In an insightful conversation, Seyi Asagun, finance veteran and CEO of Entourage Integrated Trust, shares how his journey from banking to micro-lending is transforming small business access to capital in Nigeria. With over 30 years of experience in finance and entrepreneurship, Asagun speaks on the realities of Nigeria’s business environment, the potential of microfinance, and the need for financial literacy.
From Kaduna to CEO: The Journey of Seyi Asagun
Seyi Asagun’s path into finance is rooted in a classic story of ambition and perseverance. Raised in Kaduna, he studied Mathematics and Statistics at Kaduna Polytechnic, earned a marketing diploma from the Nigerian Institute of Marketing, and completed a degree in Economics at Obafemi Awolowo University. Later, he obtained an MBA from Business School Netherlands.
His entry into the financial world began with Oceanic Bank (now Ecobank) during his NYSC, where he was retained and spent 11 formative years. While many steered away from marketing roles, Asagun leaned in—driven by a desire to do more than routine banking. This eventually led him to personal banking, igniting a passion for finance that laid the foundation for his entrepreneurial leap.
Early Ventures: Lessons from Manufacturing
During his time at Oceanic Bank, Asagun ventured into PET bottle manufacturing. Though short-lived, the experience was a turning point.
“We had constant electricity issues. Our machines required three-phase power, but most times, we only had one. Running generators on diesel all day made the business unsustainable,” he recalls.
This setback didn’t deter his entrepreneurial spirit—it clarified his mission: to find a more impactful and sustainable way to support business development.
The Birth of Entourage Integrated Trust
In 2013, Asagun launched Entourage Integrated Trust, a microfinance institution aimed at providing financial solutions for small and medium-sized enterprises (SMEs) and the unbanked.
“I saw the gap firsthand. While in banking, many of our customers couldn’t qualify for loans due to system constraints. I realized I could solve that problem.”
Entourage was created to bridge this gap—offering funds to promising small businesses that traditional banks overlook.
Redefining Finance: The Concept of Smarter Lending
For Asagun, lending goes beyond disbursing cash—it’s about smarter finance, grounded in financial literacy and responsible usage.
“We’ve seen people take loans and use them to marry a new wife or pay school fees. That’s not sustainable,” he explains. “We educate borrowers to use funds productively and understand the value of financial discipline.”
This philosophy has become a cornerstone of Entourage’s operations—loaning with guidance.
The Nigerian Business Landscape: Challenges and Opportunities
Having grown up in a low-income neighborhood, Asagun understands the urgency of economic empowerment.
“Those who thrived were business owners. That stuck with me. I realized I had to pursue entrepreneurship to build wealth.”
He describes Lagos as a “land of opportunities” and urges aspiring entrepreneurs to remain alert and prepared.
“Nigeria is full of opportunities. You just need to be ready when they come.”
Why Traditional Banks Don’t Lend to SMEs
Asagun believes that both structural issues and poor financial management prevent small businesses from accessing funding.
“Banks avoid risks, and rightly so. Many SMEs aren’t structured. They mix personal and business accounts, making it difficult to assess their operations.”
At Entourage, part of the solution is helping clients organize their finances, build business systems, and stay loan-ready.
Breaking Free from the ‘MMF’ Model
Many small businesses in Nigeria operate under what Asagun calls the “MMF model”—Make Money and Feed. He says the key to escaping this cycle is education.
“You don’t need a university degree, but you must understand your business, develop your skills, and learn how to manage money. That’s where growth begins.”
Dispelling Myths: Microfinance is Not Loan Sharking
One of the biggest misconceptions about microfinance, Asagun says, is that it’s exploitative.
“We’re not loan sharks. Our goal is to support businesses, not trap them with high interest rates. We don’t ask for upfront payments with interest. Our approach is customer-centric.”
Final Thoughts: Financing the Future
Seyi Asagun is on a mission to reshape access to credit for Nigeria’s entrepreneurial class. His focus on education, structured lending, and grassroots engagement offers a refreshing take on how finance can be used as a tool for transformation.
“We don’t just give money—we empower people to use it wisely.”
Through Entourage Integrated Trust, Asagun continues to redefine what it means to support small businesses—one smart loan at a time.
