Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony O. Elumelu has announced 3,200 beneficiaries for the 2026 cohort of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme, reinforcing his commitment to supporting young entrepreneurs across Africa.
The announcement, made in Abuja, coincided with his annual reflection on impact and the role of entrepreneurship in driving growth across the continent.
In a letter released to mark the occasion, Elumelu said opportunity and prosperity could be deliberately created and expanded through structured support systems. “Hope is not just a feeling, it is a system we can build,” he said, reiterating his advocacy for Africapitalism — a philosophy that positions the private sector as the engine of Africa’s economic and social development.
The selected entrepreneurs, drawn from all 54 African countries, will each receive $5,000 in non-refundable seed funding. They will also benefit from mentorship, business training, and access to the Foundation’s digital platform, TEFConnect.
Elumelu noted that since its inception, the Foundation has disbursed more than $100 million to over 24,000 entrepreneurs across the continent. He added that about 80 per cent of supported businesses have progressed beyond the early stage, a figure he said exceeds global averages.
According to the Foundation, businesses backed under the programme have collectively generated over $4.2 billion in revenue, created about 1.5 million jobs and lifted more than 2.1 million people out of poverty, with impact extending to over four million households.
Women make up 51 per cent of this year’s cohort, a development Elumelu described as a reflection of merit-based selection and the growing influence of female entrepreneurs across Africa. He noted that increased access to opportunity continues to drive stronger participation and leadership among women.
Reflecting on the Foundation’s journey since its launch in 2010, Elumelu restated its goal of expanding access to opportunity by investing in African entrepreneurs. He also acknowledged the contributions of partners and stakeholders supporting the initiative.
The Tony Elumelu Foundation runs one of the continent’s largest entrepreneurship support programmes, providing training, funding, mentorship, and networking opportunities aimed at promoting inclusive economic growth.
