The Tony Elumelu Foundation (TEF) has unveiled and awarded a $16 million grant to support 3,200 young entrepreneurs across 54 African countries.
TEF Founder, Tony Elumelu, who also commended the current enabling business environment in Nigeria, unveiled the final list of beneficiaries during the unveiling of the 2026 cohort of the foundation’s Entrepreneurship Programme in Abuja on Sunday, attended by Nairametrics.
Each beneficiary will receive a $5,000 non-refundable seed grant to translate their ideas into execution.
What they are saying
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), congratulated the 3,200 beneficiaries, urging them to note that “to whom much is given, much is expected.”
According to him, spreading prosperity remains the core mandate of the foundation and its partners.
- “I believe that the future of our continent is in your hands. Poverty anywhere is a threat to all of us everywhere,” he said.
He maintained that spreading prosperity remains the collective job of relevant stakeholders and authorities in Africa, adding that it will amount to the “greatest betrayal of the youths of Africa” if jobs are not created.
- Elumelu also seized the moment to appreciate and commend President Bola Ahmed Tinubu “for creating the enabling environment” for entrepreneurs.
- According to him, the President remains passionate about Small and Medium Enterprises (SMEs).
Earlier, highlights of the selection process were disclosed to the audience at the event.
At Stage One, bordering on eligibility and screening, 265,529 applications were received, while 112,202 were shortlisted.
The other selection stages were Basic Business Assessment (Stage Two), Expert Review (Stage Three), Due Diligence and Quality Assurance (Stage Four), and Final Selection (Stage Five).
Speaking earlier at the event, CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, said the programme is aimed at celebrating the African entrepreneurial spirit, as embodied in the vision of TEF founder, Tony Elumelu.
- She added that while entrepreneurship remains a lonely but visionary journey, high-profile mentors who are partners of TEF will guide beneficiaries along their entrepreneurial paths.
Highlighting the spread of the grant, she said that in 2026, the Foundation will empower a total of 3,200 entrepreneurs across all its entrepreneurship programmes:
- 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
- 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ, and GIZ;
- 100 entrepreneurs in partnership with Sèmè City Development Agency;
- 100 entrepreneurs in partnership with DEG, the German Development Agency;
- 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited, and the Dutch Government;
- 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.
Representatives from the European Union and UNICEF acknowledged the impact of TEF and committed their respective institutions to the development of African entrepreneurs and the discouragement of foreign aid reliance by Africa.
What you should know
Elumelu has consistently advocated a private sector–driven approach to Africa’s development through his economic philosophy known as “Africapitalism.”
- The concept emphasises the role of long-term investments by the private sector in driving social and economic transformation across the continent.
- Africapitalism, as propounded by Elumelu, promotes capitalism that prioritises social impact alongside profit generation.
- Elumelu argues that Africa’s young population can become a major driver of economic transformation if given access to finance and opportunities.
- He has warned that persistent youth unemployment remains one of the biggest threats to Africa’s development prospects.
Elumelu also referenced Emmanuel Macron’s visit to Nigeria in 2018, when the French leader addressed more than 2,000 African entrepreneurs.
He noted that such engagements demonstrate the importance of global partnerships in expanding opportunities for Africa’s next generation of innovators.
