Wema Bank has awarded a combined N300 million in prizes, funding and ecosystem support to 11 winning teams at the seventh edition of its Hackaholics innovation programme, reinforcing efforts to promote technology entrepreneurship and support young Nigerian innovators.
The award ceremony, which marked the conclusion of Hackaholics 7.0, took place in Lagos under the theme, Festival of the Future.
The initiative attracted significant interest from young Nigerians, with 5,329 participants submitting 1,632 ideas aimed at addressing different economic and social challenges.
Following the evaluation process, 21 startups were shortlisted for the final stage of the competition, while 11 teams emerged as winners across the various categories.
Niteon Team emerged as the overall winner, receiving a grand prize of N60 million.
The latest edition demonstrates the growing interest among young Nigerians in developing technology-based solutions to challenges affecting businesses, communities and public services.
Hackaholics is part of Wema Bank’s efforts to encourage innovation and provide opportunities for entrepreneurs who may have promising ideas but lack the financial resources and institutional support required to develop them.
Speaking at the grand finale, the bank’s Managing Director and Chief Executive Officer, Moruf Oseni, explained that the initiative was established to bridge the gap between the creative abilities of young Nigerians and the resources needed to transform their ideas into sustainable businesses.
According to Oseni, the programme had engaged innovators across Nigeria’s six geopolitical zones during the preceding four months.
The engagement covered locations including Kano, Uyo, Benin, Enugu, Ibadan and Lagos.
He said the level of participation reflected the determination of young Nigerians to develop practical solutions despite challenges such as inadequate funding, poor infrastructure and limited access to business resources.
The bank’s chief executive also stressed that innovation requires more than encouragement.
He identified funding, mentorship, technical assistance and opportunities for business development as important factors that determine whether promising ideas can become successful commercial ventures.
This is particularly relevant in Nigeria, where many young entrepreneurs face difficulties accessing affordable financing and professional support.
Although the country has a growing technology community, startups frequently encounter challenges involving investment, market access, infrastructure and regulatory requirements.
These obstacles can prevent innovative businesses from expanding, even when their products address genuine market needs.
Hackaholics seeks to address some of these challenges by providing a platform where innovators can present their ideas, receive recognition and access support that can help them move towards commercial development.
Oseni also encouraged participants to develop technology products that respond to practical needs and build public trust.
He emphasised that successful innovation should benefit ordinary Nigerians rather than being designed exclusively for people with access to sophisticated devices and reliable internet connections.
This is an important consideration in a country where differences in income, digital literacy and internet access can affect the adoption of technology.
Former OPay Nigeria President and Co-Chief Executive Officer, Olu Akanmu, also spoke at the event.
Akanmu, who now leads Philips and Samuel Advisory Services and serves as an Executive in Residence at Lagos Business School, highlighted the role of digital technology in improving economic productivity.
He explained that technology can reduce transaction costs, connect buyers and sellers and make services more accessible to individuals and businesses.
His remarks highlighted the potential of innovation to improve the way economic activities are conducted across Nigeria.
The N300 million award package also reflects the importance of private-sector participation in developing the country’s startup ecosystem.
Government programmes and traditional financial institutions remain important, but businesses, investors and technology companies can also provide the support required to help entrepreneurs grow.
Beyond the immediate financial rewards, initiatives such as Hackaholics can encourage collaboration between innovators, investors and established businesses.
They can also help identify solutions that may eventually contribute to job creation, financial inclusion, healthcare delivery, education and agricultural development.
However, the long-term success of the programme will depend on whether winning teams can turn their ideas into sustainable products and businesses.
Access to funding is an important first step, but entrepreneurs also require strong management, customer understanding, effective marketing and reliable infrastructure.
For Nigeria’s technology sector, the latest edition of Hackaholics represents another opportunity to demonstrate the capacity of young people to contribute to economic development through innovation.
