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-Asoluka, 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

Para mais informações sobre o impacto da Fundação Tony Elumelu, visite a nossa Página de impacto, Página de histórias de sucesso em África, and the 2025 TEF Annual Report

Para questões relacionadas com a comunicação social: 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 e Relatório de impacto and explore how Tony Elumelu Empreendedores 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.

Sobre a Fundação 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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Together, they delved into how Africa’s private sector and entrepreneurs are driving sustainable, inclusive growth and reshaping global market systems from the continent’s unique perspective. 

• The global economy has faced a lot of crises in the past few decades: crises of inequality, crises of exclusion, and, of course, in recent times, environmental stress. It is against this background that we came up with this whole philosophy and concept of Africapitalism. 

• And I must say that it’s not an African adaptation of capitalism. It is a redefinition of capitalism to address the germane issues that Lady Lynn just talked about. We believe that the private sector must play a critical role in creating economic prosperity and social transformation for society, for humanity. 

• We believe that in the 21st century, capitalism must be centred on community involvement, community inclusion. We believe, to a large extent, that profit and purpose are not in rivalry. There’s no rivalry between both. 

• Profit and purpose are partners, especially in the African Renaissance, talking about capitalism in the world today. To us, getting the private sector to invest is not about charity per se, but to invest in critical sectors that help to create economic prosperity, and social transformation is what we need. 

• I think that inclusive capitalism is not about charity. It’s about value creation. It’s about inclusion. It’s about making sure that businesses don’t work for profit alone, don’t work for shareholders alone; that they work, and at the core, what they do is community. So, what we do at the Tony Elumelu Foundation, to us, to me, my wife, and, by the way, Lynn was a founding board member of the Tony Elumelu Foundation. 

• She sat on the board for 12 years. So, our interest in humanity did not start today. We thought and realized that our success is not defined by the wealth or the money we have in our bank accounts. 

• We thought we couldn’t be successful if we did not play our own role in helping to catalyze economic prosperity for all on the continent of Africa. But we realized that we can’t do it alone, and that’s why we’re not going on that journey alone. We go with people. 

• We identify young African entrepreneurs every year. We provide non-refundable capital of $5,000 between 3,000 and 5,000 young Africans every year, all across African countries every year, and that is Africapitalism. 

• That is private sector. But when we talk of private sector investment, it’s not just in fiscal infrastructure, but investing in young people is an investment that helps to catalyze more prosperity. 

• Let me start by saying that Africapitalism moves us away from extraction to creation. It moves us away from consumption to production. And it moves us from dependency to dignity. 

• I think it’s all about long-term interest: the interest of Africa is one that we have, will create local value on the continent. 

• We move away from exportation of raw materials. We create—Africa has significant youth unemployment. I call it a betrayal of the young generation in Africa that we cannot create jobs for them. 

• So, in seeking to align with powers or economies of the world, developed economies, there should be first an alignment of our long-term interest: job creation, youth empowerment, inclusivity, inclusion. Which of the global economies best offers or helps our attainment of these core objectives? To me, that would define how we align. 

• Africa needs massive investment in infrastructure to transform the continent. We talk about AI; I just came back from a conversation in Riyadh about AI, and my position is consistent. 

• Africa should not even talk about AI when access to common electricity is not available on the continent. So, we need alignment with global partners, development agencies, private sector. And for me, it’s not African private sector. 

• it’s Africa’s private sector: private sector that does business in Africa. We need to start rethinking, reimagining how we operate on the continent. 

• We need to begin to see, and that’s why I’m 100% aligned with the intersection of community shareholders, value creation, everyone being on table. 

• There’s no reason to align with people who come to the continent for the purpose of extraction of raw materials. We need that raw material processed on the continent so local value addition can be created, so that the youth unemployment that we have in Africa is addressed, so that capitalic intervention activities that help to propel and take Africa to the next level,that would define what we do or who I should be aligning with. 

Watch the session here: https://youtu.be/atxv5LuBvig?si=kmGo_A_ehkc70arO 

The post Our Founder, Tony O. Elumelu CFR’s Full Remarks on CNN’s Global Perspective on Africa in London appeared first on The Tony Elumelu Foundation.

