Since 2015:
- Over 21,000 Africans Empowered
- 5 million jobs created and $4.2 billion in revenue
- Over 2 million Africans lifted out of poverty
Lagos, Nigeria – March 22, 2025 – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs, has announced 3,000 African entrepreneurs drawn from across Africa to join the 11th cohort of the TEF Entrepreneurship Programme; driving poverty alleviation, catalysing job creation, and ensuring inclusive economic empowerment.
The newly selected cohort will join the network of TEF’s network of over 21,000 African entrepreneurs who have been funded, trained, and mentored since 2015. The Tony Elumelu Foundation embodies the concept of Africapitalism: Tony Elumelu’s economic belief that African entrepreneurs are the key drivers of the continent’s economic transformation.
As Africa’s entrepreneurship ecosystem faces funding constraints and economic headwinds, TEF provides much-needed support, enabling African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth. Selected entrepreneurs—40% of whom are women—represent a vibrant snapshot of Africa’s next generation of talent and ambition. Sectors represented included Agribusiness (34%), Creative industry (11%), Green economy (11%), among other sectors.
Over 200,000 applications were received from all 54 African countries and submitted on TEFConnect, TEF’s proprietary digital platform, where they were subject to TEF’s rigorous selection process. Applicants were assessed on their financial understanding and entrepreneurial mindset, as well as the feasibility, demand, and scalability of their business ideas. The selection process was conducted by Ernst & Young to ensure an independent assessment.
Each selected Tony Elumelu Entrepreneur will receive $5,000 in non-refundable seed capital, world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities.
As TEF continues to scale its mission, it has leveraged strategic global partnerships to further scale the 2025 TEF Entrepreneurship Programme in collaboration with Google.org, the U.A.E. Office of Development Affairs, Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed), and Deutsche Investitions und Entwicklungsgesellschaft (DEG).
Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterated his unwavering belief in the potential of Africa’s entrepreneurs, “Today is the day we dedicate each year to democratise luck, spread hope, and create economic opportunities for young Africans across the continent.
When my wife and I founded TEF in 2010, we had a clear vision—a vision of a self-sustaining, prosperous Africa, powered by the energy, innovation, and resilience of its young men and women. But we also recognised the challenges they face—the barriers that stand in the way of their ambition and their ability to drive Africa’s economic transformation.
As an entrepreneur myself, I understand the immense opportunities that exist in Africa. I know the transformative power of entrepreneurship. I also know the obstacles. But I am certain that if we empower and invest in our young people, they will be the ones to solve Africa’s most pressing challenges.
In 2015, our goal was to empower 10,000 entrepreneurs. Today, in 2025, we have reached 24,000. But we remain deeply aware of the millions we have yet to reach. This is why I continue to advocate globally, calling for a shift from aid to investment. In the 21st century, what Africa needs is not charity, it is investment. Investment in infrastructure, in businesses, and most importantly, in our young people, because the future of Africa lies in their hands.”
Dr. Awele Elumelu, OFR, TEF Co-Founder, also shared a message of encouragement,
“Congratulations to the 11th cohort of the Tony Elumelu Foundation Entrepreneurship Programme. We are incredibly proud of you and excited to witness the impact you will create. But I also want to acknowledge those who were not selected this year—keep your entrepreneurial dreams alive. Your journey does not end here, and we wish you the very best as you continue to pursue your vision.”
To learn more about the TEF Entrepreneurship Programme’s detailed process, for more details on the Tony Elumelu Foundation’s impact, visit our Impact Page, African Success Stories Page, and the 2024 TEF Annual Report.
TEF Partners Testimonials at the Ceremony
“My heartfelt congratulations to all entrepreneurs selected for this year’s programme. Your dedication and your entrepreneurial spirit are truly inspiring to me. Tony, I had the privilege to meet with you and your team last December in Lagos, and I could truly see how important the work of your Foundation is in today’s world, for Nigeria but also for Africa. We at DEG are very proud that we have supported a number of these entrepreneurs in the past programmes, and we will continue to do so. We will finance 400 entrepreneurs with access to business management and access to training in green entrepreneurship in the upcoming phase. By providing access to funding and mentorship, the Tony Elumelu Foundation and its partners are empowering young entrepreneurs to create jobs, reduce poverty and thrive on inclusive growth in Africa. I look forward to witnessing the continued success of the Tony Elumelu Foundation.
- Roland Siller, CEO of Deutsche Investitions und Entwicklungsgesellschaft (DEG).
“Today, we celebrate this significant milestone of our inaugural partnership with the Tony Elumelu Foundation. At the Khalifa Bin Zayed Al Nahyan Foundation, we are committed to fostering innovation, economic growth and sustainable development. That is why this collaboration is a milestone, and the Tony Elumelu Foundation has an outstanding legacy for the African youth. We wish good luck to everyone who will participate in this programme.”
- E. Mohamed Haji AlKhoori, Director General, Khalifa Bin Zayed Al Nahyan Foundation
TEF Alumni and Mentor Testimonials at the Ceremony
“In 2018, I stood at a crossroads between passion and uncertainty. I had an idea, but like most entrepreneurs, I lacked the resources. I didn’t have any network, and there was no strategic direction. From the seed funding, we raised an additional $50,000. We have been able to distribute more than a million reusable and washable pads across Africa, and we have more than 5 distributors across Nigeria. And we are just getting started. We have moved from a two-person startup into a multi-award-winning social enterprise, and we now have more than ten full-time staff and also part-time staff.”
– Tabitha Arenson Abimiku, 2018 TEF Alumni & Founder of Virtuous Pads
“Thank you to the Tony Elumelu Foundation, which invested in me in 2019 and empowered me, which has led to a positive impact in the lives of more than 30,000 women.”
– Ayodele Ognin, 2019 TEF Alumni & Founder of Wurami Consulting
“I was a beneficiary of the Tony Elumelu Foundation Entrepreneurship Programme in 2019. It helped us build our first prototype, and we started thinking bigger, as I believe the start is the hardest part of every venture. The classes, the training and the visibility have been really empowering for me, and I am really grateful for that.”
– Mohamed Dhaoufi, 2017 TEF alumni & Founder of Cure Bionics.
“The TEF Entrepreneurship Programme is exceptional. They say a journey of 1,000 miles starts with a single step. The journey of transforming Africa starts with a single life. We talked about 21,000 entrepreneurs to 1.5 million jobs since 2015, and to be part of something like that is phenomenal. I am incredibly grateful to be one of the 100 #TEFMentors from Deloitte Africa for 2025.”
– Dusten Fransman, Societal Impact Lead, Deloitte Africa & TEF Mentor from Johannesburg, South Africa
About the Tony Elumelu Foundation
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 ensuring inclusive economic empowerment.
Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100 million in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.
