l-r: Oge Elumelu, daughter of Founder and Co-Founder, Tony Elumelu Foundation; Tony O. Elumelu, CFR, Founder, Tony Elumelu Foundation; Dr Awele V. Elumelu, OFR, Co-Founder, Tony Elumelu Foundation

• Over 27,000 Africans empowered by TEF Entrepreneurship Programme
• 51% Women in 2026 Cohort, Signalling Rise of Female-Led Enterprises
• $16 Million to Be Deployed through TEF Entrepreneurship Programmes in 2026 to Fund African Entrepreneurs

Abuja, Nigeria – March 22, 2026 – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs, has announced 3,200 young African entrepreneurs across all 54 African countries for the 2026 cycle of the TEF Entrepreneurship Programmes; driving poverty alleviation, catalysing job creation, and ensuring inclusive economic empowerment.

With this latest announcement, TEF has now funded, trained and mentored over 27,000 African entrepreneurs, reinforcing its position as the largest private-sector driver of entrepreneurship in Africa. This underpins TEF’s stance on Africapitalism; Tony Elumelu’s economic belief that African entrepreneurs are the key drivers of the continent’s socio-economic transformation.

The 2026 cohort reflects the diversity, ambition, and resilience of Africa’s entrepreneurial ecosystem, with 51% women, 75% aged 18–35, reinforcing youth-driven economic transformation, 30% from rural communities, expanding access beyond urban centres, and 13 selected entrepreneurs reported to be thriving with disabilities. The 2026 Tony Elumelu Entrepreneurs’ businesses span sectors including agriculture, AI, green economy, healthcare, and fintech. Crucially, 91% of selected entrepreneurs are at idea or early-stage, underscoring TEF’s role as a true last-mile enabler of opportunity.

l-r: Somachi Chris-Asoluka, CEO, Tony Elumelu Foundation; Tony O. Elumelu, CFR, Founder, Tony Elumelu Foundation; Dr Awele V. Elumelu, OFR, Co-Founder, Tony Elumelu Foundation

In 2026, the Tony Elumelu Foundation will empower:

• 1,751 entrepreneurs via Heirs Holdings Group companies – Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital
• 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ
• 100 entrepreneurs in partnership with Sèmè City Development Agency
• 100 entrepreneurs in partnership with DEG, the German Development Agency
• 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government
• 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts

The announcement, held at the Transcorp Hilton, Abuja and broadcast globally, marks the 2026 cycle of the TEF Entrepreneurship Programme, with entrepreneurs selected from over 265,000 applications, one of the largest entrepreneurial selections on the continent.

The 2026 applications successfully submitted on TEFConnect, TEF’s proprietary digital platform, were subject to TEF’s rigorous and highly competitive selection process, where applicants were assessed on their demonstrated financial understanding and entrepreneurial mindset, as well as the feasibility, demand and scalability of their business ideas. This year’s cohort reflects the depth of entrepreneurial talent across the continent, with strong representation across key sectors including agriculture, artificial intelligence, healthcare, and the green economy.

The selection process was conducted by Ernst & Young, to ensure independent assessment.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities.

A cross-section of Tony Elumelu Foundation (TEF) Alumni  pictured with (from center-left) Somachi Chris-Asoluka, CEO, Tony Elumelu Foundation; Oge Elumelu, daughter of Founder and Co-Founder, Tony Elumelu Foundation; Tony O. Elumelu, CFR, Founder, Tony Elumelu Foundation; and Dr Awele V. Elumelu, OFR, Co-Founder, Tony Elumelu Foundation

Speaking at the announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings said, “What we do is about democratising luck and spreading prosperity, because everyone deserves the opportunity to succeed. I believe that no one but us will develop Africa. I also believe that the future of our continent is in the hands of our youth. What we do at the Tony Elumelu Foundation is not because we have so much to spread, but because we see it as self-enlightened interest

to make sure that everyone is given the opportunity to succeed. Because poverty, anywhere, is a threat to all of us everywhere. So the more prosperity we spread and we share, the more young Africans will mobilise, realising that one person alone cannot change Africa.

To our 2026 Tony Elumelu Foundation beneficiaries, I say congratulations. Your success will make the difference.”

Dr. Awele Elumelu, OFR, TEF Co-Founder, emphasised the scale of unmet demand, “I want to again continue to encourage those who have not been selected this year. Don’t give up. There is still hope.

We received over 265,000 applications, yet only 3,200 could be selected. This is why we continue to call on partners to join us. The future of Africa is indeed in the hands of these young entrepreneurs.”

l-r: Somachi Chris-Asoluka, CEO, Tony Elumelu Foundation; Oge Elumelu, daughter of Founder and Co-Founder, Tony Elumelu Foundation; Tony O. Elumelu, CFR, Founder, Tony Elumelu Foundation; Dr Awele V. Elumelu, OFR, Co-Founder, Tony Elumelu Foundation

Somachi Chris-Asolula, TEF CEO added, “We received over 265,000 applications from across the entire continent. 265,000 individuals who have chosen not to wait, but who have chosen to create. Today, we are celebrating all African entrepreneurs. We are celebrating the African entrepreneurial spirit, a spirit of resilience, hard work, capacity, and immense talent.  Under Mr. Elumelu’s visionary leadership and strategic guidance, we are empowered and committed in making sacrifices to ensure that our young African entrepreneurs help us eradicate poverty, ensure inclusive economic empowerment, and create the millions of jobs that our continent so desperately deserves.”

Oge Elumelu, daughter of the Founder and co-Founder of TEF reflected on the Tony Elumelu Foundation’s journey, “Being able to witness the unravelling of this year’s selection process is truly exciting. And having been in attendance from the first TEF Forum, which was in 2015, to seeing where it is now is truly just incredible. And so I am really honoured to be here. And well done and congratulations to the 2026 cohort.”

Since its inception, the Tony Elumelu Foundation has:

• Disbursed over $100 million in seed capital
• Empowered 27,000+ entrepreneurs
• Generated $4.2 billion in revenue
• Created 1.5 million jobs
• Lifted 2.1 million Africans out of poverty

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and the 2025 TEF Annual Report

For Media Inquiries: moyo.awotile@tonyelumelufoundation.org

Partner, TEF Alumni and TEF Mentor Testimonials at the Ceremony

“Our partnership with the Tony Elumelu Foundation speaks volumes. Together, we are intentionally empowering young entrepreneurs, especially women, and supporting them to grow sustainable businesses that transform lives. There is nothing more transformative than enabling young African entrepreneurs to become economic drivers in their communities. What TEF is building is fundamental to Africa’s future.”