This partnership was consolidated during a courtesy visit to Mr. Tony O. Elumelu, CFR, Founder of the Tony Elumelu Foundation and Chairman of Heirs Holdings and the United Bank for Africa (UBA), at the Hilton, Abuja. The Controller General, Federal Fire Service, Samuel Adeyemi Olumode, FCNA, ACTI, led a delegation of senior management officers to the high-level engagement.

During the engagement, the Service also formally investitured Mr. Peter Ashade, Group CEO, United Capital Plc, as a National Fire Safety Ambassador, in recognition of the Heirs Group’s significant contributions to enhancing safety consciousness and advancing community-focused fire safety initiatives nationwide. This honour further reinforces the expanding partnership between the Federal Fire Service and the Tony Elumelu ecosystem. As part of the collaboration, Federal Fire Service personnel will be deployed across all infrastructures under Mr. Tony Elumelu’s business portfolio nationwide, serving as safety officers to support compliance, strengthen safety monitoring, and enhance fire prevention awareness across all facilities.

Mr. Elumelu emphasised the urgent need to deepen community-level fire safety awareness, noting that thousands of households, local markets, and indigenous settlements remain vulnerable due to limited access to structured fire prevention education. He underscored that empowering citizens with practical, life-saving knowledge will significantly improve national resilience and reduce both the frequency and severity of fire outbreaks.

Under the collaboration, the Federal Fire Service will train 200 persons in each state of the federation and the FCT, totaling 7,400 beneficiaries.

The programme will focus on essential fire-prevention skills, early warning practices, and basic emergency response procedures. Participants will also be groomed to serve as fire safety advocates within their communities, creating a multiplier effect that promotes vigilance and responsible safety behaviour nationwide.

The Controller General described the partnership as a milestone in Nigeria’s journey toward a more preventive approach to fire management. He expressed profound appreciation to Mr. Elumelu and the Foundation for championing a community-centric model that aligns with global best practices. He further assured that the Service will deliver the training with professionalism, transparency, and measurable impact across all zones.

The initiative is expected to significantly strengthen grassroots preparedness, improve first-response capacity, and foster a long-term culture of fire safety within communities.

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Green Jobs, Green Profits: How Young Africans Are Turning Waste into Wealth 

Africa’s entrepreneurs are reframing one of the world’s greatest challenges into its greatest opportunity.  

Across the continent, a new generation is proving that climate solutions are not merely acts of charity or sacrifice; they are profitable ventures that generate employment, create trade opportunities, and deliver prosperity alongside sustainability. 

At the centre of this shift is BeGreen Africa, a partnership between the Tony Elumelu Foundation (TEF), the IKEA Foundation, and UNICEF’s Generation Unlimited (GenU). Designed to equip young Africans with the skills, capital, and market access to build green enterprises, it transforms climate action into an economic growth strategy. 

From Risk to Reward: Rethinking Climate Action 

Africa contributes less than 4% of global emissions, yet it bears the brunt of climate shocks: floods, droughts, desertification, and degraded soils. For years, the global narrative cast climate action as a sacrifice, a burden developing countries must shoulder to protect the planet. 

But Africa’s young entrepreneurs see things differently. To them, climate adaptation is not a cost; it is a market. It is the chance to reimagine waste as raw material, renewable energy as industry, and sustainability as a competitive edge in the global economy. 

Circular economy ventures repurpose waste into tradable goods, 

Renewable energy start-ups expand access to power while reducing emissions. 

Agri-waste innovators turn crop residue into biofuels and organic fertilisers. 

BeGreen Africa: A Green Entrepreneurship Model 

Launched in 2022, BeGreen África was designed to address what the United Nations (UN) and other international bodies call  

“The triple planetary crisis: climate change, biodiversity loss, and pollution. with entrepreneurship as the antidote.” 

The programme provides: 

• Specialised training in green entrepreneurship, from waste management to renewable energy. 

• Seed capital, ensuring young entrepreneurs move from concepts to viable operations. 

• Mentorship and networks, linking them with investors, markets, and peers across borders. 

Delivered through TEFConnect, TEF’s proprietary digital platform that connects over 2.5 million African entrepreneurs, BeGreen combines online learning with practical pilot programmes. It places Africa’s youth at the forefront of green transformation, equipping them not merely to survive the climate crisis, but to build industries out of it. 

