Entrepreneurs supported by the Tony Elumelu Foundation (TEF) have so far generated about $4.2 billion in revenue, created more than 1.5 million jobs, and helped lift over 2.1 million Africans out of poverty, the Chief Executive Officer of the Foundation, Somachi Chris-Asoluka, has said.
Speaking at a pre-event media engagement on Saturday ahead of the Foundation’s annual entrepreneurship programme announcement, she said the impact of the initiative continues to grow across the continent, with over 24,000 entrepreneurs funded, more than $100 million disbursed, and over 2.5 million young Africans trained through its digital platform.
According to her, the entrepreneurs supported by the Foundation have also gone on to impact more than 4 million households, while nearly 46 per cent of beneficiaries are women, reflecting a steady push toward gender inclusion in Africa’s business space.
Chris-Asoluka told journalists that the figures expected to be released at the main event would show even stronger progress, especially in gender participation. She said, “The numbers you’re going to see tomorrow and the breakdown of those numbers are incredibly exciting. In particular, the gender breakdown is something that we’ve only experienced once before, and we haven’t since then in our 12 years. But on Sunday, you’re going to see a gender breakdown that’s extremely exciting.”
She added that for the first time, entrepreneurs selected this year cut across all 54 African countries, a development she described as a major milestone for the programme. “This year, we have entrepreneurs selected from across the entire 54 African countries. That is something exciting, and that’s something you should look forward to,” she said.
Looking ahead, the CEO disclosed that in 2026, the Foundation will disburse over $16 million to support 3,200 young African entrepreneurs. She explained that the funding will cover training, mentoring, coaching and seed capital, and will be implemented in four separate cohorts.
Meanwhile, President Bola Ahmed Tinubu has congratulated renowned economist, banker and philanthropist, Tony Onyemaechi Elumelu, on the occasion of his birthday, describing him as a leading light in African enterprise and development.
In a statement issued on Saturday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President praised Elumelu’s enduring contributions to Nigeria’s economic growth and his influence across the African continent.
Elumelu, who chairs Heirs Holdings, United Bank for Africa (UBA), and Transcorp, was described by the President as “an African business icon” whose career exemplifies resilience, excellence and a deep commitment to the advancement of indigenous enterprise.
Tinubu particularly commended the business leader’s promotion of Africapitalism, an economic philosophy that emphasises long-term investments in key sectors to drive prosperity and social wealth across Africa.
“Mr Elumelu stands out as a firm believer in the potential of African enterprises and has consistently demonstrated this through his investments and initiatives,” the statement noted.
The President also highlighted Elumelu’s passion for youth empowerment, singling out the Tony Elumelu Foundation for its far-reaching impact in nurturing the next generation of African entrepreneurs.
According to the Presidency, the foundation’s entrepreneurship programme has trained about 2.5 million young Africans across 54 countries, while providing non-refundable seed capital of $5,000 each to more than 24,000 entrepreneurs.
Tinubu said the initiative has not only unlocked opportunities for thousands of young people but has also contributed significantly to job creation and economic inclusion across the continent.
“As an avid believer in investing in the youth, Mr Elumelu has continued to open doors for aspiring entrepreneurs, equipping them with the tools and resources needed to succeed,” the President stated.
He added that Elumelu’s philanthropic efforts and business acumen have positioned him as a role model for emerging leaders in Africa’s private sector.
Joining family, friends and associates in celebrating the businessman, President Tinubu prayed for his continued good health, strength and greater accomplishments in the years ahead.
Credit: thenationonlineng.net