— Massimo De Luca, Head of Cooperation, EU Delegation to Nigeria
“265,000 young Africans applied this year – that alone shows the strength, ambition, and potential of this continent. What the Tony Elumelu Foundation has created is not just a legacy, it is a live wire that will continue to power Africa’s future through entrepreneurship and job creation.”

— Nadi Albino, Deputy Director UNICEF Gen-U

“We are proud to partner with the Tony Elumelu Foundation in creating hope at scale. This is how we address Africa’s biggest challenges, by empowering people to build and thrive. Our commitment is growing because we have seen the impact. When you empower entrepreneurs, you unlock opportunity, stability, and prosperity across entire regions.”

— Dr Owen Omogiafo OON, President/GCEO Transcorp Group

“Our partnership with the Tony Elumelu Foundation enables us to empower youth at scale, expanding opportunity and prosperity far beyond our core operations. Through this partnership, we continue to transform lives across Africa, and we are proud to deepen our commitment to supporting entrepreneurs and communities.”

 — Osa Igiehon, CEO, Heirs Energies

“We are proud to be associated with the Tony Elumelu Foundation. The impact being generated is creating a powerful multiplier effect across Africa. Our partnership is rooted in purpose, to drive prosperity, support entrepreneurs, and ensure their success stories continue to grow across the continent.”

— Peter Ashade, Group CEO, United Capital Group

“The world doesn’t reward ideas. It does reward execution and ultimately results. Seeing thousands of entrepreneurs empowered by the Tony Elumelu Foundation is a powerful testament to the momentum of African enterprise. I am proud to be part of a mission that is investing in people, because Africa’s growth depends on it.”

— Najim Abdulrazaq, TEF Mentor

“The Tony Elumelu Foundation aligns with my core belief, that Africa’s progress will be driven by entrepreneurs solving real problems. I have seen firsthand how the Tony Elumelu Foundation equips entrepreneurs with the skills, confidence, and capital to build sustainable businesses.”

— Adaeze Charlyn Udom, TEF Mentor

Thanks to the funding from the Tony Elumelu Foundation, we’ve generated a turnover of $154,000, created 13 jobs, and trained 280 young entrepreneurs.”

— Haruna Diop, Malian 2021 Tony Elumelu Foundation Alumni 

“Thanks to the support from the Tony Elumelu Foundation, I was able to manage my project and spread a positive environmental impact. We also created job opportunities and helped more than 30 people.”
— Sabrina Berrehal, Algerian 2024 Tony Elumelu Foundation Alumni

“We have generated revenue of over $500,000 and created employment in farming for 12,000 farmer agents and aggregators. Our farmers, who previously earned $2 per day, now earn $4.50 per day.”

— Aisha Langat, Kenyan 2024 Tony Elumelu Foundation Alumni

“Thanks to funding from the Tony Elumelu Foundation, we were able to increase our impact by supporting more than 15 SMEs, including 5 in the clean energy sector and 5 in bioenergy. Our company has generated $160,000 in revenue and created more than 13 jobs. We are supporting clean cooking in our community, helping reduce CO₂ emissions, combating deforestation, and promoting sustainable development.”

— Prince Hangi, Congolese 2023 Tony Elumelu Foundation Alumni

“With the US $5,000 investment from the Tony Elumelu Foundation we have been able to impact over 20,000 people and that includes households and institutions such as your schools, clinics etc. We have also been able to raise US $30,000 more in funding in South Africa. We are really grateful to the Tony Elumelu Foundation for the opportunity. Thank you for making a conducive environment for economic growth.”

— Kemiso Motholo, South African 2024 Tony Elumelu Foundation Alumni

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• New TEF Board members are: H.E. Badr Jafar, leading businessman and social entrepreneur from the United Arab Emirates; Per Heggenes, with about a two-decade track record in the humanitarian and development sectors, and grant-making philanthropy, who served as the first CEO of the IKEA Foundation from Norway; and Professor Paul Gompers, the Eugene Holman Professor of Business Administration at the Harvard Business School, from the United States of America.
• The Tony Elumelu Foundation is the leading philanthropy committed to catalysing youth entrepreneurship across Africa, disbursing over USD$100m to over 24,000 young African entrepreneurs, who have collectively created over 1.5 million jobs, generated over US$4.2 billion in revenue and lifted more than 2.1 million Africans from poverty.
• Appointments represent the Tony Elumelu Foundation’s belief in strategic philanthropy built on global partnerships and best practice

Lagos, Nigeria – February 17, 2026 – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young entrepreneurs to create sustainable jobs and drive economic transformation, today announced the appointment of three distinguished new members to its Advisory Board. These strategic additions enhance TEF’s global reach and expertise in fostering Africapitalism, youth entrepreneurship, and inclusive growth across all 54 African countries.

The new members:

• Professor Paul Gompers, Harvard Business School – a preeminent scholar of venture capital and entrepreneurship.
• Per Heggenes, former CEO of the IKEA Foundation, with about a two-decade track record in global grant-making and sustainable development.
• His Excellency Badr Jafar, CEO of Crescent Enterprises and Special Envoy for Business and Philanthropy for the United Arab Emirates.

They join existing Advisory Board member, Fatou Assah, Executive Director (Alt) at the International Monetary Fund, from the Central African Republic.

Commenting, Tony O. Elumelu, Founder of the Tony Elumelu Foundation, said:

"Entrepreneurship is the most powerful engine for Africa’s long-term prosperity.

We welcome H.E. Badr Jafar, Per Heggenes and Professor Paul Gompers to our Advisory Board.

Badr’s experience in championing innovative solutions and strategic philanthropy will be instrumental, as we scale our mission and bridge Africa with global partners who share our commitment to economic inclusion. Per’s career experience will be invaluable as we continue to scale our impact and strengthen institutional capacity in support of African entrepreneurs. Professor Gompers’ long-standing academic engagement with the Tony Elumelu Foundation, including his Harvard Business School case study on TEF’s work, reflects the growing global recognition of entrepreneurship as Africa’s most powerful development catalyst.”

