The Tony Elumelu Foundation (TEF) has announced a $15 million capital injection to support 3,000 early-stage and scaling entrepreneurs across 52 African countries, reinforcing its role as a major driver of private-sector-led economic development on the continent.
The funding, unveiled by TEF Founder and Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), Tony Elumelu, marks a strategic investment in Africa’s entrepreneurial ecosystem at a time when access to capital remains a key constraint to business expansion.
Each selected entrepreneur will receive a $5,000 non-dilutive grant—neither debt nor equity—to accelerate business growth, signalling a strong commitment to fostering sustainable wealth creation.
Elumelu emphasized that Africa’s long-term economic transformation hinges not on foreign aid but on strategic capital deployment into its youth-led enterprises.
He reiterated that TEF’s mission is to remove barriers to funding, mentorship, and business training, ensuring that emerging businesses have the structural support needed to scale.
“Our vision, since inception, has been to create an Africa driven by entrepreneurship, innovation, and self-sufficiency. Capital alone does not build successful businesses—capacity building, access to networks, and a thriving entrepreneurial ecosystem are equally critical,” Elumelu said during the launch of the 2025 cohort in Abuja.
He underscored that the continent’s growth potential remains untapped and that backing high-impact entrepreneurs is the most effective way to stimulate job creation and economic expansion.
Since launching in 2015, the TEF Entrepreneurship Programme has allocated over $100 million in direct funding to more than 21,000 entrepreneurs, catalyzing 1.5 million enterprises and generating $4.5 billion in revenue.
The foundation originally set a target of empowering 10,000 entrepreneurs over a decade but has significantly surpassed this milestone, reflecting the growing demand for early-stage funding across Africa’s private sector.
TEF CEO Somachi Chris-Asoluka noted that the 2025 application window saw over 200,000 submissions, underscoring the urgent need for access to capital among Africa’s entrepreneurs.
She assured that the foundation has implemented rigorous monitoring and evaluation mechanisms to track business performance post-funding, ensuring recipients deploy capital effectively and scale in line with their business plans.
With this latest capital disbursement, TEF is strengthening its position as one of Africa’s most influential impact investors, leveraging philanthropy to stimulate high-growth sectors and unlock the continent’s entrepreneurial potential at scale.
