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.”

At the forefront of this movement stands Ikem Michael Uche, a distinguished cybersecurity expert and technology advocate whose influence is reshaping how the nation approaches digital resilience.

As the Country Director at ThinkCyber Nigeria and a Technology Ambassador for the global security platform Wazuh, Uche has harmonized high-level strategic oversight with grassroots empowerment.

His work is characterized by a relentless commitment to closing the critical skills gap that has historically left many African institutions vulnerable.

By facilitating sophisticated capacity-building programs, he is effectively transforming the perception of cybersecurity from a niche technical requirement into a fundamental pillar of national economic stability.

The impact of Uche’s initiatives is felt across a broad spectrum of society, ranging from the lecture halls of universities to the high-stakes environments of the fintech and public sectors.

Through meticulously designed workshops and hands-on technical training sessions, he has introduced a generation of students and early-career professionals to the complexities of modern threat landscapes.

These programs do more than just impart knowledge; they foster a profound cultural shift toward responsible technology use and proactive defense.

Industry observers frequently note that Uche’s advocacy for open-source security solutions and inclusive learning models is democratizing access to elite technical education.

This democratization is vital for a country like Nigeria, where rapid digital transformation must be met with an equally rapid expansion of the skilled workforce to ensure that progress is both secure and sustainable.

Beyond the immediate technical gains, Uche’s work carries a heavy weight of social significance. By providing accessible pathways into high-value technology careers, he is creating a tangible engine for job creation and a remedy for economic inequality.

He often emphasizes that cybersecurity is the bedrock of digital trust, and without this trust, the broader goals of financial inclusion and e-commerce expansion remain out of reach.

When individuals and small businesses feel secure in their digital interactions, the potential for entrepreneurship and innovation grows exponentially.

This philosophy of “security as an enabler” has positioned Uche as a pivotal figure in the conversation surrounding Africa’s digital future.

His participation in prestigious platforms like the Tony Elumelu Foundation Forum 2026 further underscores his role as a bridge-builder between government policy, academic research, and private-sector execution.

As Nigeria continues to navigate the complexities of the 21st-century global market, the mentorship and thought leadership provided by Ikem Michael Uche offer a blueprint for success.

He remains a vocal proponent of strategic partnerships and collaborative innovation, arguing that no single entity can safeguard a nation’s digital borders alone.

His journey reflects a deep-seated belief that targeted digital education is the most effective tool for driving social transformation and building lasting economic resilience.

Through his continued dedication to empowering the youth and strengthening institutional defenses, Uche is not merely reacting to the threats of today but is actively architecting a more secure and prosperous tomorrow for the entire region.

According to the Foundation 2024 report, businesses supported by the foundation are generating over $710 million yearly, estimated at $4.2 billion by 2025. With 21,059 firms supported, these businesses have created over 1.5 million direct and indirect jobs.

The programme’s impact extends beyond job creation and revenue generation; it has contributed to the adoption of sustainable practices, as 37% of supported businesses incorporate environmentally responsible procedures in their operations.

Speaking on the inclusivity focus of the programme, Dr. Awele Elumelu, Co-founder, Tony Elumelu Foundation, said:

“Women are the backbone of our economies and the catalyst for sustainable development.

“Through the TEF Entrepreneurship Programme, we have provided seed capital, mentorship, and training to thousands of young entrepreneurs – 45% of whom are women.

“These women have not only built thriving businesses but have also created  over 300,000 jobs and generated nearly $320 million in annual revenue, demonstrating the undeniable power of inclusive economic growth.”

Identifying the enormous challenges battling Africa’s creative economy, such as economic constraint, political instability, and limited access to capital despite the richness and diversity of the African creative landscape, the programme is now focusing on supporting the creative industries and talent.

The TEF entrepreneur program was established to stimulate and drive economic growth in Africa.

Celebrating over a decade of creating impact and supporting businesses, the foundation highlights its success in lifting millions of Africans out of Poverty, job creation, and provision of support to businesses, ensuring revenue generation.

The case study, first of its kind on any philanthropic organisation in Africa, is to be launched today, before a class of graduate students in Boston, Massachu­setts and will explore the Foun­dation’s unique approaches and transformative initiatives, show­casing how strategic philanthro­py offered by TEF is driving positive change and elevating countries and communities.