The appointments reflect the Foundation’s ability to convene global voices and champion African solutions. TEF has partnered with the European Union, the Ikea Foundation, Google, the UAE Office of Development Affairs (ODA), the Khalifa Bin Zayed Al Nahyan Foundation, the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), and more, running bespoke entrepreneurship programmes including targeting female empowerment and growth in fragile states.

Commenting on his appointment, H.E. Badr Jafar said: “It is a privilege to support the Tony Elumelu Foundation’s work, at a time when Africa’s entrepreneurial energy is reshaping the future. The UAE has emerged as a global platform for innovation and cross-sector collaboration, and I look forward to helping build bridges between regions, sectors, and generations to drive sustainable impact at scale.”

Commenting on his appointment, Per Heggenes said:
“The Tony Elumelu Foundation has built one of the most ambitious and impactful entrepreneurship platforms in the world. I am pleased to join the Advisory Board at a time when Africa’s young entrepreneurs are increasingly central to solving global challenges. I look forward to supporting the Tony Elumelu Foundation’s mission to strengthen entrepreneurship as a pathway to economic independence, resilience, and inclusive growth.”

Commenting on his appointment, Professor Paul Gompers stated:
“Entrepreneurship is a critical driver of innovation, job creation, and economic transformation. The Tony Elumelu Foundation has demonstrated what is possible when capital, training, and long-term commitment are aligned. I am delighted to join the Advisory Board and contribute to the Tony Elumelu Foundation’s efforts to deepen Africa’s entrepreneurial ecosystems and expand opportunity at scale.”

To learn more about the Tony Elumelu Foundation’s impact, please read the latest TEF Annual Report et Impact Report and explore how Tony Elumelu Entrepreneurs are transforming Africa.

The Tony Elumelu Foundation is currently accepting applications for its 2026 TEF Entrepreneurship Programme via www.TEFConnect.com till March 1, 2026, focusing on supporting early-stage businesses and fostering innovation across Africa.  

About the new Advisory Board Members 

H.E. Badr Jafar

H.E. Badr Jafar is the CEO of Crescent Enterprises, a diversified business operating across nine industry sectors in 15 countries. He also serves as Chairman of Gulftainer, the largest privately-owned container port operator in the world. Badr is actively engaged with organisations and initiatives focused on humanitarian aid and international development, strategic philanthropy, corporate governance, entrepreneurship, education and the arts. Consistent with his interest in promoting social entrepreneurship in the MENA Region, Badr co-founded the Arab World Social Entrepreneurship Program (ASEP).

Per Heggenes

Per Heggenes brings nearly two decades of global leadership across strategic philanthropy, international development, and corporate affairs. As the first CEO of the IKEA Foundation from 2009, he led the organisation’s evolution into one of the world’s leading strategic philanthropies, overseeing funding and innovation strategies supporting programmes in more than 45 countries. Under his leadership, the Ikea Foundation partnered with the Tony Elumelu Foundation and UNICEF’s Generation Unlimited, to launch the BeGreen Entrepreneurship Programme, empowering hundreds of young green African entrepreneurs with critical green training, funding, and technical assistance in launching green businesses across the African continent.

Professor Paul Gompers

Professor Paul Gompers is one of the world’s leading scholars on entrepreneurship, venture capital, and high-growth companies. He is Professor of Business Administration at Harvard Business School, with appointments in both Finance and Entrepreneurial Management. In 2024, Professor Gompers and his Harvard Business School research team launched a case study on the Tony Elumelu Foundation titled “The Tony Elumelu Foundation: Democratising Luck Across Africa”. The case study examines TEF’s distinctive philanthropy model and documents how the Tony Elumelu Foundation has empowered thousands of African entrepreneurs with more than US$100 million in direct funding, alongside training, mentorship, and ecosystem development.

À propos de la Fondation Tony Elumelu

The Tony Elumelu Foundation (TEF) is the leading philanthropy committed to catalysing youth entrepreneurship across Africa.

The Tony Elumelu Foundation is empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly, entrepreneurs, as the catalyst for the social and economic development of the African continent.

Since our launch in 2010, TEF has empowered over 2.5 million young Africans with access to business management training on our proprietary digital hub, TEFConnect, and disbursed over US$100 million in seed capital to more than 24,000 selected entrepreneurs on the TEF Entrepreneurship Programme. Collectively, these entrepreneurs have generated $4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through our support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line, and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women.

The Tony Elumelu Foundation’s mission is rooted in Africapitalism, which positions the private sector and, most importantly, entrepreneurs as the catalyst for the social and economic development of the African continent.

TEF’s ability to fund, train, mentor, and network young African entrepreneurs has created a unique platform for catalysing growth across the African continent. The robust ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the United States Government via the United States African Development Foundation (USADF), The Organisation of African, Caribbean and Pacific States (OACPS), The French Development Agency (AFD), The German Development Finance Institution (DEG), The German Agency for International Cooperation (GIZ), The African Development Bank (AfDB), Google, UNICEF Generation Unlimited (GenU), IKEA Foundation, the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed), and others, with bespoke programmes including targeting female empowerment and growth in fragile states.

Contact: Moyo Awotile; moyo.awotile@tonyelumelufoundation.org

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رأس مال تأسيسي غير قابل للاسترداد بقيمة 5,000 دولار أمريكي، وتدريب عالمي المستوى، وإرشاد لأجرأ المؤسسين في أفريقيا

أكثر من 24,000 رائد أعمال ممولين، و2.5 مليون شخص تم تدريبهم، و1.5 مليون وظيفة تم خلقها، وإيرادات بلغت 4.2 مليار دولار أمريكي منذ عام 2015

لاغوس، نيجيريا – 1 يناير 2026 – أعلنت مؤسسة توني إلوميلو (TEF) فتح باب التقديم لبرنامج TEF لريادة الأعمال لعام 2026، داعيةً روّاد الأعمال الطموحين من جميع الدول الأفريقية الـ54 إلى التقديم الآن عبر منصة TEFConnect.

يحصل المتقدمون الناجحون على رأس مال تأسيسي غير قابل للاسترداد بقيمة 5,000 دولار أمريكي، إلى جانب تدريب مكثف في مجال الأعمال، وإرشاد، ووصول مباشر إلى أكبر شبكة لريادة الأعمال في أفريقيا.

