By Yunusa Oluwatomiwa
In a letter penned to mark his birthday on March 22, 2026, the Founder of the Tony Elumelu Foundation, Tony Elumelu, has emphasized that Africa’s greatest resource lies in its people, noting that entrepreneurship remains a critical driver of the continent’s economic transformation.
The reflections in his letter coincided with an event held at the Transcorp Hilton in Abuja, where the Foundation officially unveiled 3,200 entrepreneurs selected from across all 54 African countries for the 2026 cohort. Through the programme, these newly announced beneficiaries will receive seed funding, mentorship, and vital access to the Foundation’s digital platform, TEFConnect.
Detailing the historical impact of the initiative in his birthday message, Elumelu disclosed that since the launch of the programme, over $100 million has been disbursed to more than 24,000 entrepreneurs across the continent.
Elumelu’s letter painted a comprehensive picture of the programme’s significant impact over the years, noting the creation of over 1.5 million jobs and the generation of $4.2 billion in revenue.
He further highlighted that the Foundation has supported more than 4 million households and that about 2.1 million Africans have been successfully lifted out of poverty through the initiative.
Additionally, the founder proudly stated that over 2.5 million individuals have benefited from the various training opportunities provided by the organization.
Addressing the sustainability and success rate of the programme, Elumelu wrote that 80 percent of supported businesses have grown beyond their early stages, which he described as a marked improvement when compared to global averages.
His birthday correspondence also placed a strong emphasis on the growing role of women in entrepreneurship, revealing the milestone that 51 percent of the beneficiaries in the newly announced 2026 cohort are women.
He made it clear that this selection was based purely on merit, explaining that female entrepreneurs naturally stood out due to the sheer strength of their ideas and business models.
In his heartfelt letter, Elumelu took the time to acknowledge the vital contributions of the partners, mentors, and stakeholders who have tirelessly supported the Foundation’s mission over the years.
He used his birthday address to reiterate that the Foundation’s approach, which is deeply rooted in the economic philosophy of Africapitalism, continues to actively shift Africa’s development narrative away from aid dependency and toward a future of sustainable investment in human capital.
Looking at the broader scope of the TEF Entrepreneurship Programme, he reflected on how an initiative that began with a target to support 10,000 entrepreneurs has since expanded significantly, nearly tripling its initial goal.