From Adanna Nnamani, Abuja
The Tony Elumelu Foundation (TEF) has unveiled an additional 3,000 young African entrepreneurs as recipients of its 2025 Entrepreneurship Program, with a total grant of $15 million. The announcement was made by Tony Elumelu, the founder of TEF, in Abuja over the weekend.
Elumelu said that the foundation is committed to fostering economic growth and reducing poverty through entrepreneurship.
According to him, the event, which also coincided with his birthday, did note only mark a personal milestone but a day dedicated to “democratizing love across Africa” through TEF’s work.
Reflecting on the foundation’s journey, Elumelu disclosed that since its inception in 2015, TEF has surpassed its initial goal of supporting 10,000 entrepreneurs over 10 years, empowering 21,000 entrepreneurs across 54 African countries. He noted that the foundation has disbursed over $100 million in seed capital and has helped lift at least 2 million people out of poverty.
Elumelu further called on governments, businesses, and global investors to support African entrepreneurship rather than relying on foreign aid.
“When we look back, we are humbled by the progress that has been made, by the achievements that have been made, by the impact that has been created, not just in one country, not just in one family, but across all 54 African countries.
“To us, we are excited that we have been able, working with our partners, to lift at least 2 million people directly out of poverty. Because at the Tony Elumelu Foundation, we share common beliefs. One, is that poverty anywhere is a threat to all of us everywhere
“And two, is that no one but us will develop Africa.
We are keenly and aptly aware of the millions that we have been unable to touch yet. Which is why, in my advocacy, I keep mobilizing, encouraging the world, that in the 21st century, what Africa needs is not aid but investment,” he stated.
Also speaking, CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, revealed that the 2025 cohort was selected from a competitive pool of over 200,000 applications.
Each entrepreneur, according to her, will receive a $5,000 non-refundable grant, alongside training and mentorship to support their business growth.
To ensure the effectiveness of its funding, Chris-Asoluka explained that the Foundation has implemented a strict monitoring and evaluation system.
She noted that entrepreneurs are tracked at six-month, one-year, and two-year intervals, with field visits, financial audits, and impact assessments conducted to measure business growth, job creation, and financial sustainability.
The CEO said TEF selects entrepreneurs based on five key criteria, ensuring they have the potential to drive economic growth and social impact.
She said the criteria include; feasibility, scalability, market research, financial literacy, and leadership potential, adding that unlike traditional banks and venture capital firms that often overlook startups, TEF prioritizes early-stage businesses (under five years old), recognizing their challenges in accessing funding.
“We will continue to fund young African entrepreneurs at the Tony Elumelu Foundation, and we will continue to inspire like-minded partners in African regions to work with us on this journey, as we fund even more African entrepreneurs,” she stated.