TEF Smashes Goal, Nearly Triples Ambition Of Empowering 10,000 African Entrepreneurs
Tony Elumelu, the renowned African philanthropist and founder of the Tony Elumelu Foundation, announced on Sunday, March 22, 2026, that the initiative he and his wife, Awele Elumelu, started in 2010 has surpassed its original goal of empowering 10,000 young African entrepreneurs.
Speaking at the unveiling of the 12th cohort at the Transcorp Hilton Hotel, Abuja, Elumelu—who chairs Heirs Holdings and United Bank for Africa—revealed that the initiative has now reached over 27,000 beneficiaries.
The latest selection includes 3,200 young entrepreneurs from all 54 African countries, each set to receive training, mentorship, and $5,000 in non-refundable seed capital.
“Our initial goal was to fund 10,000 entrepreneurs. Sixteen years later, I am humbled that we have nearly tripled that ambition,” Elumelu stated, citing his Africapitalism philosophy as the driving force behind the foundation’s over $100 million disbursement.
The impact of the foundation’s work to date includes:
1.5 million jobs created across Africa.
$4.2 billion in revenue generated by TEF entrepreneurs.
2.1 million Africans lifted out of poverty.
4 million households positively impacted.
With the addition of the 2026 cohort, Mr Elumelu’s impactful initiative continues to cement its legacy as the leading champion of entrepreneurship in Africa.
