How Ajegunle Business School is unlocking grassroots enterprise and changing community narratives

At the 8th Ajegunle Economic Summit, Business Fair & Exhibition organised by the Ajegunle Business School (ABS) in Lagos, grassroots entrepreneurs, lawmakers, and corporate leaders gathered to champion local innovation, capacity building, and enterprise development.

The annual event provides a dual platform to inspire emerging business owners through targeted education and showcase their products and services to wider markets.

Speaking at the summit, Alfred Konaughe, Convener of the event and Founder/CEO of Ajegunle Business School, outlined the institution’s mission to alter long-standing stereotypes about the community by investing directly in its human capital.

“I grew up in Ajegunle, and we are trying to change the narrative,” Konaughe said. “The word Ajegunle means ‘where wealth resides.’ Through knowledge, I realised that wealth is not in places—it is in people. ABS was established to train, equip, and bring out the wealth within them.”

Approaching its ninth anniversary this December, ABS operates as a non-profit organisation offering mostly tuition-free entrepreneurship and skill-acquisition programs sponsored through individual and corporate scholarships.

Directly and through collaborative ventures—such as its partnership with the Paradigm Initiative’s Life Legacy project—ABS has trained and expanded the capacity of over 900 entrepreneurs. Beyond technical instruction, the school actively connects its graduates to growth capital.

“We don’t only train them; we facilitate access to funding,” Konaughe explained. “Through our relationship with the Bank of Industry (BOI), our entrepreneurs access loans at a nine percent interest rate. From January to date, over 30 of our entrepreneurs have secured between N1 million and N5 million to scale their operations.”

Notable alumni highlights shared at the summit include “Magic Finger,” a culinary entrepreneur who expanded from a single outlet to three kitchen centres following her training, and a fashion designer who successfully scaled her brand internationally to Kenya.

Looking ahead, Konaughe revealed plans to replicate the model across other peri-urban communities, with prospective launches targeted for Mowe, Ikorodu, and beyond.

Sabur Akanbi Oluwa, member representing Ajeromi-Ifelodun Constituency 2 at the Lagos State House of Assembly, commended the ABS team for redirecting youth energy toward productive enterprise.

He highlighted the critical role small businesses play in community stability while calling for urgent interventions in basic infrastructure.

“The amount of unengaged youth we have requires us to support anyone helping them build skills. This way, our youth become more productive,” Hon. Oluwa noted, adding that persistent power challenges remain a barrier. “In developing economies, reliable electricity is essential for entrepreneurs. We must continue pushing for solutions to the epileptic power supply and heavy billing that burden small businesses.”

Delivering a keynote address, Yetunde Abisoye, Founder and CEO of Iconic Reality & Development Limited, urged graduating students and exhibitors to reject mediocrity, commit to continuous learning, and build indispensable skills.

Reflecting on her own upbringing in Ajegunle, Abisoye recounted selling her sewing machine to fund her university education—a decision that reshaped her career path.

“One of the first challenges in any close-knit environment is the risk of settling for mediocrity,” Abisoye stated. “You must fall in love with learning, adapt modern approaches to your craft, and realise that you deserve a seat at the table of greatness. When given access or mentorship, maximize it through excellence and skill.”

Beneficiaries at the exhibition also testified to the school’s transformative impact. Modupe Ayoko, CEO of Atobanti Creation, shared how ABS shifted her business mindset.

“The training at Ajegunle Business School helped me rebuild my confidence and self-esteem,” Ayoko said. “It brought out my creative potential, and today I manufacture and sell custom bags, shoes, and general leatherwork.”