Business
TEFConnect funds 21,000 businesses, lifts over two million out of poverty
…as Elumelu urges other philanthropists to empower African entrepreneurs
Nigerian entrepreneur and philanthropist Tony O. Elumelu has called for the “democratization of luck” to unlock the potential of young African entrepreneurs.
Speaking at the Legacy Builders Palm Beach Conference, Elumelu, chairman of Heirs Holdings, shared his remarkable journey and the mission that defines his life: empowering the next generation of African business leaders.
“I am where I am today because I was fortunate to be in the right place at the right time,” Elumelu stated. “But luck and opportunity should not be reserved for a select few.”
As the founder of the Tony Elumelu Foundation (TEF), Elumelu has committed $100 million to supporting African entrepreneurs. Since 2015, TEF has trained 2.5 million Africans through its TEFConnect platform, funded 21,000 businesses, and lifted over 2 million people out of poverty.
These efforts have generated $4.2 billion in revenue and created 1.5 million jobs across Africa. According to Elumelu, his story is one of resilience. Born without privilege, he worked his way up in banking, eventually leading the largest bank merger in sub-Saharan Africa. Today, his businesses span various sectors including banking, oil, power, real estate, healthcare, and technology. His UBA Group operates in 20 African countries and has a presence in the U.S., U.K., France, and the UAE. His energy company, Transcorp Power, is one of Nigeria’s largest electricity providers, addressing the continent’s critical power deficit.
“Africa will not rise by chance—it will rise because of deliberate action,” he declared. He emphasized that African youth are among the world’s most entrepreneurial, and empowering them is key to transforming the continent.
While TEF receives over 300,000 applications annually, Elumelu acknowledged that no single entity can tackle this challenge alone. This realization has led to strategic collaborations with the European Union, the United Nations, the Red Cross, and the IKEA Foundation to amplify impact.
Reflecting on his childhood, Elumelu recalled how his mother, a restaurant owner, taught him the fundamentals of business through resilience and hard work. “I saw firsthand how access to capital and mentorship could mean the difference between a thriving business and one that never gets off the ground.”
For him, democratizing luck goes beyond financial support; it encompasses knowledge-sharing, mentorship, and building networks that uplift others. He urged successful individuals to become mentors, investors, and champions for aspiring entrepreneurs.
“We must create a continent where young entrepreneurs are not paralyzed by systemic barriers but propelled forward by opportunity,” he said. “Join us as we democratize luck, and we will create a future where every African can dream—and achieve.”
