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50 persons, others get succour, training on entrepreneurship

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Representative of Sterling Bank, Mr. Olawale Azeez (left); Beneficiary, Mr. Abiru Afis and ZSF Board Secretary, Alhaji Abdul Waheed Amida during Zakat and Sadaqat Foundation (ZSF) fifth edition Award/Prize Giving Ceremony and Certificate Presentation to winners of the Business Plan Competition (BPC) in Lagos.


Zakat and Sadaqat Foundation (ZSF) has tackled hindrance that hamper the development of Muslim entrepreneurs, as lack of acceptable financing in Nigeria has slowed so many from growing their businesses.

Muslim entrepreneurial face funding issues due to the fact that Islamic law prohibits interest base loan.ZSF has said it assisted 99 entrepreneurs with N46,650,000 in the last five years with the Zakat proceeds.Also, ZSF has empowered 50 Edo indigenes with the sum of N2.6 million,

Speaking at the fifth edition of the Award/Prize Giving Ceremony and Certificate Presentation to winners of the Business Plan Competition (BPC), ZSF’s Executive Director/Chief Executive Officer (CEO) Prince Sulayman Olagunju said the competition, was a project under the entrepreneurship development project; through which the foundation supports ideas and businesses worthy of financial assistance.

He said the winners were screened by a team of experts in the field of entrepreneurship and empowerment schemes on behalf of the foundation.

“BPC is an Entrepreneurship Development Project (EDP) used to commemorate the United Nations World Youth Day which holds every 12 of August. However, we were unable to hold it as scheduled due to the sallah celebration that was marked in August. The project is also poised to bring together business-minded youths to compete and showcase their creative ideas and business plan; empower them with adequate seed capital and provide professional advice and mentorship to the youths across the country,” he said.Prince Olagunju said each of the 10 winners this year would receive N1 million, and 10 runners-up N200,000 each.

Jaiz Bank’s Managing Director/CEO Mr. Hassan Usman, who chaired the occasion, hailed the foundation for contributing to the development of Small-to-medium enterprise in the country. Represented by Deputy Managing Director Alhaji Mahe Abubakar, Usman urged the foundation to remain focus and deepen its intervention to widen the socio-economic safety net for unemployed youths.

“I congratulate the winners and runners-up and urge you all to make the best use of the funds in order to improve your standards of living. No doubt, the process of screening and selecting the winners as well as the runner-ups is not an easy task. I commend the panel of experts that conducted this exercise for a job well done. I also commend all the staff of the foundation for their untiring efforts to move the foundation forward,” Usman said.

General Manager of Nasrul- lahi -li Fathi Society of Nigeria Agency for Zakat and Sadaqat (NAZAS) Mr Mufutau Adelotan urged the winners to use the fund judiciously.

Adelotan said ZSF and NAZAS were partners in charity collection and support for the downtrodden.He said Zakat collection was not about competition but collaboration “because we are all working towards achieving success in this world and hereafter as ordained by Allah. It is all about seeing people doing well… We appreciate what ZSF has been doing.”

Speaking at its 6th Annual Zakat Distribution Ceremony in Benin city, Edo state, the Operations Manager, Ma’ruf Ahmed said that items distributed included computers, sewing machines, laptops, deep freezers and cash sum.

Ahmed who stressed on the multiplier effect of Zakat noted that as an individual empowered, it will in return translates to at least 4 persons because each beneficiary has dependants including spouse and offsprings who they are also able to cater for with it.

Olagunju, said that the Zakat and Sadaqat Foundation (ZSF) collects and manages the disbursement of zakat and sadaqat charity paid by the well-to-do members of society.

He added that for anyone to pay zakat, which is the equivalent of 2.5percent of one’s wealth, he or she is expected to have had a minimum of N 1.2 million over a year while sadaqat or charity is voluntary and can be paid at any time.

Olagunju who commended the Foundation for its painstaking effort at bridging the poverty gap in society said that the more persons we are able to take out of poverty, the more secure society becomes.

Speaking on the topic “Zakat Administration: A Panacea to Depression”, Guest Speaker, Mr Dauda Momodu said zakat is the third and economic pillar of Islam.

“It is an injunction of Allah on the wealthy. With proper payment and administration of Zakat, depression, poverty and insecurity will be a thing of the past in our society. Zakat is exerted on wealth, farm produce, animals and precious metals, among others and its goal is the compulsory transfer of wealth to the less privileged in society.”Momodu said.

The Zakat and Sadaqat Foundation (ZSF) Field Officer for Edo, Abdul-Rasheed Jatto added that the zakat distribution ceremony is one of several programmes of the foundation while others include elderly and widows support, memorable Ramadan, infaqul afuww and business plan competition.


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