The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 emerging entrepreneurs across 52 African countries.
TEF Founder, Mr. Tony Elumelu, disclosed this in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He stated that each beneficiary would receive a $5,000 seed grant to launch their businesses.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and driving economic transformation across the continent.
“Our vision, which began in 2010, is to create a self-sustaining Africa, powered by the energy, ambition, and resilience of young entrepreneurs,” Elumelu said. “We recognise the challenges they face in contributing to Africa’s economic growth. If given the right support, they can drive meaningful change.”
He emphasised that financial support alone is insufficient, highlighting the critical role of business education, mentorship, and training in ensuring the success of young entrepreneurs.
The TEF Entrepreneurship Programme, which launched in 2015, initially aimed to empower 10,000 young Africans over a decade, providing each with a $5,000 seed grant. However, the foundation has significantly expanded its impact.
“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries. In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu remarked.
The Chief Executive Officer of TEF, Somachi Chris-Asoluka, noted that since the programme’s inception, the foundation has disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.
“These businesses have collectively created 1.5 million enterprises and generated $4.5 billion in revenue,” she said.
Chris-Asoluka further revealed that the foundation received over 200,000 applications for the 2025 cohort, from which 3,000 entrepreneurs across 52 African countries were selected to receive funding.
“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor an equity investment,” she clarified.
She added that TEF has established a monitoring and evaluation system to track the progress of beneficiaries, ensuring adherence to their approved business plans.