منذ عام 2015، قام البرنامج بتمويل أكثر من 24,000 رائد أعمال، وتدريب 2.5 مليون أفريقي، وخلق أكثر من 1.5 مليون وظيفة، وتوليد إيرادات تجاوزت 4.2 مليار دولار أمريكي، مما يثبت أن روّاد الأعمال الأفارقة قادرون على تحويل القارة.

كما يدفع البرنامج عجلة النمو الشامل، حيث تشكل النساء الآن 46% من روّاد أعمال TEF، وهي أعلى نسبة مشاركة نسائية يسجلها برنامج بهذا الحجم.

وفي حديثه عن إطلاق برنامج 2026، قال مؤسس مؤسسة توني إلوميلو ورئيس مجلس إدارة مجموعة Heirs Holdings، توني أو. إلوميلو، CFR:

> «أعظم أصول أفريقيا هم شعبها. أفريقيا لا تحتاج إلى مساعدات؛ أفريقيا تحتاج إلى استثمار، في البنية التحتية، وفي المؤسسات، ولكن الأهم من ذلك في شبابنا.

من خلال مؤسسة توني إلوميلو، نُظهر أنه عندما يتم تمكين روّاد الأعمال، فإنهم يخلقون فرص عمل، ويدفعون النمو، ويحوّلون المجتمعات.

روّاد الأعمال هم مستقبل أفريقيا».

باب التقديم لبرنامج TEF لريادة الأعمال لعام 2026 مفتوح من 1 يناير إلى 1 مارس 2026 عبر الموقع www.TEFConnect.com.

—

أثر TEF

اضغط هنا للاطلاع على بيانات على مستوى الدول حول روّاد الأعمال الشباب الذين تم دعمهم من خلال تمويل وتدريب وإرشاد TEF في كل دولة أفريقية. ولمعرفة الأثر التحويلي للمؤسسة في جميع أنحاء القارة، يُرجى زيارة صفحة الأثر والتقارير السنوية للمؤسسة. وللاستماع مباشرة إلى تجارب روّاد الأعمال أنفسهم، تفضل بزيارة صفحة قصص النجاح الخاصة بـ TEF.

—

نبذة عن مؤسسة توني إلوميلو

مؤسسة توني إلوميلو (TEF) هي المؤسسة الخيرية الرائدة في تمكين جيل جديد من روّاد الأعمال الأفارقة، ودفع القضاء على الفقر، وتحفيز خلق فرص العمل، وتعزيز النمو الاقتصادي الشامل في جميع الدول الأفريقية الـ54. ويستند عمل المؤسسة إلى مفهوم «الأفريقية الرأسمالية» (Africapitalism)، وهو الإيمان بأن القطاع الخاص الأفريقي هو المحرّك الأكثر فاعلية للتنمية طويلة الأجل.

وقد مكّنت القدرة القوية لـ TEF على الوصول إلى روّاد الأعمال عبر مختلف المناطق والقطاعات من إقامة شراكات مبتكرة مع الاتحاد الأوروبي (EU)، وبرنامج الأمم المتحدة الإنمائي (UNDP)، واللجنة الدولية للصليب الأحمر (ICRC)، وحكومة الولايات المتحدة عبر مؤسسة التنمية الأفريقية الأمريكية (USADF)، ومنظمة دول أفريقيا والكاريبي والمحيط الهادئ (OACPS)، ووكالة التنمية الفرنسية (AFD)، ومؤسسة التمويل الإنمائي الألمانية (DEG)، والوكالة الألمانية للتعاون الدولي (GIZ)، والبنك الأفريقي للتنمية (AfDB)، وشركة جوجل، ومنظمة الأمم المتحدة للطفولة (اليونيسف) – مبادرة جيل بلا حدود (GenU)، ومؤسسة خليفة بن زايد آل نهيان (KBZF).

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Capital d’amorçage non remboursable de 5 000 USD, formation de classe mondiale et mentorat pour les fondateurs les plus audacieux d’Afrique

Plus de 24 000 entrepreneurs financés, 2,5 millions formés, 1,5 million d’emplois créés, 4,2 milliards de dollars de revenus générés depuis 2015

Lagos, Nigeria – 1er janvier 2026 – La Fondation Tony Elumelu (TEF) a ouvert les candidatures pour le Programme d’Entrepreneuriat TEF 2026, appelant les jeunes fondateurs ambitieux des 54 pays africains à postuler dès maintenant sur TEFConnect.

Les candidats retenus reçoivent 5 000 $ US en capital d’amorçage non remboursable, une formation intensive en affaires, un mentorat et un accès direct au plus grand réseau d’entrepreneuriat d’Afrique.

Depuis 2015, le programme a financé plus de 24 000 entrepreneurs, formé 2,5 millions d’Africains, créé plus de 1,5 million d’emplois et généré plus de 4,2 milliards de dollars de revenus, prouvant que les entrepreneurs africains peuvent transformer le continent.

Le programme stimule également une croissance inclusive, les femmes représentant désormais 46 % des entrepreneurs du TEF – le taux de participation féminine le plus élevé enregistré par un programme de cette envergure.

S’exprimant sur le lancement de 2026, Tony O. Elumelu, CFR, fondateur de TEF et Président du groupe Heirs Holdings, a déclaré :

“Le plus grand atout de l’Afrique, c’est notre peuple. L’Afrique n’a pas besoin d’aide; l’Afrique a besoin d’investissements, dans les infrastructures, dans les institutions, mais surtout dans notre jeunesse.

À travers la Fondation Tony Elumelu, nous montrons que lorsque les entrepreneurs sont responsabilisés, ils créent des emplois, stimulent la croissance et transforment les communautés.

Les entrepreneurs sont l’avenir de l’Afrique.

Les candidatures au Programme Entrepreneuriat TEF 2026 sont ouvertes du 1er janvier au 1er mars 2026 sur www.TEFConnect.com.

Impact du TEF

Cliquez ici pour consulter des données nationales sur les jeunes entrepreneurs soutenus par le financement, la formation et le mentorat du TEF dans chaque pays africain. Pour explorer l’impact transformateur du TEF à travers le continent, visitez la page d’impact et les rapports annuels de la Fondation. Pour entendre directement les entrepreneurs eux-mêmes, visitez la page TEF Success Stories.

