Tony Elumelu Foundation empowers 20,000 African entrepreneurs with $100m seed capital

…Beneficiaries create 400,000 jobs

The Tony Elumelu Foundation has empowered 20,000 African entrepreneurs with a total of $100 million in non-refundable seed capital since its inception a decade ago.

This comes as the Foundation plans global coalition of entrepreneurs to eradicate poverty across the continent.

Tony Elumelu, founder and chairman of the Foundation, disclosed this on Friday at an announcing ceremony of the selection of the 2024 entrepreneurship beneficiaries in Lagos.

Elumelu shared the significance of this achievement, aligning it with his personal birthday celebration. “Today I am plus one, and my family and I believe there’s no better way to celebrate than by announcing the selection of the 2024 TEF entrepreneurship beneficiaries,” Elumelu remarked.

The Foundation’s latest initiative sees 1,104 entrepreneurs from 54 African countries selected to receive a non-refundable $5,000 seed capital each. This diverse cohort represents a wide array of industries and sectors, reflecting the Foundation’s commitment to supporting entrepreneurship at all levels and across various geographies on the continent.

Elumelu underscored the Foundation’s overarching mission, stating, “We believe in spreading prosperity. We think the easiest way to spread prosperity in Africa is by identifying young ones, encouraging them, and helping them to start their own businesses.”

This ethos of empowerment and inclusivity has been central to the Foundation’s approach since its inception.

The impact of the Tony Elumelu Foundation’s support extends far beyond financial assistance. Through targeted mentorship, capacity-building programs, and access to networks, the Foundation equips entrepreneurs with the tools and resources necessary to succeed in today’s competitive business landscape.

Reflecting on the journey of the Foundation over the past decade, Elumelu expressed gratitude for the progress made and the partnerships forged along the way. “We sought to democratize luck and improve lives,” he stated.

“Today, over 20,000 young men and women from across Africa have received over $100 million in support of their programmes.”

The tangible outcomes of the Foundation’s initiatives are undeniable. Beneficiaries of the program have collectively created over 400,000 jobs and generated $1.2 billion in revenue through their businesses. These statistics serve as a testament to the transformative power of entrepreneurship and the ripple effect it has on communities and economies across the continent.

Looking ahead, Elumelu emphasized the importance of collaboration and collective action in driving sustainable development in Africa.

“There is a better way to give, a better way to develop Africa,” he remarked. “Collectively, all of us can help develop Africa in a manner that is truly sustainable in the 21st century.”

Awele Elumelu, co-founder of TEF and spouse of the CEO, articulated the Foundation’s vision as striving to “democratise luck and eliminate poverty.” She expressed delight in the Foundation’s accomplishments and encouraged beneficiaries to seize the opportunity to shape Africa’s future.

Reflecting on the journey, she emphasized the initial goal of eradicating poverty and empowering African individuals. She extended gratitude to all participants since the program’s inception in 2015.

Nkem Okocha, a 2015 beneficiary of TEF and the founder of Mama Moni, conveyed appreciation for the foundation’s opportunity and its transformative impact across Africa.

As the Tony Elumelu Foundation continues to expand its reach and impact, it remains a beacon of hope for aspiring entrepreneurs across Africa, demonstrating the profound possibilities that arise when access to capital, mentorship, and support converge to unlock the continent’s entrepreneurial potential.

The Tony Elumelu Foundation is empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment.

The Foundation’s mission is rooted in Africapitalism, which positions the private sector and, most importantly, entrepreneurs as the catalyst for the social and economic development of the African continent.