Turning Waste into Wealth: Evidence on the Ground 

The early results are promising. In Kenya, entrepreneurs supported through BeGreen are converting organic waste into affordable biofertilisers, simultaneously raising crop yields and reducing harmful methane emissions.

“Before BeGreen, I saw organic waste as a challenge for my community. Today, I see it as a resource. With the training and seed capital I received, I am using Black Soldier Fly technology to turn waste into nutrient-rich frass and high-quality seedlings. This is not only reducing pollution, it is improving soil health and supporting farmers in Machakos County. BeGreen has shown me that waste is not the end of a cycle, it is the beginning of opportunity.” 

- Benard Mbula Musyoki, BeGreen Africa Beneficiary 

Across Afrcia, innovators are transforming plastic waste into construction materials, addressing both urban housing needs and pollution. These are formal businesses with clear market pathways: serving growing demand, creating jobs, and exporting sustainable solutions. 

Green Entrepreneurship as Africa’s Competitive Edge 

Africa has a unique advantage: unlike other regions, it is not locked into outdated, carbon-intensive infrastructure. It can leapfrog directly into clean technologies and circular economies. 

• Export advantage: locally produced green goods, from recycled plastics to biofuels, can meet the rising global demand for sustainable supply chains. 

• Employment creation: green ventures are inherently labour-intensive, absorbing the continent’s fast-growing youth workforce. 

• Community resilience: local access to renewable energy, clean environments, and sustainable inputs strengthens economies from the ground up. 

Here, climate action is not philanthropy. It is Africa’s competitive edge. 

A Global Blueprint 

BeGreen Africa demonstrates what happens when philanthropy, private capital, and development organisations align around entrepreneurship. Its model training, capital, mentoring, and networks for green innovation can be replicated in other emerging markets. 

For governments and development partners across South Asia or Latin America, the lesson is clear: do not wait for external aid or carbon credits to trickle down. Invest directly in entrepreneurs who are already creating solutions that blend climate and commerce. 

Green is Growth 

Africa’s young entrepreneurs are charting a new path. They are showing that green jobs are not an afterthought of climate policy; they are the main prize. By turning waste into wealth and scarcity into opportunity, they are laying the foundations for both prosperity and sustainability. 

BeGreen Africa is proof that when we invest in youth and innovation, the result is not just cleaner communities or reduced emissions. It is thriving businesses, new industries, and inclusive growth. 

The world should take note: Africa is not waiting for luck or handouts. It is building green economies that pay in profits, in jobs, and in resilience. 

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When Dr. Awele Elumelu crossed the finish line of the Berlin Marathon, her fifth completion of the gruelling 42.195 kilometre race, she claimed more than just another medal. She embodied the boundless spirit of resilience, healthful living, and ambition. A medical doctor, entrepreneur, and co-founder of The Tony Elumelu Foundation, Dr. Elumelu doesn’t just run marathons; she meticulously crafts a legacy of wellness, mental balance, and determination.

Read the full article on her marathons and milestones aqui.

Sobre a Fundação Tony Elumelu

A Fundação Tony Elumelu é a principal instituição filantrópica que dá poder a uma nova geração de empresários africanos, impulsionando a erradicação da pobreza, catalisando a criação de emprego em todos os 54 países africanos e aumentando o poder económico das mulheres.

Fundada em 2010, a Fundação Tony Elumelu está empenhada em capacitar os empresários africanos como um catalisador para a transformação económica do continente. 

Desde o lançamento do Programa de Empreendedorismo TEF em 2015, a Fundação proporcionou a 2,5 milhões de jovens africanos o acesso a formação no seu centro digital, TEFConnect, e desembolsou mais de USD$100 milhões em financiamento direto a mais de 21.000 mulheres e homens africanos, que criaram coletivamente mais de 800.000 empregos diretos e indirectos e geraram mais de USD$4,2 mil milhões em receitas. A missão da Fundação assenta no Africapitalismo, que posiciona o sector privado e, sobretudo, os empresários, como catalisadores do desenvolvimento social e económico do continente africano.

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Founder, The Tony Elumelu Foundation.

Chairman: Heirs Holdings Group, UBA Group, Transcorp Group.