À propos de la Fondation Tony Elumelu

La Fondation Tony Elumelu (TEF) est la principale organisation philanthropique qui donne du pouvoir à une nouvelle génération d’entrepreneurs africains, favorise l’éradication de la pauvreté, catalyse la création d’emplois et fait progresser une croissance économique inclusive dans les 54 pays africains. Le travail du TEF est enraciné dans l’Africapitalisme ; la conviction que le secteur privé africain est le moteur le plus efficace du développement à long terme.

La solide capacité du TEF à atteindre des entrepreneurs dans toutes les zones géographiques et tous secteurs lui a permis de mener des partenariats innovants avec l’Union Européenne (UE), le Programme des Nations Unies pour le Développement (PNUD), le Comité International de la Croix-Rouge (CICR), le gouvernement américain via la Fondation des États-Unis pour le Développement de l’Afrique (USADF), l’Organisation des États d’Afrique, des Caraïbes et du Pacifique (OEACP), l’Agence Française de Développement (AFD), l’Institution allemande de financement du développement (DEG), l’Agence allemande de coopération internationale (GIZ), la Banque Africaine de Développement (BAD), Google, le Fonds des Nations Unies pour l’enfance (UNICEF), Generation Unlimited (GenU) et la Fondation Khalifa Bin Zayed Al Nahyan (KBZF).

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• • US$5,000 non-refundable seed capital, world-class training, and mentorship for Africa’s boldest founders
  • 24,000+ entrepreneurs funded, 2.5 million trained, 1.5 million jobs created, US$4.2 billion in revenue generated since 2015

Lagos, Nigeria – 1 January 2026 – The Tony Elumelu Foundation (TEF) has opened applications for the 2026 TEF Entrepreneurship Programme, calling ambitious young founders from all 54 African countries to apply now on TEFConnect.

Successful applicants receive US$5,000 in non-refundable seed capital, intensive business training, mentorship, and direct access to Africa’s largest entrepreneurship network.

Since 2015, the Programme has funded over 24,000 entrepreneurs, trained 2.5 million Africans, created more than 1.5 million jobs, and generated over US$4.2 billion in revenue, proving that African entrepreneurs can transform the continent.

The Programme is also driving inclusive growth, with women now making up 46% of TEF entrepreneurs – the highest female participation rate recorded by a programme of this scale.

Speaking on the 2026 launch, TEF Founder and Heirs Holdings Group Chairman, Tony O. Elumelu, CFR, said:

“Africa’s greatest asset is our people. Africa does not need aid; Africa needs investment, in infrastructure, in institutions, but most critically in our young.

Through the Tony Elumelu Foundation, we show that when entrepreneurs are empowered, they create jobs, drive growth, and transform communities.

Entrepreneurs are the future of Africa.”

Applications for the 2026 TEF Entrepreneurship Programme are open from 1 January to 1 March 2026 on www.TEFConnect.com.

Impact du TEF

Cliquez ici for country-level data on young entrepreneurs supported through TEF’s funding, training, and mentorship in each African country. To explore TEF’s transformative impact across the continent, visit the Foundation’s Impact Page et Annual Reports. To hear directly from the entrepreneurs themselves, visit the TEF Success Stories page.

À propos de la Fondation Tony Elumelu

The Tony Elumelu Foundation (TEF) is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation, and advancing inclusive economic growth across all 54 African countries. TEF’s work is rooted in Africapitalism; the belief that Africa’s private sector is the most effective engine for long-term development.

The robust ability of TEF to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Google, the United Nations Children’s Fund (UNICEF) Generation Unlimited (GenU), and the Khalifa Bin Zayed Al Nahyan Foundation (KBZF).

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A Partnership of the Tony Elumelu Foundation, the UNDP, the European Union, and the Rwandan Ministry of Youth and Arts

Lagos, Nigeria AND KIGALI, RWANDA – November 03, 2025 – The Tony Elumelu Foundation (TEF), in partnership with the United Nations Development Programme (UNDP), the European Union (EU), and the Rwandan Ministry of Youth and Arts (MoYA), launches the fourth Aguka Ideation Entrepreneurship Programme, which will support for 100 young Rwandan entrepreneurs.

This follows the success of previous cohorts, empowering 300 young Rwandans, with USD $900,000 in total seed capital and business training.

Derived from the Kinyarwanda word “Aguka,” meaning “Arise”, the Programme reflects a shared mission to empower Rwanda’s youth to build sustainable businesses that transform communities. The 2026 Aguka Ideation Programme prioritises youth-led ventures in technology, agriculture, health, education, and renewable energy—key sectors driving Rwanda’s sustainable development agenda.

“At the Tony Elumelu Foundation, we remain deeply committed to empowering Africa’s next generation of changemakers,” said Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation. “Aguka demonstrates how public-private partnerships can deliver real impact. Every young Rwandan with an idea holds the power to transform their community, create jobs, and contribute to Rwanda’s economic transformation.”

Programme Benefits include:

• Entrepreneurship training on TEFConnect covering business management, financial literacy, and sustainability.

• Expert mentorship from African business leaders and professionals.

• Seed capital of USD $3,000 to launch or scale ventures.

• Networking access to TEF’s continental entrepreneurship ecosystem.

Selected beneficiaries of previous Aguka cohorts have launched innovative businesses that are already making an impact across Rwanda:

• Naomi Iradukunda, founder of Ira EcoSolutions, who developed affordable biodegradable packaging, using banana fibres, reducing plastic waste, while creating jobs for women in Musanze District.

• Jean Bosco Hirwa, through AgriSmart Rwanda, introduced solar-powered irrigation systems to smallholder farmers, increasing yields and improving food security.

• Keza Umutoni, a Kigali-based entrepreneur, expanded her youth-led digital literacy start-up Tech4Teens, training over 500 secondary school students in coding and digital skills.

Applications for the 2026 Aguka Cohort open November 1, 2025, and close January 11, 2026, via www.TEFConnect.com. Selected entrepreneurs will undergo six weeks of intensive business training, followed by mentorship, business development support, and a national pitching competition. Each selected entrepreneur will receive USD $3,000 in non-refundable seed funding and lifetime access to TEF’s pan-African entrepreneurship network.

Read more about the programme’s impact ici.