This move by Harvard, according to Independent report, underscores the Foundation’s pivotal role in empowering young Af­rican entrepreneurs across all 54 African countries and places the Foundation at the forefront of global discussions on transfor­mative and catalytic philanthro­py, acknowledging its significant contributions towards fostering entrepreneurship in Africa.

In addition to delving into the foundation’s innovative approaches and the resultant impact it has garnered over the years, the event will also feature an exclusive acknowledgment of the Founder of TEF, Tony Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

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 inclu­sive economic empowerment.

Since the launch of the Tony Elumelu Foundation 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.

Tony Elumelu who spoke on the impact of Tony Elumelu Foundation on the Afri­can youth said,

“TEF is creating economic hope and opportunity for African Entrepreneurs. We know that entrepreneurship is the antidote to poverty, youth unemployment and insecurity.

Through the intervention of the Tony Elumelu Foundation, we are encouraging our young peo­ple, giving them hope through the seed capital we provide, capacitising them through the training and mentoring we provide and setting them up to create businesses that will suc­ceed and create even more jobs. Collectively we are fixing the challenges that we have on the continent.”

Elumelu urged the US to invest in African entrepreneurs and said that the private sector is key to the continent’s success.

He told Asher, “We have to catalyse and encourage young African, young Nigerians to go into entrepreneurship, to embrace entrepreneurship as a way of helping them serve their communities and the country.”

With the upcoming elections in Nigeria, Asher asked Elumelu what the country needs from political leadership to unleash the country’s potential. Elumelu replied that the main issue is dealing with insecurity, “We need to deal with insecurity in the country. There’s so much private capital looking for right investment destination in the world, that capital will not come to Nigeria if we do not fix insecurity in the country. We need to make sure that we have improved on infrastructure.”

Elumelu also said that Nigeria must address crude oil theft, calling it “a major issue”.

The investor went on to discuss the impact of the climate crisis and the disadvantage that African countries face, “We think that there should be a different kind of conversation, that you allow developing countries, especially Nigeria, or the African countries to come up a bit. So there should be a deal to encourage, support, control costs.”

See full interview here:

ZAIN ASHER, CNN INTERNATIONAL: Earlier I spoke with Tony Elumelu, one of the country’s most famous businessmen and philanthropist, I asked him what it will take to help the continent prosper, Africa as a whole and the international community’s role in that.

So, the US Secretary of State and Antony Blinken did a virtual visit of Nigeria just last year where he talked about the importance of trade, you know, good governance, economic development, does the US have a role in creating a much more economically empowered Africa? And if so, what do you think that role should be?

TONY ELUMELU: Good to meet you, Zain. Yes, I think that United States has a key role to play in helping to catalyse economic development and prosperity in Nigeria and in Africa. The tie between Nigeria, Africa and US is very strong. Every kid grows up in Nigeria and Africa, wanting, aspiring to be to be like an American, a strong cultural legacy. And I believe that our political leadership defer a lot to also America. I need to be nice for America to realise its role in in his role and influence in Africa, and that can be governed as more positively in helping to catalyse development.

ASHER: Yeah, so the government has a key role, as you point out in creating an enabling environment. But when you think about right now, the ease of doing business in Nigeria, I mean, it’s still quite problematic from inflation to the energy crisis, to unemployment. I mean, there are all sorts of headwinds for young entrepreneurs. What do you think the role of the private sector is in creating a much more business friendly environment for dynamic and creative young entrepreneurs to thrive?

ELUMELU: I speak from experience at the Tony Elumelu Foundation, which my family founded in 2010. We have to catalyse and encourage young African, young Nigerians to go into entrepreneurship, to embrace entrepreneurship as a way of helping them serve their communities and the country. And one of the areas I believe the private sector may also play a role and government impact also will be to help to catalyse luck, to help to monetise luck, to help share part of their prosperity with this young, upcoming Africa, Nigeria so that all of us collectively can do more in helping to eradicate poverty helping to drive youth employment, in helping to catalyse employment, the minor scale that one single corporate cannot do.

ASHER: Nigeria has a general election about nine or so months from now. What do you think the country needs from new leadership in order to unleash the country’s full economic potential?

ELUMELU: We need to deal with insecurity in the country. There’s so much private capital looking for right investment destination in the world, that capital will not come to Nigeria if we do not fix insecurity in the country. We need to make sure that we have improved on infrastructure, crude oil production has gone down because of tariffs in the Niger Delta area. We need to fix that. There’s so much happening in the world in terms of oil prices gone up, and my country is not benefiting from this. Because…

ASHER: When you when you say, Tony, that we need to fix the issue when it comes to crude oil theft. I mean, you’ve spoken about this a lot. You’ve been very, very adamant about that. What specifically should the government be doing now?

