The Tony Elumelu Foundation (TEF), led by Chairman Tony Elumelu, has announced a $15 million investment in the 2025 Cohort of its renowned Entrepreneurship Programme, aimed at empowering 3,000 young African entrepreneurs. Each of the selected entrepreneurs will receive a $5,000 non-returnable grant to support their business ventures. This initiative marks a significant milestone in the foundation’s mission to foster entrepreneurship across the continent.
At the unveiling event in Abuja, which took place over the weekend, Elumelu expressed his pride in the foundation’s progress since its inception. “We are humbled by the impact we’ve had across all 54 African countries,” Elumelu said, reflecting on the foundation’s achievements over the past 15 years. “Our journey began with a simple goal: to empower 10,000 Africans. Today, by 2024, that number has more than doubled, with over 21,000 people empowered.”
Elumelu emphasized that these efforts were not driven by an abundance of wealth but by a deep recognition of the continent’s pressing needs. “All we do at TEF is not out of the abundance of wealth. It is a deep realization that if we don’t do this, we are creating problems for ourselves, the so-called successful, our children, and our children’s children,” he stated.
The founder continued his message, underscoring the urgency of addressing the challenges facing Africa’s young population. “It is in our collective interest to identify and support young, talented Africans,” Elumelu added, urging African leaders to focus on investment rather than aid. “What Africa needs is investment in infrastructure and, more importantly, investment in our young people.”
Despite the foundation’s impressive achievements, Elumelu acknowledged that millions of young entrepreneurs have yet to benefit from such support. He called for further collaborations to extend the foundation’s reach and increase its impact. “There is a need for partnerships to get the job done,” he said.
In line with the foundation’s broader mission, Elumelu also highlighted the results of TEF’s work to date. Through its various programs, the foundation has successfully lifted over two million people out of poverty. Elumelu stated, “Poverty anywhere constitutes a threat everywhere. By supporting young African entrepreneurs, we are investing in the future of the continent.”
Dr. Awele Elumelu, co-founder of the foundation, shared further insights into TEF’s successes. She revealed that the foundation had distributed a total of $100 million in grants to entrepreneurs across Africa, generating an impressive $4.2 billion in revenue. She also noted that 45% of the beneficiaries have been women, highlighting the foundation’s commitment to gender equality in entrepreneurship.
The foundation’s Chief Executive Officer, Somachi Chris-Asoluka, reiterated TEF’s commitment to supporting young African entrepreneurs in the years ahead. “We will continue to fund young African entrepreneurs at the Tony Elumelu Foundation,” Chris-Asoluka said, adding that the foundation would work to inspire more partners to join the cause. “We will continue to inspire like-minded partners in Africa and beyond to work with us on this journey.”
Addressing questions about the nature of the funding, Chris-Asoluka clarified that the $5,000 grants are not loans, nor do they involve equity or stakes in the recipients’ businesses. “It is a grant,” she explained. “It is non-returnable. We don’t expect it back. Since 2015, our founder has disbursed over $100 million of his own wealth towards these young African entrepreneurs.”
Looking to the future, Chris-Asoluka assured that the foundation’s work would only expand. “We will do more this year, 3,000 this year, and we will continue to do more till eternity. God keep us,” she said with conviction.
