Business
Tony Elumelu Foundation Announces 2025 Entrepreneurs March 22
By Benjamin Abioye
The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy focused on empowering entrepreneurs, is set to unveil the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.
This announcement comes at a crucial time, as Africa’s entrepreneurial ecosystem grapples with funding shortages and economic challenges. TEF remains committed to providing African entrepreneurs with the resources needed to transform their ideas into thriving businesses that contribute to economic growth.
Each selected entrepreneur will receive $5,000 in non-refundable seed capital, business training through TEFConnect, one-on-one mentorship, and access to a global network of investors and business opportunities. The selection process is independently managed by Ernst & Young to ensure transparency and fairness.
Beyond financial support, TEF has been a catalyst for change across Africa, creating jobs and lifting communities out of poverty. Over the past decade, the Foundation has provided direct funding to thousands of African entrepreneurs, who have collectively created 1.5 million jobs and generated over $4.2 billion in revenue.
Ahead of the announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reaffirmed his belief in Africa’s entrepreneurs as the key to the continent’s transformation:
“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.”
“Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.”
“No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”
Since its inception in 2015, the TEF Entrepreneurship Programme has played a pivotal role in Africa’s economic development. The Foundation has:
– Lifted over 2 million Africans out of poverty
– Trained 2.5 million young entrepreneurs through TEFConnect
– Disbursed over $100 million in direct funding
– Created over 1.5 million direct and indirect jobs
– Helped entrepreneurs generate more than $4.2 billion in revenue
TEF’s impact is best illustrated through the success stories of its entrepreneurs:
“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”
– Fatima Diallo, Senegal, Agritech Entrepreneur
“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”
– Mary Okeke, Nigeria, Fintech Founder
“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”
– David Mwangi, Tanzania, Clean Energy Entrepreneur
With the 2025 cohort announcement just days away, TEF continues to champion entrepreneurship as a sustainable solution to Africa’s economic challenges. By equipping entrepreneurs with capital, mentorship, and business training, the Foundation is paving the way for a more prosperous Africa.
For more details on the Tony Elumelu Foundation’s impact, visit the ‘Impact Page’, ‘African Success Stories Page’, and ‘Annual Report Page’.
For media inquiries, contact: media@tonyelumelufoundation.org.
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