TUE MAR 24 2026-theGBJournal| Billionaire philanthropist and Chairman of Heirs Holdings, UBA Group and Founder of the Tony Elumelu Foundation (TEF) Tony Elumelu, has announced 3,200 beneficiaries for the 2026 cohort of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme, marking his birthday with a renewed commitment to empowering Africa’s next generation of business leaders.
The announcement underscores the Foundation’s sustained mission to drive inclusive economic growth by supporting startups across the continent.
The announcement, made in Abuja, coincides with the philanthropist’s annual reflection on impact, purpose, and the transformative power of entrepreneurship across the African continent.
In his annual letter, Elumelu emphasised that opportunity and prosperity can be intentionally created and scaled, saying, “Hope is not just a feeling, it is a system we can build”. This underscores his long-standing belief in Africapitalism, the philosophy that Africa’s private sector must drive economic and social development.
This year’s cohort selected from across all 54 African countries, will each receive $5,000 in non-refundable seed capital, alongside access to mentorship, business training, and TEF’s proprietary digital platform, TEFConnect.
Highlighting the programme’s growing impact, Elumelu noted that the Foundation has now disbursed over $100 million in funding to more than 24,000 African entrepreneurs since its inception. The programme continues to demonstrate strong outcomes, with 80 per cent of supported businesses scaling beyond the early stage, significantly outperforming global averages.
Collectively, TEF-supported entrepreneurs have generated over $4.2 billion in revenue, created 1.5 million jobs, and lifted more than 2.1 million Africans out of poverty, impacting over four million households across the continent.
A notable feature of this year’s selection is the strong representation of women, who account for 51 per cent of the cohort. According to Elumelu, this reflects merit-based selection and highlights the increasing leadership of African women in entrepreneurship. “When opportunity is accessible, African women do not simply participate, they lead.”
Reflecting on the Foundation’s journey since its launch in 2010, Elumelu reiterated the vision to democratise opportunity and scale impact across Africa by investing in its most valuable resource, which is its people. He also expressed gratitude to partners, mentors, and stakeholders who continue to support the Foundation’s mission of building a self-sustaining Africa.
The Tony Elumelu Foundation is the leading philanthropy empowering young African entrepreneurs from all 54 African countries. Through its flagship Entrepreneurship Programme, TEF provides training, mentorship, funding, and access to networks, driving inclusive economic growth and transforming Africa’s development narrative from aid to investment and partnership.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
