassava Residue Pellets for Animal Feeds.

Speaking after the pitch event and presentation of prizes Director – Group Strategy and Stakeholder Relations at FMN, , Mr. Sadiq Usman, said, “it is quite intriguing to see that the FMN Prize for Innovation also affords entrepreneurs and business owners an opportunity for a valuable networking experience. In this season, we saw a unifying business driver for most of the businesses which have the potential for value creation both in the short and the long run.”