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The Tony Elumelu Foundation (TEF) has announced it will unveil the 12th cohort of its flagship Entrepreneurship Programme on March 22, 2026, following a record 265,000 applications from all 54 African countries.
The foundation said the volume of entries highlights the growing vibrancy of Africa’s entrepreneurial ecosystem, as well as the urgent need for early-stage funding across the continent.
Key sectors attracting the highest number of applications include agriculture, artificial intelligence, healthcare and the green economy.
TEF disclosed that a total of 3,200 entrepreneurs will be supported in 2026 through its various programmes, backed by a planned disbursement of $16 million in funding.
According to the foundation, 1,751 entrepreneurs will be funded through the Heirs Holdings Group, including Heirs Energies, Transcorp Power, Transcorp Hotels and United Capital. Another 1,049 beneficiaries will be supported in partnership with the European Commission, OACPS, BMZ and GIZ.
Additional partnerships will see 100 entrepreneurs each supported by Sèmè City Development Agency; DEG, the German development agency; the IKEA Foundation alongside UNICEF’s Generation Unlimited and the Dutch Government; as well as the United Nations Development Programme (UNDP) in collaboration with Rwanda’s Ministry of Youth and Arts.
The new cohort will join TEF’s growing alumni network of more than 24,000 entrepreneurs across Africa.
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The selection process is independently conducted by Ernst & Young, ensuring transparency and rigorous assessment of applicants.
Each successful entrepreneur will receive $5,000 in non-refundable seed capital, access to business management training on TEFConnect, one-on-one mentorship, and opportunities to connect with investors and global partners.
Since its inception, TEF said it has provided business training to over 2.5 million young Africans through its digital platform, while disbursing more than $100 million in seed capital to entrepreneurs.
Beneficiaries have collectively generated $4.2 billion in revenue and created over 1.5 million jobs, both direct and indirect. The foundation added that its interventions have lifted 2.1 million Africans out of poverty and impacted more than 4 million households, with women accounting for 46 per cent of supported entrepreneurs.
Founder of TEF, Tony O. Elumelu, reaffirmed his commitment to empowering African entrepreneurs ahead of the announcement.
The future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent. At the Tony Elumelu Foundation, we believe that empowering entrepreneurs is the most sustainable path to Africa’s economic transformation,” he said.
Elumelu added that he looks forward to unveiling the 2026 cohort and witnessing the impact the entrepreneurs will make across the continent.
