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$100 million in seed funding now disbursed to over 24,000 entrepreneurs, generating $4.2 billion in revenue and 1.5 million jobs across the continent.
Tony O. Elumelu, Chairman of Heirs Holdings and UBA Group, and Founder of the Tony Elumelu Foundation (TEF), has announced the beneficiaries of the 2026 TEF Entrepreneurship Programme. They include 3,200 young entrepreneurs drawn from all 54 countries across Africa in a strong signal of his enduring commitment to nurturing African entrepreneurship.
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The announcement, made in Abuja, coincides with the philanthropist’s annual reflection on impact, purpose, and the transformative power of entrepreneurship across the continent.
The TEF is the leading philanthropy empowering young African entrepreneurs from all 54 African countries. Through its flagship Entrepreneurship Programme, TEF, it provides training, mentorship, funding, and access to networks for young Africans.
In his annual letter, Elumelu underscored a central philosophy: opportunity and prosperity can be intentionally created and scaled. “Hope is not just a feeling, it is a system we can build,” he said—a statement that reinforces his long-standing belief in Africapitalism, the principle that Africa’s private sector must drive economic and social development.
$100 Million Disbursed, 24,000 Entrepreneurs Empowered
This year’s cohort of 3,200 entrepreneurs will each receive $5,000 in non-refundable seed capital, alongside access to mentorship, business training, and the Foundation’s proprietary digital platform, TEFConnect.
Since the programme’s inception, TEF has now disbursed over $100 million to more than 24,000 African entrepreneurs. The impact is measurable:
- 80% of supported businesses scale beyond the early stage—significantly outperforming global averages
- $4.2 billion in revenue generated collectively by TEF-supported entrepreneurs
- 1.5 million jobs created across the continent
- 2.1 million Africans lifted out of poverty
- Over 4 million households impacted
Women Lead the Way in 2026 Cohort
A defining feature of this year’s selection is the strong representation of women, who account for 51% of the cohort. According to Elumelu, this reflects a merit-based selection process and highlights the growing leadership of African women in entrepreneurship.
“When opportunity is accessible, African women do not simply participate—they lead,” he said.
A Legacy of Democratising Opportunity
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: its people.
He expressed gratitude to the partners, mentors, and stakeholders who continue to support the Foundation’s mission of building a self-sustaining Africa.
