Elumelu celebrates birthday with $16m boost for 3,200 African entrepreneurs

Chairman of Heirs Holdings and United Bank for Africa, and founder of the Tony Elumelu Foundation, Tony O. Elumelu has announced 3,200 beneficiaries for the 2026 TEF Entrepreneurship Programme as part of efforts to deepen support for young African entrepreneurs.

The announcement was made in Abuja and coincided with his annual reflection on impact, purpose, and the role of entrepreneurship in transforming Africa’s economic landscape.

In his yearly message, Elumelu reiterated his belief that opportunity and prosperity can be deliberately created and scaled, stating, “Hope is not just a feeling, it is a system we can build.” The statement reflects his philosophy of Africapitalism, which promotes the private sector as a driver of Africa’s development.

The 2026 cohort, drawn from all 54 African countries, will each receive $5,000 in non-refundable seed funding, along with access to mentorship, business training, and the Foundation’s digital platform, TEFConnect.

Elumelu highlighted the growing impact of the programme, noting that the Foundation has disbursed over $100 million to more than 24,000 entrepreneurs since its inception. He added that about 80 per cent of supported businesses have scaled beyond the early stage, surpassing global averages.

According to him, TEF-backed businesses have collectively generated over $4.2 billion in revenue, created 1.5 million jobs, and lifted more than 2.1 million Africans out of poverty, impacting over four million households across the continent.

Women make up 51 per cent of this year’s beneficiaries, a development Elumelu said reflects merit-based selection and the growing leadership of African women in business.

“When opportunity is accessible, African women do not simply participate, they lead,” he said.

Reflecting on the Foundation’s journey since its launch in 2010, Elumelu reaffirmed its mission to democratise opportunity by investing in Africa’s most valuable resource—its people. He also expressed appreciation to partners and stakeholders supporting the initiative.

The Tony Elumelu Foundation continues to play a leading role in empowering young African entrepreneurs through funding, mentorship, and access to networks, with the aim of fostering inclusive growth and reshaping Africa’s development narrative toward investment and partnership.