Tony Elumelu Foundation grants $15m to 3,000 African entrepreneurs

The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.

TEF Founder Tony Elumelu made this known during the unveiling of the 2025 cohort of the foundation’s entrepreneurship programme in Abuja on Saturday, March 22, 2025.

Elumelu stated that each beneficiary would receive a $5,000 seed grant to commence their businesses.

Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.

Elumelu said the foundation aims to democratise opportunity across the continent, fostering economic growth, and providing young Africans with access to funding and mentorship.

He said: “We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.

“We understand the challenges they face in contributing to Africa’s economic transformation.

“If empowered and encouraged, these young Africans can drive meaningful change.”

Elumelu noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

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.

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Elumelu added: “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.”

The Chief Executive Officer of TEF, Somachi Chris-Asoluka, noted that since the programme’s launch in 2015, the foundation had disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

Chris-Asoluka said: “These businesses have collectivel created 1.5 million enterprises, and generated $4.5 billion in revenue.

“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.”

She further assured that the foundation has a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhere to their approved business plans.

The Star