At the 2024 Dia dos antigos alunos da LBS.

Opening Remarks 

• Distinguished ladies and gentlemen. 

• The Lagos Business School has been a beacon of learning and thought leadership, equipping business leaders for success. A role model for business education in Nigeria, in Africa and globally. 

• I have great admiration for this institution, and I commend its leadership and my big brother Prof. Chris Ogbechie. 

• Congratulations to the new President of the LBS Alumni Association, Owen Omogiafo, the Group CEO of Transcorp Plc. 

• This gathering is yet another opportunity to engage in conversations that are relevant in today’s world. The theme of this conference “Navegar nas perturbações: Aproveitar a IA para o sucesso empresarial e económico” is so pertinent in these rapidly changing times. 

As business leaders, we all know that change is inevitable. But it is important how we approach change, manage change, master change. 

• I see change as an opportunity to reinvent ourselves, especially in Africa. We cannot be left behind. In this era of Artificial Intelligence, Africa must play a leading role, not as a bystander, but as an active contributor and a leader. 

• And how do we achieve this? It starts with us – all the leaders gathered here; this is our collective responsibility. This is why I am impressed by the topic and look forward to the thoughts that arise from this Forum. 

• We must ensure AI serves, not only our business goals, but also the broader good of our country and continent. I believe in Africapitalismo, that business should do good and do well.  With AI it is no different. 

• Our response to AI, will be based on the values we hold and those values that have been shown to be the foundations of success, that provide the capacity to thrive in times of enormous change. 

• Let me share the values that have helped us in Heirs Holdings achieve the phenomenal growth we have achieved in less than 15 years:  

1. Adaptability 

• As business leaders, we must have a mindset that is both forward-looking and flexible, armed with the knowledge that what is novel today may become outdated tomorrow. 

• There would always be disruptors – it is inevitable, but what makes the difference is how we position our businesses to adapt to changes. 

2. Excelência 

• Excellence is not just about meeting expectations, but surpassing them. Excellence is about setting new standards, exceeding them, and inspiring others. 

3. Commitment to Lifelong Learning 

• As leaders, this must be our predisposition. We must remain informed and open-minded, accepting that continuous learning is essential. 

In my experience, leaders who are more receptive to lifelong learning are best positioned to maximise new opportunities. This is why again I salute LBS. This is what we need in Nigeria – leaders who reinvent themselves, who drive transformation, never settle for the ordinary, and who are committed to the development of our great country.  

Conclusão 

• Today, I encourage everyone to adopt a mindset that is both curious and courageous.  

AI is a vast field, and while it might be intimidating, we must approach it with curiosity—exploring its possibilities, learning its intricacies, and seeking ways to implement it meaningfully. 

• Let us master change, rather than be mastered by it! 

• Let us embrace change, not shy away! 

• Be solution oriented. Instead of being overwhelmed by what AI might replace, think of what it might enable. 

• I encourage you to leverage the opportunities in this conference for the exchange of ideas, learning from one another, and creating a roadmap that launches our businesses, and by extension, the economy of Nigeria, forward. 

• I am confident that soon, with all our contributions and all our resilience, Africa will be the continent we know it can be. 

• Obrigado. 

DEDO DO PÉ 

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Compreender a era da disrupção

• De facto, vivemos numa era disruptiva - uma era com rápidos avanços tecnológicos, normas sociais em mutação e uma maior consciência das nossas responsabilidades ambientais.
• Nunca assistimos a um ritmo de mudança como este. É completamente sem precedentes e está a remodelar indústrias, economias e o próprio tecido da nossa sociedade.
• Mas, por mais desafiante que esta perturbação possa parecer, temos de a aceitar, não como uma ameaça, mas como um catalisador para a inovação e o crescimento.
• Todos concordaremos que, nas últimas décadas, foram feitos progressos no que respeita às mulheres.
• As mulheres já não são apenas participantes na revolução tecnológica, mas são pioneiras, inovadoras e líderes que impulsionam a mudança em todos os sectores.
• Esta nova era oferece-nos a oportunidade de entrar em espaços que antes eram inacessíveis - os tectos de vidro.
• Conhecemos os desafios; no entanto, lideramos com uma visão que é inclusiva, equitativa e sustentável.
• Mas o que significa realmente quando dizemos que queremos liderar numa era disruptiva?
• Significa antecipar as mudanças e preparar-se para elas.
• Significa tirar partido das ferramentas e tecnologias à nossa disposição para não só sobreviver como prosperar num mundo em constante evolução.
• Significa ser ágil e inovador.
• Para as mulheres, em particular, significa também quebrar as barreiras tradicionais e assumir papéis de liderança com confiança e objectivos.
• Esta revolução digital deu início a uma nova vaga de tecnologias emergentes - desde a utilização da IA para melhorar os nossos processos de tomada de decisões e a forma como analisamos os dados, até à utilização da cadeia de blocos para uma maior transparência nas operações, as possibilidades são infinitas.
• Estas tecnologias não estão apenas a transformar as indústrias, estão a remodelar a forma como vivemos, a forma como trabalhamos e a forma como interagimos com o mundo que nos rodeia.
• É fundamental que estejamos bem posicionados para defender a sua utilização.

