Tony Elumelu Foundation annouces funding to 3000 entrepreneurs
The Tony Elumelu Foundation (TEF), has announced its 2025 Entrepreneurship Programme cohort, selecting 3,000 entrepreneurs from all 54 African nations. This initiative aims to combat poverty, generate employment, and promote inclusive economic empowerment across the continent.
Since its inception in 2015, the TEF has empowered over 24,000 African entrepreneurs. This has resulted in the creation of 1.5 million jobs and generated $4.2 billion in revenue, lifting over 2 million Africans out of poverty. The foundation’s philosophy, “Africapitalism,” championed by Tony Elumelu, champions the belief that African entrepreneurs are pivotal in driving the continent’s economic transformation.
“Today is the day we dedicate each year to democratise luck, spread hope, and create economic opportunities for young Africans across the continent,” said Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings. He emphasised the foundation’s journey
“In 2015, our goal was to empower 10,000 entrepreneurs. Today, in 2025, we have reached 24,000. But we remain deeply aware of the millions we have yet to reach,” he said.
In a climate where African entrepreneurship faces funding constraints and economic challenges, the TEF provides crucial support, enabling entrepreneurs to transform their ideas into sustainable businesses. The 2025 cohort reflects a diverse range of sectors, including Agribusiness (34%), Creative industry (11%), and the Green economy (11%), with 40% of the selected entrepreneurs being women. The foundation received over 200,241 applications, out of which 3000 were selected.
Rigorous Selection and Comprehensive Support
Applications, submitted through TEFConnect, the foundation’s digital platform, underwent a rigorous selection process conducted by Ernst & Young. Applicants were assessed on their financial understanding, entrepreneurial mindset, and the feasibility and scalability of their business ideas.
Each selected entrepreneur will receive ,000 in non-refundable seed capital, world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities.
To amplify its impact, TEF has forged strategic global partnerships with organizations like Google.org, the U.A.E. Office of Development Affairs, Khalifa Bin Zayed Al Nahyan Foundation, and Deutsche Investitions und Entwicklungsgesellschaft (DEG).
Roland Siller, CEO of DEG, expressed his organisation’s commitment.
“We at DEG are very proud that we have supported a number of these entrepreneurs in the past programmes and we will continue to do so. We will finance 400 entrepreneurs, with access to business management and access to trainings in green entrepreneurship in the upcoming phase,” he said.
H.E. Mohamed Haji AlKhoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation also had a commitment to make.
“At the Khalifa Bin Zayed Al Nahyan Foundation we are committed to fostering innovation, economic growth and sustainable development that is why this collaboration is a milestone and the Tony Elumelu Foundation has an outstanding legacy for the African youth,” he said.
Testimonials from TEF alumni and mentors also highlighted the programme’s transformative impact. Tabitha Arenson Abimiku, a 2018 TEF alumni and founder of Virtuous Pads, shared the impact the award has had on their organisation.
“From the seed funding, we raised an additional ,000. We have been able to distribute more than a million reusable and washable pads across Africa”
Ayodele Ognin, a 2019 TEF alumni and founder of Wurami Consulting, acknowledged the foundation’s role in empowering her to impact the lives of over 30,000 women.
Mohamed Dhaoufi, a 2017 TEF alumni and founder of Cure Bionics, however, focused on the impact of the training.
“The classes, the training and the visibility have been really empowering for me and I am really grateful for that.”
Dusten Fransman, Societal Impact Lead Deloitte Africa & TEF Mentor, reflected on the milestones.
“The journey of transforming Africa, starts with a single life. We talked about 21,000 entrepreneurs to 1.5 million jobs since 2015 and to be part of something like that is phenomenal.”
Tony Elumelu further reiterated his call for a shift from aid to investment in Africa.
“In the 21st century, what Africa needs is not charity, it is investment. Investment in infrastructure, in businesses, and most importantly, in our young people, because the future of Africa lies in their hands,” he said.
Dr. Awele Elumelu, OFR, TEF Co-Founder, encouraged both selected and unselected applicants
“Keep your entrepreneurial dreams alive. Your journey does not end here, and we wish you the very best as you continue to pursue your vision.”
The Tony Elumelu Foundation continues to drive its mission of empowering a new generation of African entrepreneurs, fostering job creation, and ensuring inclusive economic empowerment across the continent.
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