TEF unveils $15 million grant for 3,000 African entrepreneurs
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries. The announcement was made by TEF Founder, Tony Elumelu, during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme in Abuja on Sunday.
Each beneficiary will receive a $5,000 non-refundable seed grant to launch or scale their businesses. The initiative is part of TEF’s ongoing efforts to empower African entrepreneurs and drive economic growth on the continent.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to creating opportunities for young Africans. He emphasized the foundation’s mission to democratize access to funding, mentorship, and training, ensuring that African entrepreneurs have the necessary resources to succeed.
Speaking on the foundation’s long-term vision, Elumelu highlighted the importance of entrepreneurship in transforming Africa’s economy. “Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” he stated.
He further stressed that financial support alone is not enough, pointing to the need for business education, mentorship, and strategic guidance. According to him, equipping entrepreneurs with the right knowledge and skills is essential for long-term success and sustainability.
Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to empower 10,000 young Africans over a decade, each receiving $5,000 in seed capital. Now celebrating its 15th anniversary, the foundation has made significant strides, supporting entrepreneurs across all 54 African countries.
The CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, revealed that since the programme’s launch, TEF has disbursed over $100 million to more than 21,000 young entrepreneurs. She noted that these entrepreneurs have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.
Chris-Asoluka also emphasized that TEF has a robust monitoring and evaluation system in place to track the progress of beneficiaries. She assured that recipients of the 2025 grants will be closely supported to ensure adherence to their business plans, maximizing the impact of the programme on Africa’s economic development.