Abraçar a Diversidade, a Equidade e a Inclusão (DEI):

• Para mim, enquanto mulher afro-nigeriana, estou muito consciente dos desafios que enfrentamos - desde o preconceito de género ao acesso limitado às oportunidades.
• No entanto, também estou consciente da imensa força que reside na nossa diversidade.
• Há 13 anos, o meu marido e eu criámos a Fundação Tony Elumelu.
• Como co-fundadora da Fundação Tony Elumelu (TEF), vi em primeira mão o impacto de equipar as mulheres.
• Na Fundação, estamos empenhados em capacitar e apoiar jovens empresários africanos em todos os países africanos - tanto homens como mulheres.
• Quando começámos a primeira ronda de candidaturas, tínhamos muito poucas mulheres. Menos de uma fração de um terço eram mulheres.
• Mas compreendemos a importância da capacitação e da inclusão das mulheres e, por isso, fizemos tudo o que estava ao nosso alcance para que mais mulheres se candidatassem e fossem financiadas.
• O que fazemos na Fundação é identificar estes jovens africanos com ideias de negócio, formá-los, orientá-los e dar-lhes $5.000 não reembolsáveis para as suas empresas.
• Tenho o prazer de dizer que, 10 anos depois, já financiámos mais de 8000 empresas detidas por mulheres nos 54 países africanos.
• Isto representa um número impressionante de 46% do total de empresários que financiámos no nosso continente.
• Vimos que, verdadeiramente, quando se dá poder a uma mulher, dá-se poder à nação.

• Acreditamos nas capacidades das mulheres para multiplicar, nutrir e transformar as suas nações.
• Em 2021, estabelecemos uma parceria com a Google e a Women Entrepreneurs for Africa (WE4A) para fornecer financiamento exclusivamente a mulheres empresárias, porque acreditamos que podemos fazer mais.
• Sabemos que deveríamos, de facto, fazer mais.
• É interessante notar que, em média, as mulheres beneficiárias da Fundação declararam ter obtido um lucro ligeiramente superior ao dos homens num mês típico do ano passado.
• Sabemos que as mulheres trazem perspectivas, experiências e ideias únicas para a mesa.
• Ao longo dos anos, passámos a ver a nossa suavidade e as nossas fraquezas como uma força.
• É mais provável que invistamos os nossos rendimentos na saúde, educação e bem-estar das nossas famílias, tirando comunidades inteiras da pobreza.
• Escusado será dizer que a capacitação das mulheres tem um efeito de arrastamento que se estende muito para além dos benefícios individuais.
• Quando as mulheres prosperam, tornam-se modelos e agentes de mudança nas suas comunidades, inspirando outros e catalisando mudanças sociais positivas.
• Vejamos, por exemplo, as histórias de sucesso de algumas empresárias que foram capacitadas pelo TEF, o impacto que tiveram e a tecnologia inovadora que utilizaram para promover a mudança:

1. Olamide Ayeni, um beneficiário de 2016 do Programa de Empreendedorismo TEF, está a tirar partido da tecnologia para inovar na gestão de resíduos

