Joseph Inokotong, Author at Sporting Tribune

The Tony Elumelu Foundation (TEF) has unveiled a $15 million grant to support 3,000 budding entrepreneurs across 52 African countries. The TEF Founder, Mr. Tony Elumelu, made the announcement over the weekend in Abuja during the unveiling of the 3,000 young entrepreneurs who will join the 11th cohort of the Tony Elumelu Foundation Entrepreneurship Programme. He said the gesture, which aims at empowering Africa entrepreneurs would see each beneficiary receive a $5,000 non-refundable seed grant to launch or scale their businesses. Mr. Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), restated TEF's commitment to empowering African entrepreneurs and driving economic transformation across the continent. He stressed the foundation’s mission to democratize opportunities, foster economic growth, and provide young Africans with access to funding, mentorship, and training. Mr. Elumelu said, “Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs. “We recognize the challenges they face in contributing to Africa’s economic transformation. However if empowered and encouraged, these young Africans can drive meaningful change". He also highlighted that capital alone is insufficient, and stressed the importance of business education, mentorship, and training in building successful entrepreneurs. Mr. Elumelu noted that the foundation, now marking its 15th anniversary, has made significant strides across all 54 African countries, and added, “In the 21st century, Africa does not need aid; what it needs is investment in its youth". He said that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs. He noted that the entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital. Mr. Elumelu said, “This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries. In the 21st century, Africa does not need aid; what it needs is investment in its youth". Somachi Chris-Asoluka, the TEF Chief Executive Officer said since the launch of the programme in 2015, the Foundation had disbursed over $100 million to more than 21,000 young entrepreneurs across Africa. The TEF Chief Executive Officer pointed out that these businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue. She said, “Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent. 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 receive a $5,000 non-refundable seed grant; this is neither a loan nor equity". Furthermore, she assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans. READ MORE FROM: NIGERIAN TRIBUNE