Tony Elumelu Foundation Grants $15 Million to 3,000 African Entrepreneurs

The Tony Elumelu Foundation (TEF) has launched a $15 million grant to support 3,000 young entrepreneurs across 52 African countries as part of its commitment to fostering economic development on the continent.

Strengthening African Entrepreneurship

The announcement was made by Tony Elumelu, Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), during the unveiling of the 2025 TEF Entrepreneurship Programme cohort in Abuja.

Each selected entrepreneur will receive a $5,000 non-refundable seed grant to launch or scale their businesses, reinforcing TEF’s dedication to empowering African entrepreneurs with funding, mentorship, and training.

“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” Elumelu stated.

He stressed that capital alone is not enough, highlighting the importance of business education and mentorship in ensuring entrepreneurial success.

TEF’s Impact Since Inception

Since its establishment in 2015, the TEF Entrepreneurship Programme has aimed to economically empower 10,000 young Africans over a decade. However, the foundation has exceeded this goal, with significant milestones achieved:

• Over $100 million disbursed to more than 21,000 entrepreneurs.
• 1.5 million enterprises created by TEF beneficiaries.
• $4.5 billion in revenue generated from TEF-supported businesses.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu emphasized.

Selection Process and Accountability Measures

CEO of TEF, Somachi Chris-Asoluka, revealed that the 2025 cohort was selected from over 200,000 applications across Africa.

She assured that the foundation has a robust monitoring and evaluation system to track the progress of grant recipients and ensure adherence to approved business plans.

This latest $15 million grant cements TEF’s position as a leading force in African entrepreneurship, helping to create a new generation of business leaders who will drive sustainable economic growth across the continent.