Heirs Holdings
Tony Elumelu Foundation


“A Decade of Impact” is a celebration of the rapid transformation across the continent driven by the private sector, as well as our role in catalyzing this achievement.

Both organisations continue to redefine success on the continent, challenging previous notions and unleashing Africa’s potential. Heirs Holdings’ business and investment successes validate its Africapitalism model; and the Tony Elumelu Foundation’s accomplishment, empowering young African entrepreneurs and championing youth entrepreneurship across 54 African countries, is creating shared prosperity for families, communities and an entire continent.

This event is a call to action to all global stakeholders in Africa’s present and future, to tackle the barriers to our rapid transformation and present success stories and models to achieve continent-wide economic success.

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Supported on TEFCONNECT

Together we have gained numerous
achievements over the years

The Tony Elumelu Foundation is the leading champion of entrepreneurship in Africa founded by African investor and philanthropist, Tony O. Elumelu, and representing his personal commitment to creating a new generation of entrepreneurs.

Our objective is to empower women and men across our continent, catalysing economic growth, driving poverty eradication, and ensuring job creation.

This year the Tony Elumelu Foundation will be celebrating its 10-year anniversary.

  • 2010
  • 2011
  • 2012
  • 2013
  • 2014
  • 2015
  • 2016
  • 2017
  • 2018
  • 2019
  • 2020
  • Tony Elumelu Foundation (TEF) was founded, signalling the beginning of the journey to accelerate African entrepreneurship as the key to sustainable development in Africa.
  • The Tony Elumelu Foundation (TEF) launched the Elumelu Professionals Programme, an internship programme that matched 87 MBA students and graduates from top business schools in Africa, Europe, and Asia to African businesses.
  • The Tony Elumelu Foundation (TEF) launched the Tony & Awele Elumelu Prize, an award that recognised and rewarded 130 students from 16 universities across Nigeria and three other West African Universities.
  • Tony Elumelu Foundation (TEF) partnered with the Calvert Foundation, Heirs Holdings and Lion’s Head Global Partners, to make an impact investment in the heart of Tanzania’s national initiative to combat food insecurity – Mtanga Farms.
  • The Tony Elumelu Foundation empowered 20 tech businesses with $100,000 seed funding through Nigerian Accelerator, CCHub
  • TEF’s second impact investment in Mtanga was made as part of an international consortium with Heirs Holdings, Berggruen Holdings and 50 Ventures Inc, when we incorporated African Exchange Holdings Ltd (AFEX), a network of commodities and derivatives exchanges.
  • The Blair Elumelu Fellowship Programme (BEFP) – a partnership between The Tony Elumelu Foundation (TEF) and the Tony Blair Africa Governance Initiative (AGI) – launched an International Fellowship Programme to strengthen Africa’s private sector and promote economic growth.
  • TEF Founder, Tony Elumelu was recognised by Forbes as one of Africa’s 20 Most Powerful People.
  • Created a public- private Nigerian partnership with the Federal Ministry of Trade and Industry, to fund the National Competitiveness Council of Nigeria (NCCN) and improve the attractiveness of Nigeria’s economy as a place to do business in the global marketplace.
  • Released a publication on “Africans Investing in Africa: Building Prosperity Through Intra-African Trade and Investment”, a joint publication between Brenthurst Foundation (@brenthurstfoundation) and the TEF.
  • Launched the publication by the Africapitalism Institute, “Africapitalism – Path to Economic Prosperity and Social Wealth”.
  • Partnered with the AllWorld Network to promote and recognise the fastest-growing private companies in Nigeria – Nigeria Fast Growth 50.

    Supported the creation of the Impact Economy Innovation Fund – a joint $650,000 initiative with the Rockefeller Foundation (rockefellerfdn) to identify and fund 7 individual investments at the 2013 Africa Impact Investment Forum in South Africa.