À propos de la Fondation Tony Elumelu

The Tony Elumelu Foundation (TEF) is the leading philanthropy empowering African entrepreneurs. Through the TEF Entrepreneurship Programme, the Foundation has disbursed over USD $100 million in direct seed capital to 24,000 entrepreneurs across all 54 African countries, who have collectively created over 1.5 million jobs and generated over USD $4.2 billion in revenue. TEF’s mission is rooted in Africapitalism — the belief that Africa’s private sector and entrepreneurs must drive the continent’s social and economic transformation.

À propos du PNUD

The United Nations Development Programme (UNDP) works in nearly 170 countries to eradicate poverty and reduce inequalities through sustainable development. In Rwanda, UNDP partners with government, private sector, and civil society to promote youth innovation, entrepreneurship, and inclusive growth aligned with the Sustainable Development Goals (SDGs).

About the European Union

The European Union (EU) is a strategic partner supporting youth empowerment, entrepreneurship, and sustainable development across Africa. In Rwanda, the EU collaborates with UNDP, TEF, and MoYA under the Aguka Programme to advance youth employment and innovation.

About the Ministry of Youth and Arts (MoYA), Rwanda

The Ministry of Youth and Arts (MoYA) leads national efforts to empower young people, promote creativity, and strengthen Rwanda’s entrepreneurial ecosystem. Through programmes like Aguka, MoYA supports a generation of innovative and self-reliant youth.

For media enquiries:

Moyo Awotile

moyo.awotile@tonyelumelufoundation.org

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5 November 2025, Dubai, UAE, – His Excellency Badr Jafar, Special Envoy of the UAE Minister of Foreign Affairs for Business and Philanthropy, and CEO of Crescent Enterprises has been appointed to the Advisory Board of the Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs. The appointment signifies TEF’s commitment to fostering cross-regional collaboration, that drives inclusive economic growth, scale innovation and youth entrepreneurship, unlocking economic opportunities for the next generation.

HE Badr Jafar is the CEO of Crescent Enterprises, a diversified business operating across nine industry sectors in 15 countries. He also serves as Chairman of Gulftainer, the largest privately-owned container port operator in the world. Badr is actively engaged with organisations and initiatives focused on humanitarian aid and international development, strategic philanthropy, corporate governance, entrepreneurship, education and the arts. Consistent with his interest in promoting social entrepreneurship in the MENA Region, Badr co-founded the Arab World Social Entrepreneurship Program (ASEP).

The Tony Elumelu Foundation is the leading philanthropy committed to championing youth entrepreneurship across Africa, catalysing job creation, eradicating poverty, and driving inclusive economic empowerment across all 54 African countries. Since 2010, TEF has empowered over 2.5 million young Africans with access to business management training on our proprietary digital hub, TEFConnect, and disbursed over US$100 million in seed capital to more than 21,000 entrepreneurs on the TEF Entrepreneurship Programme, with an additional 3.000 young African entrepreneurs to be funded at the end of 2025. Collectively, these entrepreneurs have generated $4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through our support for African entrepreneurs, TEF has lifted 2.1 million people out of poverty, with 45% of supported entrepreneurs being African women.

The appointment of H.E. Badr Jafar further reflects the Foundation’s growing strategic engagement with the UAE and broader Gulf region. This deepening relationship is exemplified by TEF’s recent partnership with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed. Existing partners of the Foundation include the Europe Union, the United Nations Development Programme, the International Committee of the Red Cross and the Ikea Foundation.

Tony O. Elumelu, Founder of the Tony Elumelu Foundation, commented: “At the Tony Elumelu Foundation, we believe that entrepreneurship is the most sustainable solution to youth unemployment and economic transformation in Africa. We welcome H.E. Badr Jafar to our Advisory Board – his experience in championing innovative solutions and strategic philanthropy will be instrumental, as we scale our mission and bridge Africa with global partners who share our commitment to economic inclusion”.

H.E. Badr Jafar joins the Board at a time of growing recognition of Africa’s entrepreneurial potential, and amid the UAE’s increasing role as a hub for capital, innovation, and expertise across emerging markets. Commenting on his appointment, H.E. Badr Jafar said: “It is a privilege to support the Tony Elumelu Foundation’s work, at a time when Africa’s entrepreneurial energy is reshaping the future. The UAE has emerged as a global platform for innovation and cross-sector collaboration, and I look forward to helping build bridges between regions, sectors, and generations to drive sustainable impact at scale.”

With a rising focus on strategic philanthropy in the Gulf region, the opportunity to align capital with purpose has never been more urgent. The appointment underscores a shared commitment to advancing youth opportunity, innovation, and inclusive prosperity, not only within Africa, but globally.

To learn more about our #TEFImpact, please read the 2024 TEF Annual Report and the latest TEF Impact Report to see how Tony Elumelu Entrepreneurs are transforming Africa.

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[Nigeria, October 6, 2025] –  The European Union (EU), Organisation of African, Caribbean and Pacific States (OACPS), German Federal Ministry for Economic Cooperation and Development (BMZ), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and the Tony Elumelu Foundation (TEF) today announced the launch of the second cohort of the Investing in Young Businesses in Africa – Women Entrepreneurship for Africa (IYBA-WE4A) Programme.

Following the successful implementation of the first cohort, which empowered 751 African women-led green businesses with USD$3.99 million in funding, the partners are scaling up their impact to support more than 1,000 African women entrepreneurs pioneering innovative solutions across critical green sectors.

Applications open today, 6 October 2025, and close on 25 January 2026. Successful applicants will receive USD $5,000 seed capital, tailored business management training, a customised green curriculum, mentorship, and lifetime access to TEFConnect for sustained growth and investment readiness. Target sectors include sustainable agriculture, blue economy, renewable energy, circular economy, eco-tourism, construction, and logistics.

• USD$5,000 non-refundable seed capital to scale their businesses;
• Comprehensive business management training within the TEF Entrepreneurship Programme, including a customised green curriculum;
• Mentorship and lifetime access to the TEFConnect digital platform, enabling sustained growth, investment-readiness and follow-up funding; and
• Specialised Masterclasses led by industry experts on finance, resilience, digital growth, leadership, and expansion led by experts and entrepreneurs.

Through this initiative, the EU, OACPS, BMZ, GIZ, and TEF reaffirm their shared commitment to gender-focused economic empowerment and sustainable development, reducing Africa’s environmental impact and advancing the EU Gender Action Plan (GAP III).

