Dr. Gabriel Ogbechie, Founder and Group Managing Director of Rainoil Group, has awarded N50 million in grants to 10 Nigerian startups as part of efforts to support entrepreneurship and business growth in the country.
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The grants were presented during the Dr. Gabriel Ogbechie Entrepreneur Symposium, themed “Resilient Entrepreneurship: Building in an Uncertain Economy,” held to commemorate his 60th birthday.
Each of the selected startups received N5 million after emerging from a competitive selection process that attracted more than 100 applicants. The applications were initially reduced to 26 finalists before 10 winners were eventually chosen.
Speaking at the event, Ogbechie encouraged entrepreneurs to remain focused on long-term value creation despite prevailing economic challenges. According to him, Nigeria’s population of more than 200 million people continues to create strong demand across key sectors including logistics, housing, agritech, and retail commerce.
He urged founders to prioritise operational discipline and sustainable growth over the pursuit of immediate profits.
Reflecting on his entrepreneurial journey, Ogbechie recalled starting Rainoil in 1997 with an initial capital of N300,000 after spending five years working in sales and operations within an indigenous oil company.
He explained that rather than investing heavily in expensive retail assets at the beginning, the company concentrated on product sourcing and wholesale distribution logistics. That approach, he noted, laid the foundation for the growth of Rainoil into one of Nigeria’s leading integrated energy companies.
Ogbechie also challenged the tendency to focus solely on macroeconomic risks, arguing that Nigeria’s large consumer market continues to provide opportunities for entrepreneurs who are willing to build resilient businesses.
The symposium also featured contributions from leading business figures. Sahara Group co-founder, Tope Shonubi, described humility as one of the most important qualities for entrepreneurs.
“Entrepreneurship is not only about building successful businesses. It is also about creating opportunities for others to grow,” he said.
Executive Chairman of AA Holdings Group, Austin Avuru, stressed the need for stronger government support for businesses. While acknowledging the value of private-sector grants, he said sustainable economic growth requires policies that promote security, ease of doing business, and monetary stability.
He added that government must serve as the “oxygen” that enables entrepreneurship and innovation to thrive.
