Why We Founded TEF, Committed $100m To Empowering African Entrepreneurs – Awele Elumelu
Awele Vivian Elumelu has just made an interesting disclosure about Tony Elumelu Foundation, the initiative which was co-founded by her leading businessman husband, Tony Elumelu, with a commitment of $100 million to uplift African etreprenuers.
Mrs. Elumelu, a medical doctor and the founder of Avon Medical and Avon HMO. revealed that the need by her husband and herself to touch the lives of young Africans birthed the philanthropic initiative that has gone ahead to empower over 24,000 young entrepreneurs across the continent.
She made the comment in her remarks, themed “INVESTING IN NIGERIA: THE CHALLENGES AND THE OPPORTUNITIES – THE ENTREPRENEUR’S PERSPECTIVE” at the LCCI International Business Conference and Expo 2025 .
The event was held on Tuesday, August 26, 2025, at Eko Hotel & Suites, Victoria Island, Lagos.
Addressing a gathering of boardroom executives, policymakers, and global partners, the leading voice in African healthcare sector and beyond described the young population of the continent as its major strength.
She said: “Our young people are dynamic, ambitious, and entrepreneurial. If we give them the right tools — skills, access to capital, and an enabling environment — they will unleash one of the most vibrant workforces in the world.”
“That is why my husband and I founded the Tony Elumelu Foundation in 2010, committing $100 million to empower African entrepreneurs” disclosed, Mr Elumelu, who added that “Today, over 24,000 young entrepreneurs have received seed capital. Collectively, they have created over 1.5 million jobs and generated over $4.2 billion in revenue, pulling over 2 million Africans out of poverty.”
She went further, labelling the positive outcome of philanthropic efforts as “power of the private sector — transforming lives, one entrepreneur at a time.”
