Godman Akinlabi launches enterprise development fund with N50m

Godman Akinlabi, the lead pastor of The Elevation Church, has launched a scheme to provide grants to deserving businesses and lay the foundation for transformative impact.

According to a statement on Wednesday, Akinlabi, who had celebrated his 50th birthday on Saturday, donated an initial sum of N50 million during the launch of the initiative tagged, ‘Godman Akinlabi Enterprise Development Fund’.

Ayodotun Akinfenwa, global head of communications at The Elevation Church, said the fund is designed to remain entirely nonprofit “now and in the future”.

“The Fund represents the start of an ambitious journey to evolve into an annual programme dedicated to supporting high-potential enterprises with sustainable impact,” Akinfenwa said.

“Over time, it will welcome contributions from individuals, partners, and organisations united by a shared vision of building a more inclusive, prosperous, and impactful economy.”

Akinfenwa said Akinlabi will host an exclusive leadership lecture at the Oriental Hotel, featuring Leke Alder, in celebration of his 50th birthday.

He said the lecture would explore transformative ideas on governance, leadership, and societal progress — equipping attendees with actionable insights and values for a sustainable future.

Citing a report by the International Trade Centre (ITC), Akinfenwa said “the vast majority of Nigerian SMEs remain underfunded, with only 15 percent able to access formal credit”.

“This financial gap, worsened by an economy strained by inadequate cash flow, stifles the growth and potential of small businesses,” the statement reads.

“The Godman Akinlabi Enterprise Development Fund aims to directly address these challenges by offering critical support, including access to capital, mentorship, and growth resources.

“The Fund envisions entrepreneurship as a transformative engine for driving innovation, generating employment, and fostering sustainable societal change.”

Akinfenwa explained that the fund offers targeted support for small and early-stage businesses, providing seed capital ranging from N250,000 to N2,000,000 for businesses looking to establish or scale.

He noted that enterprises with proven potential can access growth capital of up to N5,000,000, enabling them to expand their operations and deepen their impact.

Speaking on the initiative, Akinlabi said the fund is the realisation of a long-held vision to raise leaders who will build profitable enterprises, transform industries, and inspire tangible change.

“I believe true leadership is not just about personal success but about creating platforms for others to thrive,” Akinlabi was quoted as saying.

“This Fund is that platform: a vehicle to empower courageous, faith-driven entrepreneurs to break barriers, innovate boldly, and redefine the future of business.”

Akinfenwa said the Vantage Forum would oversee the governance and selection process of the initiative, managing the evaluation and selection of high-potential candidates.

He added that applications for the first round of grants will open via www.godmanakinlabi.org/endowment on December 28, 2024.