A Humble Beginning, A Driven Career
Born and raised in Kaduna, Mr. Asagun’s career in finance is rooted in a strong educational foundation and an early exposure to entrepreneurship. He studied Mathematics and Statistics at Kaduna Polytechnic and earned a marketing diploma from the Nigerian Institute of Marketing of Nigeria. He later graduated with a degree in Economics from Obafemi Awolowo University and went on to obtain an MBA from the Business School Netherlands.
His career began during his National Youth Service Corps (NYSC) placement with Oceanic Bank (now EcoBank), where he was retained after service. “That marked the beginning of my journey into the finance industry,” he recalls. While many avoided marketing roles, Asagun saw it as a way to do more than just customer service. His time in personal banking eventually laid the groundwork for his entrepreneurial path.
From Banking to Business: Lessons in Risk and Resilience
While still in the banking sector, Mr. Asagun ventured into PET bottle manufacturing. However, infrastructure challenges—specifically unreliable electricity supply—quickly made the business unsustainable. “We had issues with electricity. The machines required three-phase power, but we often had only one phase,” he explained, noting that operating generators all day drained profitability.
Despite this setback, his entrepreneurial spirit remained unshaken. He recognized a recurring issue in commercial banking—small businesses unable to access credit due to lack of collateral or formal structure. “We brought many customers to Oceanic Bank, but when they needed funding, they couldn’t qualify,” he said. This inspired him to establish Entourage Integrated Trust in 2013, a microfinance firm focused on serving Micro, Small, and Medium Enterprises (MSMEs).
Bridging the Credit Gap Through Microfinance
Entourage Integrated Trust was founded to meet the needs of underserved businesses that are often turned away by commercial banks. “These businesses have integrity, and we work with them every day. Banks won’t give loans based on trust, but we can because we know them,” Asagun explained. The firm now extends credit not just to SMEs but also to the unbanked—people who lack access to any form of financial support.
Beyond lending, the company offers advisory services to help business owners grow sustainably. “Smarter finance is about financial literacy. It’s not just about giving money but educating people on how to use it properly,” he stressed. He cited cases where loans were misused for personal expenses, emphasizing the importance of educating borrowers to align funds with business goals.
The Nigerian Business Landscape: Challenges and Opportunities
Reflecting on the broader Nigerian economy, Mr. Asagun sees both challenges and untapped potential. “Growing up poor, I realized that economic empowerment comes through entrepreneurship,” he shared. Like many others, he saw Lagos as a land of opportunity and moved there in pursuit of the “Nigerian dream.”
While the economy presents challenges—especially for small businesses navigating power shortages, regulatory hurdles, and capital access—he maintains that opportunities abound for the prepared. “Nigeria is a land flowing with milk and honey. You just need to be ready to seize the opportunities.”
Barriers to Credit Access: A Two-Sided Problem
Mr. Asagun notes that both banks and businesses share responsibility for the difficulty in accessing credit. “Commercial banks avoid risk, which is understandable. But many businesses aren’t structured properly,” he said. He emphasized the need for proper bookkeeping and separating personal from business finances—common pitfalls among micro and small enterprises.
“One major issue is that business owners don’t know how to manage money. They run sole proprietorships where personal and business finances are mixed, making it hard to assess creditworthiness.”
The "MMF" Mindset: Education as a Game-Changer
Asked how small and nano businesses can grow beyond the “MMF—Make Money and Feed” survival mode, Asagun points to education as the cornerstone. “You don’t need a university degree, but you must understand your business and how to run it,” he said. He believes that financial and operational literacy—formal or informal—is the key to building sustainable businesses.
Drawing from his own journey, Asagun stressed the importance of preparation. “Before starting the PET bottle company, I spent a year researching. The same for my microfinance venture.”
Debunking Myths Around Microfinance
A common misconception, he says, is that microfinance institutions are “loan sharks.” “That’s not true. Loan sharks exploit people with high interest rates and upfront demands. Our goal is to make life easier for our customers with minimal interest and manageable repayment structures.”
Entourage’s approach includes not just lending but financial counseling to help clients manage their finances better. “We’re focused on financial inclusion and sustainability,” he added.
A Comprehensive Range of Services
Entourage Integrated Trust offers a variety of loan structures tailored to the needs of micro and small businesses—including daily and weekly loans, and a growing digital lending platform. “But more than that, we provide guidance and financial advice. We want our customers to succeed, not just borrow,” Asagun explained. For more information, he encourages prospective clients to visit their website: www.entourageloans.com.
Seyi Asagun’s story is one of resilience, vision, and a deep commitment to inclusive growth. By leveraging his decades of experience and understanding of Nigeria’s financial landscape, he is helping small businesses gain the tools and access they need to thrive. Through Entourage Integrated Trust, he continues to champion smarter finance, empower entrepreneurs, and reshape the microfinance narrative in Nigeria.