AfDB Joins TEF Programme Catalysing Entrepreneurship Across Africa

Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and AfDB President Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. $2.5m was released today, with the remainder expected to be disbursed to the entrepreneurs in Q12020.

The AfDB commitment follows the recent $8.5 million disbursement from the United Nations Development Programme (UNDP) to 2,648 entrepreneurs in the Sahel region and Africa more broadly, and further accelerates the economic empowerment generated by the Tony Elumelu Foundation. In 2019, the Foundation significantly increased the scale and reach of it impact, with the number of beneficiaries of its flagship Entrepreneurship Programme rising from its annual commitment of 1,000, to 5,150, in collaboration with global and African partners.

 With its commitment to strengthen small and medium-sized enterprises and develop young entrepreneurs, AfDB joined the growing list of global development institutions benefiting from the Tony Elumelu Foundation’s unique model of identifying, training, mentoring and funding entrepreneurs and start-ups across Africa. The partnership demonstrates the implementation of the AfDB’s ten-year “Jobs for Youth in Africa” strategy, launched in 2016, to support the creation of 25 million meaningful jobs across the continent.

The partnership illustrates TEF’s willingness to share its infrastructure and know-how, with others who share the mission to empower young African entrepreneurs and TEF’s goal of creating millions of jobs, as well as generating

 billions in revenue, to catalyse economic growth across the continent.

The Foundation is currently accepting applications to the 2020 cohort of its flagship Entrepreneurship Programme on TEFConnect.com, Africa’s digital hub for entrepreneurs.

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The announcement demonstrates the mutually shared objectives of the Tony Elumelu Foundation’s $100 million commitment to catalysing entrepreneurial driven growth across Africa and AfDB’s ten-year “Jobs for Youth in Africa” strategy launched in 2016, to support the creation of 1 million sustainable jobs across the continent.

With AfDB board approval granted, the necessary processes for the disbursement of the $5 million seed capital to the 2019 cohort of TEF/AFDB Entrepreneurs, are now cascading into effect.

An execution timeline has now been agreed by AfDB and TEF and outlined below are the next steps required to disburse seed capital, in accordance with AfDB internal processes:

a. Execution of final agreements – DONE

b. Disbursement request sent to the Bank  – DONE AND expected to take three weeks.

c. Bank processes request – IN PROGRESS

d. Funds released to the Tony Elumelu Foundation – WITHIN 24 HOURS, THIS WILL BE CREDITED TO THE ACCOUNT OF EACH ELIGIBLE ENTREPRENEUR.

It is envisaged that the timeline for the seed capital disbursement will be no later than February 2020.

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The sponsorship is one of the numerous benefits afforded the alumni of the Tony Elumelu Foundation Alumni besides the direct benefits from the Foundation including non-refundable seed capital, mentorship, training and networking opportunities.

The main theme of the conference is on facilitating trade collaborations between Japan and Africa. On the sidelines, other events will explore ways to invest in Africa’s young people to scale progress and improve economic performance on the continent and globally.

The selected entrepreneurs are:

1. Jumoke Dada: Founder, Taeillo (Nigeria)
2. Balma Ange Frederik; Founder, LIFI-LED (Cote d’Ivoire)
3. Shamim Nabuuma Kaliisa; CHIL AI (Uganda)
4. Ghana: Mr. Kelvin Ashie: Health Direct Global (Ghana)
5. Patu Ndango: Closed loop Systems Ventures (Cameroon)
6. Regis Umugiraneza, CEO and Co-Founder of the Carl Group Company, Director of the Rwanda Youth in Agriculture Forum &Vice President of the PSF Chamber of Young Entrepreneurs (Rwanda)

TICAD brings together government, business leaders, companies and other stakeholders, to engage high policy dialogue, forge business relationships and enhance trade and investment between Japan and Africa.

The travel sponsorship is one of the ways Tony Elumelu Foundation continues to empower African entrepreneurs and create education, entrepreneurship, employment and engagement opportunities for young people.

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