3,000 African entrepreneurs to benefit from TEF $15m grant
By Seun Ibiyemi
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to empower 3,000 aspiring entrepreneurs from 52 African nations, reinforcing its commitment to fostering economic transformation across the continent.
TEF’s founder, Mr Tony Elumelu, made this declaration in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.
He revealed that each selected entrepreneur would receive a $5,000 seed grant to launch or expand their businesses.
Elumelu, who also serves as the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his dedication to cultivating entrepreneurial talent in Africa, with a vision of economic empowerment and long-term prosperity.
According to him, the foundation seeks to broaden access to opportunities, promoting economic development by equipping young Africans with funding, mentorship, and business training.
“Our vision, which took root in 2010, is centred on building a self-sufficient Africa, driven by the ambition, creativity, and determination of young entrepreneurs.
“We recognise the hurdles they encounter while striving to contribute to Africa’s economic progress.
“With the right support and encouragement, these young Africans have the power to effect real change,” he said.
He further stressed that capital alone is insufficient, underscoring the necessity of business education, mentorship, and structured guidance to nurture sustainable enterprises.
The Entrepreneurship Programme, launched in 2015, originally aimed to empower 10,000 young Africans over ten years, each receiving $5,000 in seed capital.
“As the foundation celebrates its 15th anniversary, we take pride in the substantial impact we have made across all 54 African nations.
“In the 21st century, Africa does not need aid; what it truly requires is investment in its youth.” Tony Elumelu said.
Somachi Chris-Asoluka, the Chief Executive Officer (CEO) of TEF, highlighted the foundation’s extensive contributions since the programme’s inception.
She revealed that since 2015, the foundation has disbursed over $100 million, supporting more than 21,000 entrepreneurs across Africa.
These businesses have collectively: Created 1.5 million enterprises; Generated $4.5 billion in revenue.
“Our entrepreneurs have shown that innovation and enterprise are the driving forces of Africa’s development.
“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 in funding.
“Each entrepreneur will be granted $5,000 in non-refundable seed capital—this is neither a loan nor an equity stake,” she stated.
She further explained that the foundation has implemented a monitoring and evaluation system to track progress after funding is disbursed, ensuring that beneficiaries adhere to their approved business plans.