“At the Tony Elumelu Foundation, we have seen first-hand the transformative power of supporting women entrepreneurs. Having successfully implemented the first cohort, we are excited to scale up our impact to empower even more African women-led businesses,” said Somachi Chris-Asoluka, CEO, Tony Elumelu Foundation. “This partnership continues to accelerate Africa’s inclusive, green economy and demonstrates the limitless potential of African women when given the right support.

“The private sector plays a key role in bringing about change to poverty, equality and driving forward social change,” added Romina Kochius, Director of Programme, WE4D. “With a project of this dimension, we are expected to drive this change.”

Apply now on www.TEFConnect.com before the deadline of 25 January, 2026

About the European Union

The European Union is an economic and political union of 27 European countries. It is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities. It acts globally to promote sustainable development of societies, environment and economies, so that everyone can benefit.

À propos de la Fondation Tony Elumelu
The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme, the Foundation has pulled over 2 million Africans out of poverty, provided over 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 24,000 African women and men, who have collectively created over 1,500,000 direct and indirect jobs, and generated over USD$4.2 billion in revenue. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

About GIZ

As a provider of international cooperation services for sustainable development and international education work, GIZ is dedicated to building a future worth living around the world. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and peace and security.

The diverse expertise of our federal enterprise is in demand around the globe, with the German Government, European Union institutions, the United Nations, the private sector and governments of other countries all benefiting from our services. We work with businesses, civil society actors and research institutions, fostering successful interaction between development policy and other policy fields and areas of activity. The German Federal Ministry for Economic Cooperation and Development (BMZ) is our main commissioning party.

About IYBA WE4A 

The Multi-Donor Action Team Europe Initiative Investing in Young Businesses in Africa – L'entrepreneuriat féminin pour l'Afrique (TEI IYBA WE4A) is jointly co-financed by the European Union (EU), the Organisation of African, Caribbean, and Pacific State (OACPS) and the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) through the BMZ-funded multi-donor project Employment Promotion for Women for the Green Transformation in Africa (WE4D).

The IYBA WE4A programme directly contributes to increasing the economic participation of women and gender equality. The overall objective (impact) of the IYBA WE4A programme is to create sustainable, inclusive, green growth in selected African countries (Cameroon, Kenya, Malawi, Mozambique, Senegal, Tanzania, Togo and Uganda). The specific objective (outcome) of the programme is: The economic empowerment and financial inclusion of women entrepreneurs in sectors contributing to the green transformation in selected Sub-Saharan countries is increased. Furthermore, the programme aims at creating and securing existing jobs in the supported women-led businesses, enhancing their capacities and promoting their growth path.

For further information on the IYBA WE4A programme and to apply, please visit TEFconnect.com.

For media enquiries, please contact:

Moyo Awotile
Email: moyo.awotile@tonyelumelufoundation.org
Tel: +234 809 975 1482

The post Over 1,000 Women-Led Businesses to Receive Funding Under Second Cohort of the IYBA-WE4A Programme appeared first on The Tony Elumelu Foundation.

The Tony Elumelu Foundation Selects 3,000 African Entrepreneurs to join the 11th Cohort of the TEF Entrepreneurship Programme
r-l: Founder, Tony Elumelu Foundation, Tony O. Elumelu, CFR and Co-Founder, Dr. Awele Elumelu, OFR, unveil 3,000 beneficiaries of the 2025 cohort of the Tony Elumelu Foundation Entrepreneurship Programme, at the Transcorp Hilton, Abuja on Saturday, March 22, 2025. 

Since 2015:

• Over 21,000 Africans Empowered
• 5 million jobs created and $4.2 billion in revenue
• Over 2 million Africans lifted out of poverty

Lagos, Nigeria – March 22, 2025 – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs, has announced 3,000 African entrepreneurs drawn from across Africa to join the 11^th cohort of the TEF Entrepreneurship Programme; driving poverty alleviation, catalysing job creation, and ensuring inclusive economic empowerment.

The newly selected cohort will join the network of TEF’s network of over 21,000 African entrepreneurs who have been funded, trained and mentored since 2015. The Tony Elumelu Foundation embodies the concept of Africapitalism: Tony Elumelu’s economic belief that African entrepreneurs are the key drivers of the continent’s economic transformation.

As Africa’s entrepreneurship ecosystem faces funding constraints and economic headwinds, TEF provides much-needed support, enabling African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth. Selected entrepreneurs—40% of which are women—represent a vibrant snapshot of Africa’s next generation of talent and ambition. Sectors represented included Agribusiness (34%), Creative industry (11%), Green economy (11%) amongst other sectors.

Over 200,000 applications were received from all 54 African countries and submitted on TEFConnect, TEF’s proprietary digital platform, where they were subject to TEF’s rigorous selection process. Applicants were assessed on their financial understanding and entrepreneurial mindset, as well as the feasibility, demand and scalability of their business ideas. The selection process was conducted by Ernst & Young, to ensure independent assessment.

Each selected Tony Elumelu Entrepreneur will receive $5,000 in non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities.

As TEF continues to scale its mission, it has leveraged strategic global partnerships to further scale the 2025 TEF Entrepreneurship Programme in collaboration with Google.org, the U.A.E. Office of Development Affairs, Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed), and Deutsche Investitions und Entwicklungsgesellschaft (DEG).

The Tony Elumelu Foundation Selects 3,000 African Entrepreneurs to join the 11th Cohort of the TEF Entrepreneurship Programme
l-r: Co-Founder, Tony Elumelu Foundation, Dr. Awele Elumelu; Founder, Tony Elumelu Foundation, Tony O. Elumelu, CFR ; and CEO, Tony Elumelu Foundation, Somachi Chris-Asoluka, at the unveiling of 3,000 beneficiaries of the 2025 cohort of the Tony Elumelu Foundation Entrepreneurship Programme, which held at the Transcorp Hilton, Abuja on Saturday, March 22, 2025.

Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterated his unwavering belief in the potential of Africa’s entrepreneurs, “Today is the day we dedicate each year to democratise luck, spread hope, and create economic opportunities for young Africans across the continent.

