The Tony Elumelu Foundation (TEF) has unveiled a $15 million grant to support 3,000 emerging entrepreneurs across 52 African countries, reinforcing its commitment to economic empowerment and sustainable growth in Africa.
$5,000 Seed Grant for Each Entrepreneur
Speaking at the unveiling of the 2025 cohort of the TEF Entrepreneurship Programme in Abuja on Sunday, TEF Founder, Tony Elumelu, announced that each selected entrepreneur would receive a $5,000 seed grant to kick-start their business ventures.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), emphasized his mission to empower African entrepreneurs and transform the continent’s economic landscape.
Democratising Opportunity & Driving Economic Growth
The TEF initiative, launched in 2010, seeks to democratize access to opportunities, funding, and mentorship for young African entrepreneurs, enabling them to drive job creation and economic transformation.
🔹 “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,” Elumelu stated.
🔹 “We understand the challenges they face in contributing to Africa’s economic transformation. If empowered and encouraged, these young Africans can drive meaningful change.”
Beyond Capital: Business Education & Mentorship
While financial support is crucial, Elumelu stressed that capital alone is not enough. He highlighted the significance of business education, mentorship, and training in building successful entrepreneurs.
The TEF Entrepreneurship Programme provides:
✅ Access to mentorship from global business leaders
✅ Business training & skill development
✅ Seed funding to scale innovative ideas
Impact of the Tony Elumelu Foundation
Since its inception, the TEF has:
🔹 Empowered over 18,000 entrepreneurs across Africa
🔹 Disbursed millions in seed capital
🔹 Catalyzed thousands of jobs and innovative businesses
With this latest funding initiative, the Tony Elumelu Foundation continues to shape Africa’s entrepreneurial ecosystem, creating opportunities that drive sustainable economic growth across the continent.