• Antecedentes: Olamide é um empresário nigeriano e fundador da Hopcyku (anteriormente Pear Recycling), uma empresa que transforma resíduos em produtos valiosos e promove a sustentabilidade ambiental.
• Impacto: Sob a liderança de Olamide, a Hopcyku tornou-se pioneira na gestão inovadora de resíduos, criando produtos de alta qualidade a partir de resíduos têxteis e de borracha, ao mesmo tempo que promove a literacia climática.
• A sua empresa utiliza a IA e a análise preditiva para otimizar os processos de transformação de resíduos e antecipar as preferências dos consumidores, melhorando significativamente a sua eficiência operacional e o desenvolvimento de produtos.
• Inovação: By way of innovation, she has demonstrated how technology can be leveraged to revolutionise waste management, ensuring it is both profitable and environmentally sustainable.
• They also leverage open-source software to keep costs down while improving efficiency.

2. Nana Amoako-Anin – Leveraging Technology to Transform Yoga in Ghana

• Antecedentes: Nana Amoako-Anin, a 2016 beneficiary of the TEF Entrepreneurship Programme, is the Founder of Bliss Yoga Accra and, one of the few full-service yoga studios in West Africa.
• After moving back to Ghana from New York City, she established her business to make yoga more accessible and popular in Ghana.
• Impacto: Bliss Yoga Accra has been instrumental in popularising yoga in Ghana, offering group and private classes, yoga teacher certifications, and stress relief programs.
• As one of the few African, woman-owned established studios, it’s changing the narrative on the accessibility and face of yoga in the region.
• Inovação: Nana is leveraging technology in several keyways to drive her business success: She employs a custom app and database to track client preferences and class popularity, enabling data-driven decision-making that keeps the studio responsive to customer needs. 
• When faced with pandemic restrictions, Nana quickly pivoted to offer yoga teacher training entirely online, opening new opportunities for scaling operations, attracting a diverse, global clientele.

These examples are a testament to what is possible when we embrace technology and use it as a tool for empowerment and leadership.

• However, for these technologies to be truly transformative, we must ensure that its adoption is inclusive, and that it offers equal opportunities for women to participate, innovate, and lead in this digital era.

• In my capacity as Chairperson of Avon Healthcare and Avon Medical Practice, I have witnessed the transformative power of these technologies in the healthcare sector.

• At Avon HMO, we are at the forefront of utilising advanced data analytics and digital solutions to revolutionise healthcare delivery.

• By harnessing the capabilities of big data and machine learning, we can gain deeper insights into patient needs, accurately predict health trends, and personalise healthcare plans more efficiently and effectively.

• By monitoring these metrics, we can pinpoint areas for improvement, implement best practices, and ultimately improve service quality.

• It is also worth noting that this dynamic transformation is being spearheaded by a team led by female leadership, under the able leadership of the CEO, Adesimbo Ukiri and her team.

• This, again, underscores the significant contributions that women bring to the table.

• All of these cannot be overstated.

• While we focus on empowering women, it is equally important to acknowledge the role men play in this journey.

• Men must be allies in the pursuit of inclusion and women empowerment, understanding that true equity benefits everyone.

• You see, in the medical line, nursing was long perceived as a female-dominated profession, and this idea was deeply rooted in the traditional view of women as the caregivers.

• However, this bias began to shift due to several factors.

• Societal attitudes towards gender roles began to evolve, recognising that caregiving is not inherently feminine but a human trait.

• Over time, male nurses have become more visible and respected, helping to dismantle the stereotype that nursing is a “woman’s job.”

• Today, men are increasingly recognised as integral members of the nursing profession, contributing to diverse perspectives and approaches in patient care.

• It is no longer just a moral imperative; it is a strategic advantage.

• It is about creating an environment where every individual, regardless of their gender, can contribute their unique perspectives and talents.

• Diverse teams are more innovative, more resilient, and better equipped to navigate complex challenges as we know.

• Studies have shown that companies with higher levels of gender diversity are more likely to outperform their peers.

• But we must be prepared. We must be ready to contribute our own quota.

