Namibia Oil and Gas Conference 2025 – From Exploration to Action
TEF $15m: Three Thousand African entrepreneurs to benefit
Anthony Onyemaechi Elumelu CFR Nigerian economist, banker and philanthropist. He chairs Heirs Holdings, Transcorp, United Bank for Africa (UBA) and founder of The Tony Elumelu Foundation
Tony Elumelu Foundation (TEF) has announced a $15 million grant to empower three thousand (3,000) ambitious entrepreneurs from 52 African nations, to reinforce its commitment to fostering economic transformation across Africa.
TEF’s founder, Mr Tony Elumelu, made this declaration in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He revealed that each selected entrepreneur would receive a $5,000 seed grant to launch or expand their businesses.
Anthony Onyemaechi Elumelu CFR, Nigerian economist, banker and philanthropist. Chairman Heirs Holdings, Transcorp, United Bank for Africa (UBA), Founder of The Tony Elumelu Foundation, reiterated his commitment to cultivating entrepreneurial talent in Africa for economic empowerment and long-term prosperity.
He said, the foundation seeks to broaden access to opportunities, promoting economic development by equipping young Africans with funding, mentorship, and business training. “Our vision, which started in 2010 centered on building a self-sufficient Africa, driven by the ambition, creativity, and determination of young entrepreneurs.
“We recognise the hurdles they encounter while striving to contribute to Africa’s economic progress. “With the right support and encouragement, these young Africans have the power to effect real change,” he said.
Tony stressed further that fund alone is insufficient, underscoring the necessity of business education, mentorship, and structured guidance to nurture sustainable growth.
The Entrepreneurship Programme, launched in 2015, originally aimed to empower 10,000 young Africans over ten years, each receiving $5,000 in seed capital.
“As the foundation celebrates its 15th anniversary, we take pride in the substantial impact we have made across all 54 African nations.
“In the 21st century, Africa does not need aid; what it requires is investment in its youth.” Tony Elumelu said.
Somachi Chris-Asoluka, the Chief Executive Officer (CEO) of TEF, highlighted the foundation’s extensive contributions since the beginning of the programme.
These businesses have collectively: Created 1.5 million enterprises; Generated $4.5 billion in revenue. “Our entrepreneurs have shown that innovation and enterprise are the driving forces of Africa’s development.
“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.
“Each entrepreneur will be granted $5,000 in non-refundable seed capital—this is neither a loan nor an equity stake,” she explained.
She further explained that the foundation has instituted a monitoring and evaluation to track progress after disbursement of fund to ensuring adhere by beneficiaries as approved in the business plan.
