FUTA Alumnus Falade Jerome Wins ₦50m Federal Grant with AI-Powered Campus Marketplace

An alumnus of the Federal University of Technology Akure, Falade Jerome, has secured a ₦50 million Federal Government Student Venture Capital Grant under the Federal Ministry of Education programme implemented in partnership with the Bank of Industry.

Jerome emerged among 45 winners selected from a highly competitive national pool under the Student Venture Capital Grant Scheme, which recorded over 30,000 applications across the country.

He won the grant with his startup, AlutaMarket, a campus-focused digital marketplace he describes as a “trust layer for Nigeria’s campus economy.” The platform is designed to facilitate safe buying and selling of goods and services among students through verified transactions and improved trust mechanisms.

AlutaMarket, which began operations at FUTA in January 2026, has since expanded to other tertiary institutions, positioning itself as a multi-vendor, AI-powered marketplace addressing common campus trade challenges such as fraud, “what I ordered versus what I got” disputes, and logistical inefficiencies.

The selection process for the grant involved multiple stages, beginning with 30,639 nationwide applications. This was followed by the selection of 65 finalists who participated in an intensive bootcamp before 45 ventures were ultimately awarded funding.

The final stage of the programme was held on March 29, 2026, at the UNDP Innovation Centre in Lagos, where participants pitched their projects before a panel comprising senior government officials, including the Minister of Education and the Minister of Communications, Innovation and Digital Economy.

Jerome described the experience as rigorous and transformative, noting that the bootcamp featured structured mentorship, project evaluation, and pitch sessions designed to stress-test business models.

AlutaMarket is structured as a digital ecosystem enabling students to trade safely within campus environments while integrating verification systems and transaction safeguards to improve trust in peer-to-peer commerce.

Jerome, who holds a first-class degree in Biomedical Technology, expressed appreciation to the Federal Government for supporting youth innovation, as well as to partner institutions and student unions across pilot campuses including FUTA, Federal University Oye-Ekiti, and Veritas University Abuja.

He described the development as a step toward scaling secure campus commerce across Nigeria, emphasizing a vision of expanding digital trust infrastructure within student communities.

AlutaMarket continues to onboard users across campuses as it pushes toward wider national adoption.