Conclusão

• In closing, I want to emphasise that this disruptive age presents us with an unprecedented opportunity to lead.
• By leveraging emerging technologies, embracing and driving inclusion, we are one more step close to overcoming the barriers that have historically held women back and seize the leadership opportunities that lie ahead.
• As female directors, we are not just participants in this transformation; we are leaders.
• We have the power to shape the future, to create organisations that reflect our values, and to inspire the next generation of women leaders.
• I would like to charge everyone to remain committed to continuous learning.
• We must always seek to learn and improve.
• I find that keeping up with emerging technologies isn’t just a professional necessity—it’s a personal one, too.
• As a mother of five young girls, I continue to learn from them and grow.
• These girls are extremely digitally savvy and always talking about a new trend, I often find myself learning new things just to keep pace with them!
• This constant learning is not just vital for staying relevant in our careers but also in our daily lives.
• I encourage each of you to embrace this moment, to lead with courage, and to use your influence to drive positive change.
• Together, we can create a world where women are at the forefront of innovation, and inclusive change.

Obrigado

Dr. Awele V. Elumelu, OFR
Chairperson, Avon Healthcare Limited
Avon Medical Practice
&
Co-founder, The Tony Elumelu Foundation

The post Keynote Speech Delivered By Dr. Awele V. Elumelu, OFR At The 2024 Women Directors’ Conference Of The Chartered Institute Of Directors Nigeria appeared first on The Tony Elumelu Foundation.

The full research piece can be accessed aqui

The evaluation uses a randomised control trial methodology to compare otherwise similar applicants who embarked on our flagship programme versus those who did not. This is an important milestone as the Foundation redoubles its efforts in focusing on impact outcomes: in measuring key outputs and in communicating these results.

The study is in the process of tracking entrepreneur outcomes such as success in opening a business, income, number of employees, and business sales. The Foundation expects final results in late 2024 which will help to further demonstrate how it is tackling the most difficult issues like poverty, climate change, fragility, and food insecurity. These outcomes will also be presented in a way that allows our audiences to disaggregate results by gender, youth, region, country, and other parameters.

In a second, related experiment the Tony Elumelu Foundation has explored how messaging affects entrepreneurial ambitions. Notably, the study uncovers a remarkable resilience among African entrepreneurs, with many demonstrating high levels of optimism despite initial setbacks.

Clique here to read the full report.

The post The Tony Elumelu Foundation Launches Research Study with MIT, Columbia and University of Chicago appeared first on The Tony Elumelu Foundation.

Ao ver as dificuldades das crianças que não tinham acesso a um ensino de qualidade devido a escolas públicas sobrelotadas e a opções privadas incomportáveis, Ogechi Benyeogor entrou em ação. Com um mestrado em educação e quatro anos de experiência de ensino, Ogechi decidiu fazer a diferença. Criou um infantário e uma escola primária de baixo custo na sua comunidade rural em Asaba, no estado do Delta.

Inicialmente hesitante em iniciar o seu próprio projeto, Ogechi deu um passo em frente quando se juntou à Fundação Tony Elumelu (TEF). Através da sua formação de doze semanas e programa de tutoria, Em 2008, a Fidema's Children Academy foi fundada em Lisboa, onde adquiriu uma compreensão mais clara do mundo dos negócios e se sentiu motivada para lançar a Fidema's Children Academy.

Hoje, Academia das Crianças de Fidema serve mais de 200 alunos e emprega 15 funcionários, gerando $7,000 anualmente. Esta realização apoia o Objetivo de Desenvolvimento Sustentável das Nações Unidas de proporcionar uma educação acessível e económica para todos.

Para além da educação, a Fidema's Children Academy também criou oportunidades de emprego para os residentes locais, oferecendo-lhes uma oportunidade de contribuir para a comunidade e utilizar as suas competências para educar a próxima geração.

Reflectindo sobre o seu percurso, Ogechi partilha;

“A fundação ajudou-me a descobrir o meu potencial. Depois de me juntar à turma de 2016 do TEF, o meu caminho para o empreendedorismo começou. O capital inicial permitiu-me alugar um espaço e comprar equipamento. Desde então, com o apoio da família e das poupanças empresariais, adquiri um terreno e construí uma escola adequada. Apesar da concorrência feroz, a orientação e a educação empresarial da TEF têm sido cruciais para o nosso sucesso.”

Setor: Educação/Formação

Nome completo: Ogechi Benyeogor

Nome da empresa: Fidema's Children Academy

País: Nigéria

Ano de financiamento: 2016

Área de impacto: Serviços de educação disponíveis e a preços acessíveis.

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