A total of 3,200 African entrepreneurs across 54 countries will participate in the 2026 Tony Elumelu Foundation (TEF) Entrepreneurship Programme.
The beneficiaries were unveiled at the weekend, when the founder of the organisation, Mr Tony Elumelu, celebrated his 63rd birthday in Abuja.
Analysis showed that women accounted for 51 per cent of the cohort, which Mr Elumelu was proud of, saying it reflects merit-based selection and highlights the increasing leadership of African women in entrepreneurship.
“When opportunity is accessible, African women do not simply participate, they lead,” the philanthropist and chairman of Heirs Holdings, Transcorp Plc and UBA Group said.
The chosen business owners will each receive $5,000 in non-refundable seed capital, alongside access to mentorship, business training, and TEF’s proprietary digital platform, TEFConnect.
In his annual letter, Mr Elumelu emphasised that opportunity and prosperity can be intentionally created and scaled, saying, “Hope is not just a feeling, it is a system we can build”.
This underscores his long-standing belief in Africapitalism, the philosophy that Africa’s private sector must drive economic and social development.
Highlighting the programme’s growing impact, the Delta State-born businessman noted that the foundation has now disbursed over $100 million in funding to more than 24,000 African entrepreneurs since its inception. The programme continues to demonstrate strong outcomes, with 80 per cent of supported businesses scaling beyond the early stage, significantly outperforming global averages.
Collectively, TEF-supported entrepreneurs have generated over $4.2 billion in revenue, created 1.5 million jobs, and lifted more than 2.1 million Africans out of poverty, impacting over four million households across the continent.
Reflecting on the organisation’s journey since its launch in 2010, Mr Elumelu reiterated the vision to democratise opportunity and scale impact across Africa by investing in its most valuable resource, which is its people. He also expressed gratitude to partners, mentors, and stakeholders who continue to support the foundation’s mission of building a self-sustaining Africa.