The Tony Elumelu Foundation (TEF) has announced a $15 million grant to empower 3,000 young entrepreneurs across 52 African countries, reinforcing its commitment to fostering economic growth on the continent.
The announcement was made by Tony Elumelu, the Founder of TEF and Chairman of Heirs Holdings, Transcorp, and UBA, during the unveiling of the 2025 cohort of the TEF Entrepreneurship Programme in Abuja.
Empowering Africa’s Next Generation of Entrepreneurs
Each selected entrepreneur will receive a $5,000 seed grant to launch or expand their business. Speaking at the event, Elumelu emphasized that the foundation’s mission is to democratize opportunities for African entrepreneurs and enable them to drive economic transformation.
“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. If empowered and encouraged, these young Africans can drive meaningful change.”
He stressed that financial support alone is not enough, highlighting the importance of mentorship, training, and business education in building sustainable businesses.
A Legacy of Impact: TEF’s Journey Since 2015
Launched in 2015, the TEF Entrepreneurship Programme initially aimed to economically empower 10,000 entrepreneurs over 10 years, providing each with $5,000 in seed capital.
Marking TEF’s 15th anniversary, Elumelu reiterated that Africa’s future lies in investment in its youth, not aid.
TEF’s Unmatched Contribution to Africa’s Economy
According to TEF CEO, Somachi Chris-Asoluka, the foundation has:
Disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.
Facilitated the creation of 1.5 million enterprises.
Generated over $4.5 billion in revenue from TEF-supported businesses.
For the 2025 cohort, TEF received an overwhelming 200,000 applications, from which 3,000 entrepreneurs were selected.
“Each entrepreneur will receive a $5,000 non-refundable seed grant—this is neither a loan nor equity. We have a monitoring and evaluation platform in place to track their progress and ensure accountability,” Chris-Asoluka assured.
With mentorship, training, and financial support, the Tony Elumelu Foundation continues to transform Africa’s entrepreneurial ecosystem, empowering young innovators to shape the future of the continent.
