Tony Elumelu Foundation Unveils 3,200 Entrepreneurs for 2026 Empowerment Programme
The Tony Elumelu Foundation (TEF) has officially announced the selection of 3,200 young entrepreneurs from across Africa for its 2026 Entrepreneurship Programme. This significant move underscores the foundation's unwavering commitment to empowering the next generation of business leaders and fostering inclusive economic growth throughout the continent.
Democratizing Prosperity Across Africa
Speaking at the unveiling ceremony, the foundation's founder, Mr. Tony Elumelu, described the initiative as a deliberate effort to "democratize luck and prosperity." He emphasized that entrepreneurship represents Africa's most viable pathway to sustainable development and long-term prosperity.
"What we do is not because we have so much, but because we see it as enlightened self-interest," Elumelu stated. "Poverty is a threat to all of us. The more prosperity we spread, the better for everyone."
He further urged young African entrepreneurs to take ownership of the continent's future, asserting that "no one but us will develop Africa." Elumelu also commended President Bola Ahmed Tinubu for fostering an enabling economic environment and demonstrating strong commitment to small and medium-scale enterprises (SMEs).
Staggered Funding for Selected Entrepreneurs
From the overwhelming pool of over 265,000 applications received, the selected entrepreneurs will receive funding through four distinct cohorts:
- 1,951 beneficiaries in March
- 100 beneficiaries in May
- 100 beneficiaries in August
- 1,049 beneficiaries in November
Co-Founder Awele Elumelu expressed excitement about the new cohort while highlighting the need for broader collaboration. "We received over 265,000 applications, but only 3,200 could be selected," she noted. "We call on partners to join us in supporting these entrepreneurs because the future of Africa is in their hands."
More Than Just a Selection Process
Chief Executive Officer Somachi Chris-Asoluka described the announcement as transcending a mere selection process. "Today is not just an announcement; it is an affirmation of over 265,000 visions for a better future," she stated. "We are celebrating the African entrepreneurial spirit, resilience, hard work and immense talent."
She revealed that since the programme's inception in 2015, TEF has disbursed over $100 million to more than 24,000 entrepreneurs, creating 1.5 million jobs and generating $4.2 billion in revenue across Africa.
International Recognition and Partnership
Representatives from international organizations and corporate partners commended TEF's long-term commitment to entrepreneurship development. Massimo De Luca, Head of Cooperation at the European Union Delegation to Nigeria, emphasized that empowering young entrepreneurs, particularly women, remains one of the most transformative investments possible.
Similarly, UNICEF's Deputy Director, Nadi Aldino, described the initiative as a "live wire" that will continue to shape Africa's economic future. Other partners, including Dr. Owen Omogiafo OON of Transcorp Plc, Osa Igiehon of Heirs Energies, and Peter Ashade of United Capital, highlighted the crucial role of private sector collaboration in scaling impact across key economic sectors.
Compelling Testimonies of Growth and Impact
Programme alumni shared powerful testimonies demonstrating the initiative's tangible impact. Nigerian beneficiary Aisha Samira Abdullahi revealed her business recorded 200% growth and now generates $40,000 annually while creating jobs and training young women in fashion.
South African entrepreneur Kemiso Motholo reported that the programme enabled his company to impact over 20,000 people and attract additional funding. From Kenya, Aisha Langat disclosed her agribusiness now generates over $500,000 in revenue and supports 12,000 smallholder farmers.
Other beneficiaries, including Sabrina Berrehal and Harouna Diop, highlighted significant improvements in sustainability, job creation, and climate-resilient agriculture within their communities.
A Critical Role in Africa's Development
Since its launch, the TEF Entrepreneurship Programme has evolved into one of Africa's leading philanthropic initiatives, focusing on empowering entrepreneurs across all 54 African countries. Stakeholders at the event unanimously agreed that the programme continues to play a critical role in addressing unemployment, reducing poverty, and fostering innovation across the continent.
As the 2026 cohort embarks on their entrepreneurial journey, Tony Elumelu reiterated his call to action: "Your success will make the difference. The future of Africa is in your hands."