  • TEF Founder @tonyoelumelu received the Africa-America Institute Leadership Award in Business and Philanthropy.
  • Tony Elumelu Foundation (TEF) launched its flagship Entrepreneurship Programme, a $100million commitment to identify, mentor, fund, and train 10,000 African entrepreneurs in 10 years across 54 African countries.
  • In December 2014, Tony Elumelu Foundation (TEF) partnered with experts across the U.S. Government and leading organisations to launch SPARK, a private sector platform that would foster greater cooperation and collaboration.
  • The Tony Elumelu Foundation launched the Africapitalism Institute at the World Economic Forum (WEF), Abuja, as a Pan-African, independent, non-profit think tank created to propagate the economic philosophy, Africapitalism.
  • The first set of 1,000 pan-African entrepreneurs were announced as beneficiaries of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme, from over 20,000 applications across the continent
  • The Tony Elumelu Foundation (TEF) released the report: “Unleashing Africa’s Entrepreneurs: Improving the Enabling Environment for Start-Ups”.
  • Tony Elumelu Foundation (TEF) hosted the inaugural TEF Forum (formerly “TEF Bootcamp”) in Nigeria, convening 1,000 entrepreneurs across the African continent, as well as private and public sector leaders.
  • Tony Elumelu Foundation (TEF) unveiled a research report of 304 TEF entrepreneurs from the Agricultural sector that shared insight and recommendations with policymakers for creating an enabling environment for agricultural entrepreneurs to thrive at the 2016 World Economic Forum Africa in Kigali, Rwanda.
  •  Tony Elumelu Foundation (TEF) launched the documentary “Tony Elumelu Entrepreneurs: Transforming Africa” at a film festival in Paris, chronicling the first year of its ground-breaking Entrepreneurship Programme.
  • Tony Elumelu Foundation opened its flagship Entrepreneurship Programme to global partners including ICRC, AFD and Indorama, as its first partners. The result? More entrepreneurs trained, mentored, and funded.
  • TEF Founder, Tony Elumelu, donated USD$250,000 to victims of the mudslides and floods in Sierra Leone.
  • TEF Founder, Tony Elumelu received the Dwight D. Eisenhower Global Entrepreneurship Award from the Business Council for International Understanding (BCIU).
    • The Tony Elumelu Foundation (TEF) partnered with the International Committee of the Red Cross (ICRC) to empower 200 entrepreneurs from Nigeria’s North East and Niger Delta regions.
    • In the same year, the Tony Elumelu Foundation partnered with the French Development Agency, AFD to provide mentorship and loans from UBA branches across Africa up to €300,000 to entrepreneurs across francophone West African countries.
      • The Tony Elumelu Foundation hosted the 3rd TEF Forum, convening young entrepreneurs, African presidents and business leaders in a single location.
  • The Tony Elumelu Foundation (TEF) launched TEFConnect – the largest digital networking platform connecting 1 million African entrepreneurs to pan-African business opportunities.
  • The Tony Elumelu Foundation (TEF) hosted French President, Emmanuel Macron at an exclusive gathering with over 1,000 young African entrepreneurs in attendance.

  • The Tony Elumelu Foundation (TEF) partnered with GIZ GmbH to mentor, train & fund 210 #Africanentrepreneurs with special focus on female entrepreneurs and tech-enabled businesses.
  • TEF Founder, Tony Elumelu donated N500million to create an entrepreneurship Programme in his home state, Delta State.

  • The Tony Elumelu Foundation (TEF) appointed its third CEO and the first African to hold this position, Ifeyinwa Ugochukwu.
  • The Tony Elumelu Foundation (TEF) hosted the European Commission, Leading Development Finance Institutions and Think Tanks in Brussels.
  • UNDP signed a ground-breaking partnership with TEF in Niger to empower 100,000 additional entrepreneurs in rural, underserved communities across the continent over 10 years.
  • The Tony Elumelu Foundation (TEF) signed a $5million partnership agreement with the African Development Bank, to support young entrepreneurs in Africa with training, mentorship and funding.
  • TEF Founder, Tony O. Elumelu received the National Productivity Order of Merit Award (NPOM), the highest recognition of merit in his home country.
  • The Tony Elumelu Foundation (TEF) was awarded Best Philanthropy at the All Africa Business Leaders’ Awards (AABLA) in South Africa.
  • The Tony Elumelu Foundation (TEF) was awarded the YouWIN! Connect Award of Excellence at Nigeria’s YouWIN! Connect Enterprise Education Book and Awards.
  • Tony Elumelu, TEF Founder received the Seven Stars first-ever Man of the Year at the 7th Annual Seven Stars Luxury Hospitality and Lifestyle Awards (SSLHLA), for his notable commitment to entrepreneurship in Africa.
    • The Tony Elumelu Foundation (TEF) unveiled an upgraded and fully digitised TEF Entrepreneurship Programme, allowing instant feedback on entrepreneurs’ application and end to end automated processes.
    • In response to Covid-19, Tony Elumelu Foundation (TEF) launched weekly TEF Masterclasses providing its start-up entrepreneurship community with practical lessons from experts across various sectors.
    • Tony O. Elumelu was listed on the Ebony Magazine’s Power 100 list among other global figures.
    • Up until 2020, the Tony Elumelu Foundation (TEF) has trained, mentored, and funded 9,360 young African entrepreneurs across 54 African countries through its Entrepreneurship Programme, and provides capacity-building support, advisory and market linkages to over 1million Africans through its digital networking platform, TEFConnect.
    • The Tony Elumelu Foundation (TEF) holds the largest database of stakeholders in the African entrepreneurship space.
    • TEF Founder, Tony Elumelu was listed on the 2020 Time 100 Most Influential People in the World.


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    Partner with us to achieve more in Africa

    TEF and UNDP Signing Partnership

    The goal is that 10,000 entrepreneurs will create 1 million jobs and generate $10 billion in additional revenue on the continent. With our strategic partners we can multiply these figures exponentially. To this end, an opportunity also exists for second tier funding by TEF Partners in the form of debt or equity financing for the High Growth Companies that make up our growing pool of TEF Alumni.

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