The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.
TEF Founder, Mr Tony Elumelu, made this known in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He said that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.
Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.
According to Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.
Speaking about the essence of the foundation’s activities at this year’s unveiling, Elumelu said:
“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs. We understand the challenges they face in contributing to Africa’s economic transformation. If empowered and encouraged, these young Africans can drive meaningful change.”
He further stated that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.
The entrepreneurship programme, which began in 2015, initially set out to economically empower 10,000 young Africans over a 10-year period, each receiving 5,000 dollars in seed capital.
Elumelu revealed that this year marks the 15th anniversary of the foundation, sharing that over the years, the foundation has made a substantial impact across all 54 African countries.
For Elumelu, Africa does not need aids in the 21st century. “What it needs is investment in its youth.”
The Chief Executive Officer (CEO) of the foundation, Somachi Chris-Asoluka, speaking at the event also announced that said since the programme’s launch in 2015, the foundation has disbursed over 100 million dollars to more than 21,000 young entrepreneurs across Africa.
According to her, these businesses have collectively created 1.5 million enterprises, and generated 4.5 billion dollars in revenue.
“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent. For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive 15 million dollars in funding.
Each entrepreneur will receive a 5,000 dollar non-refundable seed grant; this is neither a loan nor equity,” Chris-Asoluka said.
She also revealed that the foundation has a monitoring and evaluation platform in place to track progress after disbursement, so as to ensure that beneficiaries adhere to their approved business plans.
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