The Tony Elumelu Foundation has announced the selection of 3,200 young entrepreneurs across Africa for its 2026 Entrepreneurship Programme, reinforcing its mission to empower the next generation of business leaders and drive inclusive economic growth on the continent.
Speaking at the official unveiling ceremony, Tony Elumelu, the founder of the Foundation, described the initiative as a deliberate effort to “democratise luck and prosperity,” noting that entrepreneurship remains Africa’s most viable path to sustainable development.
Out of over 265,000 applications received, the selected entrepreneurs will be funded in four cohorts: 1,951 beneficiaries in March, 100 in May, 100 in August and 1,049 in November.
Elumelu, who expressed gratitude to God, his family and partners, emphasized that the programme is driven not by surplus wealth, but by a sense of responsibility to society.
“What we do is not because we have so much, but because we see it as enlightened self-interest. Poverty is a threat to all of us. The more prosperity we spread, the better for everyone,” he said.
He further urged young African entrepreneurs to take ownership of the continent’s future, stressing that “no one but us will develop Africa.”
Elumelu also commended President Bola Ahmed Tinubu for fostering an enabling economic environment and demonstrating commitment to small and medium-scale enterprises (SMEs).
“Each time I interact with our President, I see his passion for young entrepreneurs. I encourage him to continue empowering us so we can do more,” he added.
Awele Elumelu, co-founder of TEF, expressed excitement over the new cohort but highlighted the need for broader collaboration.
“We received over 265,000 applications, but only 3,200 could be selected. We call on partners to join us in supporting these entrepreneurs because the future of Africa is in their hands,” she said.
Somachi Chris-Asoluka, the chief executive officer of TEF, described the announcement as more than a selection process.
“Today is not just an announcement; it is an affirmation of over 265,000 visions for a better future. We are celebrating the African entrepreneurial spirit, resilience, hard work and immense talent,” she stated.
She disclosed that since the programme’s inception in 2015, TEF has disbursed over $100 million to more than 24,000 entrepreneurs, creating 1.5 million jobs and generating $4.2 billion in revenue across the continent.
Representatives of international organisations and corporate partners commended TEF’s long-term commitment to entrepreneurship development.
Head of Cooperation, European Union Delegation to Nigeria, Massimo De Luca, noted that empowering young entrepreneurs; especially women remains one of the most transformative investments.
Similarly, UNICEF’s Deputy Director, Nadi Aldino, described the initiative as a “live wire” that will continue to shape Africa’s economic future.
Other partners, including Dr. Owen Omogiafo OON President/GCEO, Transcorp Plc; Osa Igiehon
CEO, Heirs Energies; and Peter AshadeGroup CEO, United Capital, Plc., highlighted the role of private sector collaboration in scaling impact across key sectors.
Alumni of the programme shared compelling testimonies of growth and impact.
A Nigerian beneficiary, Aisha Samira Abdullahi, revealed that her business recorded a 200 per cent growth and now generates $40,000 annually while creating jobs and training young women in fashion.
South African entrepreneur, Kemiso Motholo, said the programme enabled his company to impact over 20,000 people and attract additional funding.
From Kenya, Aisha Langat, disclosed that her agribusiness now generates over $500,000 in revenue and supports 12,000 smallholder farmers.
Other beneficiaries, including Sabrina Berrehal and Harouna Diop, highlighted improvements in sustainability, job creation and climate-resilient agriculture across their communities.
Since its launch, the TEF Entrepreneurship Programme has become one of Africa’s leading philanthropic initiatives focused on empowering entrepreneurs across all 54 African countries.
Stakeholders at the event agreed that the programme continues to play a critical role in addressing unemployment, reducing poverty and fostering innovation. As the 2026 cohort begins its journey, Elumelu reiterated a call to action:
“Your success will make the difference. The future of Africa is in your hands.”
