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

TEF Founder, Mr Tony Elumelu, disclosed this in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He stated that each beneficiary would receive a $5,000 seed grant to kick-start their business ventures.

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.

According to him, the foundation aims to democratise opportunities across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

“We had a vision that began 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,” he said.

Elumelu emphasised that capital alone is insufficient, stressing the importance of business education, mentorship, and training in building successful entrepreneurs.

The Entrepreneurship Programme, which commenced in 2015, originally aimed to economically empower 10,000 young Africans over a 10-year period, each receiving $5,000 in seed capital.

“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,” Elumelu added.

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

According to Chris-Asoluka, these businesses have collectively 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 explained.

Chris-Asoluka added 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.