When my wife and I founded TEF in 2010, we had a clear vision—a vision of a self-sustaining, prosperous Africa, powered by the energy, innovation, and resilience of its young men and women. But we also recognised the challenges they face—the barriers that stand in the way of their ambition and their ability to drive Africa’s economic transformation.

The Tony Elumelu Foundation Selects 3,000 African Entrepreneurs to join the 11th Cohort of the TEF Entrepreneurship Programme
l-r: CEO, Tony Elumelu Foundation, Somachi Chris-Asoluka; Founder, Tony Elumelu Foundation, Tony O. Elumelu, CFR; Co-Founder, Tony Elumelu Foundation, Dr. Awele Elumelu; and Group CEO, Heirs Holdings, Emmanuel Nnorom at the unveiling of 3,000 beneficiaries of the 2025 cohort of the Tony Elumelu Foundation Entrepreneurship Programme, which held at the Transcorp Hilton, Abuja on Saturday, March 22, 2025

As an entrepreneur myself, I understand the immense opportunities that exist in Africa. I know the transformative power of entrepreneurship. I also know the obstacles. But I am certain that if we empower and invest in our young people, they will be the ones to solve Africa’s most pressing challenges.

In 2015, our goal was to empower 10,000 entrepreneurs. Today, in 2025, we have reached 24,000. But we remain deeply aware of the millions we have yet to reach. This is why I continue to advocate globally, calling for a shift from aid to investment. In the 21st century, what Africa needs is not charity, it is investment. Investment in infrastructure, in businesses, and most importantly, in our young people, because the future of Africa lies in their hands.”

Dr. Awele Elumelu, OFR, TEF Co-Founder, also shared a message of encouragement,

“Congratulations to the 11th cohort of the Tony Elumelu Foundation Entrepreneurship Programme. We are incredibly proud of you and excited to witness the impact you will create. But I also want to acknowledge those who were not selected this year—keep your entrepreneurial dreams alive. Your journey does not end here, and we wish you the very best as you continue to pursue your vision.”

The Tony Elumelu Foundation Selects 3,000 African Entrepreneurs to join the 11th Cohort of the TEF Entrepreneurship Programme
r-l: Founder, Tony Elumelu Foundation, Tony O. Elumelu, CFR and Co-Founder, Dr. Awele Elumelu at the unveiling of 3,000 beneficiaries of the 2025 cohort of the Tony Elumelu Foundation Entrepreneurship Programme, which held at the Transcorp Hilton, Abuja on Saturday, March 22, 2025.

To learn more about the TEF Entrepreneurship Programme detailed process, For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and the 2024 TEF Annual Report.

For Media Inquiries: TEFMedia@tonyelumelufoundation.org

TEF Partners Testimonials at the Ceremony

“My heartfelt congratulations to all entrepreneurs selected for this year’s programme. Your dedication and your entrepreneurial spirit are truly inspiring to me. Tony, I had the privilege to meet with you and your team last December in Lagos and I could truly see how important the work of your Foundation is in today’s world, for Nigeria but also for Africa. We at DEG are very proud that we have supported a number of these entrepreneurs in the past programmes and we will continue to do so. We will finance 400 entrepreneurs, with access to business management and access to trainings in green entrepreneurship in the upcoming phase. By providing access to funding and mentorship the Tony Elumelu Foundation and its partners are empowering young entrepreneurs to create jobs, reduce poverty and thrive on inclusive growth in Africa. I look forward to witnessing the continued success of the Tony Elumelu Foundation.

• Roland Siller, CEO of Deutsche Investitions und Entwicklungsgesellschaft (DEG).

“Today we celebrate this significant milestone of our inaugural partnership with the Tony Elumelu Foundation. At the Khalifa Bin Zayed Al Nahyan Foundation we are committed to fostering innovation, economic growth and sustainable development that is why this collaboration is a milestone and the Tony Elumelu Foundation has an outstanding legacy for the African youth. We wish good luck to everyone who will participate in this programme.”

• E. Mohamed Haji AlKhoori, Director General, Khalifa Bin Zayed Al Nahyan Foundation

TEF Alumni and Mentor Testimonials at the Ceremony

“In 2018, I stood at a crossroads between passion and uncertainty, I had an idea but like most entrepreneurs, I lacked the resources I didn’t have any network and there was no strategic direction. From the seed funding, we raised an additional $50,000. We have been able to distribute more than a million reusable and washable pads across Africa and we have more than 5 distributors across Nigeria and we are just getting started. We have moved from a two person startup into a multi award winning social enterprise and we now have more than ten full time staff and also part time staff.”

– Tabitha Arenson Abimiku, 2018 TEF Alumni & Founder of Virtuous Pads

“Thank you to the Tony Elumelu Foundation who invested in me in 2019 and empowered me which has led to the positive impact in the lives of more than 30,000 women.”

– Ayodele Ognin, 2019 TEF Alumni & Founder of Wurami Consulting

“I was a beneficiary of the Tony Elumelu Foundation Entrepreneurship Programme in 2019, it helped us build our first prototype and we started thinking bigger as I believe the start is the hardest part of every venture. The classes, the training and the visibility have been really empowering for me and I am really grateful for that.”

– Mohamed Dhaoufi, 2017 TEF alumni & Founder of Cure Bionics.

“The TEF Entrepreneurship Programme is exceptional. They say a journey of 1,000 miles starts with a single step. The journey of transforming Africa starts with a single life. We talked about 21,000 entrepreneurs to 1.5 million jobs since 2015 and to be part of something like that is phenomenal. I am incredible grateful to be one of the 100 #TEFMentors from Deloitte Africa for 2025.”

– Dusten Fransman, Societal Impact Lead Deloitte Africa & TEF Mentor from Johannesburg, South Africa

À propos de la Fondation Tony Elumelu

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100 million in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

View the list of the 2025 Tony Elumelu Entrepreneurs here

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Lagos, Nigeria – March 17, 2025 – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11^th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.  

No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities.

Entrepreneurship is the key to Africa’s prosperity.

I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, et Annual Report Page.

For Media Inquiries: TEFMedia@tonyelumelufoundation.org

Tony Elumelu Entrepreneur Testimonials from Previous Years

“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”

– Fatima Diallo, Senegal, Agritech Entrepreneur

“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”

– Mary Okeke, Nigeria, Fintech Founder

“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”

– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

À propos de la Fondation Tony Elumelu

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

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