Tony Elumelu Foundation empowers 1104 Entrepreneurs with $5000 each in 2024

The Tony Elumelu Foundation has provided $100 million in non-refundable seed capital to empower 20,000 African entrepreneurs over the past decade. This announcement coincided with the celebration of Tony Elumelu’s birthday, emphasizing the Foundation’s commitment to fostering entrepreneurship in Africa.

At a ceremony in Lagos, Tony Elumelu, the Foundation’s founder and chairman, highlighted the importance of this milestone. The latest initiative of the Foundation involves selecting 1,104 entrepreneurs from 54 African countries to receive $5,000 each in seed capital. This diverse group represents various industries, reflecting the Foundation’s dedication to supporting entrepreneurship across the continent.

Elumelu emphasized the Foundation’s mission to spread prosperity by identifying and encouraging young entrepreneurs to start their businesses. Through mentorship, capacity-building programs, and networking opportunities, the Foundation equips entrepreneurs with the necessary tools for success in today’s competitive business environment.

‘’These 1104 young men and women from 54 African countries will each receive a non-refundable $5000 seed capital. We believe in spreading luck, We believe in democratizing luck. We believe in spreading prosperity and we think the easiest way to spread prosperity in Africa is by identifying the young ones encouraging them and helping them to start their businesses. This is why we have done this. Awele and I started this journey over 10 years ago. We sought to democratize luck and, improve lives. We are happy with the results we are seeing today’’, said Elumelu

Acknowledging the progress made over the past decade, Elumelu expressed gratitude for the partnerships forged and the impact achieved. The Foundation’s support has resulted in the creation of over 400,000 jobs and $1.2 billion in revenue generated by program beneficiaries.

Looking ahead, Elumelu stressed the importance of collaboration in driving sustainable development in Africa. He called for collective action to develop the continent in a manner that is truly sustainable for the 21st century.

Awele Elumelu, co-founder of the Foundation, reiterated the vision of democratizing luck and eliminating poverty. She encouraged beneficiaries to seize the opportunity to shape Africa’s future.

Nkem Okocha, a beneficiary from 2015 and founder of Mama Moni, expressed gratitude for the Foundation’s support and its transformative impact across Africa.

As the Tony Elumelu Foundation continues to expand its reach and impact, it remains a beacon of hope for aspiring entrepreneurs across Africa. By providing access to capital, mentorship, and support, the Foundation unlocks the continent’s entrepreneurial potential, driving poverty eradication and inclusive economic empowerment.

Rooted in Africapitalism, the Foundation’s mission positions entrepreneurs as catalysts for social and economic development in Africa, driving job creation and ensuring inclusive growth across all 54 African countries.

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.