The Tony Elumelu Foundation (TEF) has announced a significant initiative aimed at supporting young entrepreneurs across the African continent, unveiling a $15 million grant designed to benefit 3,000 aspiring business leaders from 52 African countries. This announcement was made by the foundation’s founder, Tony Elumelu, during the launch of the 2025 cohort of the TEF Entrepreneurship Programme in Abuja on Sunday.
Each selected entrepreneur will receive a non-refundable seed grant of $5,000, which can be utilized to either launch new ventures or scale existing businesses. This initiative is part of TEF’s broader mission to empower African entrepreneurs and stimulate economic transformation throughout the continent.
Tony Elumelu, who also holds prominent positions as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reiterated his unwavering commitment to fostering entrepreneurship in Africa. He emphasized the foundation’s goal of democratizing opportunities, promoting economic growth, and providing young Africans with essential resources such as funding, mentorship, and training.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” Elumelu stated. He acknowledged the various challenges these young individuals face in contributing to Africa’s economic development but expressed confidence that, if adequately empowered, they could drive significant change.
Elumelu also highlighted that access to capital alone is not enough for entrepreneurial success. He stressed the critical role of business education, mentorship, and training in nurturing successful entrepreneurs. Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to economically empower 10,000 young Africans over a decade, with each participant receiving $5,000 in seed capital.
As the foundation celebrates its 15th anniversary, Elumelu noted that it has made considerable progress across all 54 African countries. “In the 21st century, Africa does not need aid; what it needs is investment in its youth,” he added, reinforcing the foundation’s commitment to sustainable development.
Impact and Achievements
During the event, Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, shared insights into the program’s impact since its launch. She revealed that the foundation has disbursed over $100 million to more than 21,000 young entrepreneurs. These beneficiaries have collectively established 1.5 million enterprises and generated an impressive $4.5 billion in revenue.
“Our entrepreneurs have proven that ideas are the lifeblood of the African continent. For the 2025 cohort, we received over 200,000 applications, and from this extensive pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding,” Chris-Asoluka explained. Each entrepreneur will receive the $5,000 non-refundable seed grant, which is neither a loan nor equity, ensuring that they can pursue their business ambitions without the burden of repayment.
Furthermore, Chris-Asoluka assured attendees that the foundation has implemented a robust monitoring and evaluation platform to track the progress of beneficiaries after the disbursement of funds. This system will ensure that recipients adhere to their approved business plans, thereby maximizing the potential for success and impact in their respective communities.
