The Chairman, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, has unveiled $15 million to 3,000 young African entrepreneurs for the 11th cohort of the foundation. Each selected business is entitled to $5,000 seed capital.
Elumelu said the foundation remained humbled by progress recorded across all 54 African countries to date.
Speaking at the unveiling of the 2025 Cohort of the TEF Entrepreneurship Programme in Abuja over weekend, he said 15 years into the journey, TEF had achieved remarkable feats in impacting lives across the continent.
He said in 2015, the foundation launched a target to empower 10,000 Africans, adding that by 2024, over 21,000 had been empowered.
Elumelu, however, pointed out that, “All we do at TEF is not out of the abundance of wealth. It is a deep realisation that if we don’t do this; this is very existential; if we don’t do this, we are creating problems for ourselves, the so-called successful, our children and our children’s children.
“It is in our collective interest to identify and support young talented Africans.”
He emphasised his advocacy to world leaders that in the 21st Century, “What Africa needs is not aid. What Africa needs is investment in infrastructure and investment in our young one.”
He stressed that the future of Africa lies squarely in the young population that must be empowered.
Yet, he said despite TEF’s intervention, millions of young talented entrepreneurs have not been reached, calling for partnerships to get the hib done.
Elumelu further declared that working with its partners, the foundation had removed over two million people out of poverty. He said poverty anywhere constitutes a threat everywhere.
He insisted that no outsider will develop Africa, stating that the task rested on Africans themselves.
Also, the TEF Co-founder, Dr. Awele Elumelu, said the foundation had been able to move businesses from ideas to formidable enterprises over the years.
She disclosed that women accounted for 45 per cent of the entrepreneurs so far empowered during the programme.
She said a total of $100 million had been disbursed to 21,000 businesses across the 54 African nations, creating 1.5 million jobs.
Awele also revealed that the sum of $4.2 billion was generated in revenues.
The Chief Executive, Tony Elumelu Foundation (TEF), Somachi Chris-Asoluka, said going forward, the foundation will double down on its commitment to young Africans.
She said, “We will continue to fund young African entrepreneurs at the Tony Elumelu Foundation, and we will continue to inspire like minded partners in Africa and beyond, to work with us on this journey, to work with us side by side as we fund even more African entrepreneurs.”
Commenting on the nature of funding, she said, “This $5, 000 is not a loan. It is not equity. It’s not a stake in their business. It is a grant. It is non-returnable.
“We don’t expect it back. Since 2015 our founder has disbursed over $100 million of his own wealth towards his young African entrepreneurs.
“We will do more this year, 3,000 this year, and will continue to do more till eternity. God keep us.”
James Emejo
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