ELUMELU: So it’s a major issue. And I believe that the government should continue to emphasise this so that we can, the oil is our common wealth in the country. And if you will stealing this common wealth of the country, problem, it is not good. And I believe this will be keeping government up at night. So, we need to engage a security agency to do what they should do to help protect the integrity of the country by making sure that is likely to happen. Broad daylight, is totally unacceptable.

ASHER: As you know, climate change is a huge problem for Africa, because Africa contributed the least to climate change, but it’s set to bear the brunt of it. You’ve invested heavily in Nigeria’s energy sector, how long before renewable sources of energy become a major player in Nigeria’s power sector.

ELUMELU: You know, Zain, the truth is we should do. We are suffering so much access to electricity, as I said in Nigeria is extremely poor carbon emission in this part of the world, totaling less than 2%.

So we’re not even at the point where we should be talking about this. However, it’s important as members of the global community that the climate change effect is real.

But we think that there should be a different kind of conversation, that you allow developing countries, especially Nigeria, or the African countries to come up a bit.

So there should be a deal to encourage, support control costs, if we don’t renewable, to a large extent, is limited in terms of capability or capacity to support the energy consumption that we need, and in this part of the world to even come to the basic level that others have experienced in other parts of the world…

ASHER: Tony, I think the issue is, is that because the climate crisis is an emergency right now, a lot of the coastal communities across Africa are going to suffer, they’re already suffering, actually, but they’re going to suffer even more, they’re going to pay a very, very high price because of climate change. We’re talking about villages being destroyed, livelihoods and lives being lost at an ever increasing rapid rate.

So given what you’re saying, what sort of assistance can the international community provide to Africa to Nigeria, especially since you’re obviously from Nigeria, to make sure that you can meet the climate crisis as fully equipped and as prepared as you can possibly be?

ELUMELU: You know, Zain, we soften the impact of this climate crisis, by receiving much more than we’re contributing or have contributed to it. And that, to me, is a major conversation that should be held in the area of energy financing. We need a deal that supports African institutions and African economies to live, to come, to address this issue.

We need to see support in the area of, again, as I said, access to electricity is so critical to Africa, and funding, content funding energy to Africa is stifling the entire continent to Nigeria. So we need to see in Nigeria a deal that prioritises and encourage and support energy funding.

ASHER: Tony Elumelu, thank you so much. Thank you, sir.

The coinage signifies an economic philosophy predicated on the belief that Africa’s private sector can and must play a leading role in the continent’s development.

So, as Tony Elumelu Foundation (TEF) kicked off applications for the Tony Elumelu Entrepreneurship Programme (TEEP) 2022 (SEE DETAILS HERE), the founder found it necessary to write the African Entrepreneur out there on three key values to work on this year:

Tony Elumelu’s Open Letter African Entrepreneur:

We all did it…. We made it through 2021. Another year of the global pandemic, uncertainty, challenge, but also opportunity.

As we enter 2022, I wanted to write personally, as we plan for the future and create new goals.  I want to share a little of my own story and what I call the #TOEWAY and the core values that guide me.  These values have helped me personally and professionally, and are incredibly important for every young African entrepreneur to imbibe, learn, thrive, and grow from.

The first is Execution.

Execution demands that we focus on results. It gives us a sense of urgency.  A commitment to our objectives. We must be meticulous. There is a discipline of getting things done.  

There is a temptation to put things off – we should shun excuses, and needless explanations. Remain driven and committed to that goal. Committed to going that extra mile.  Be known for your dependability, and be consistent in delivering results.

The second is Excellence.

To achieve excellence, there must be a sense of professionalism across everything you do. You cannot be guided by the short term or emotional sentiments. Strive to be fair and objective at all times. Lead with integrity. Be exceptional, stand out for your disciplined and rigor.

Prioritize your customers and give them the best experience that you can offer. Be respectful of your peers, subordinates and leaders.

Our final value is on Enterprise.

What is enterprise?  It is about doing things differently – to seek out new ways. Not change for changes sake, but because our increasingly complex world demands new answers to new challenges.  It is the essence of entrepreneurship.  It is what can set you apart, raise you up, change your life – and those around you.

As my wife, Dr. Elumelu stated in a recent interview, your generation, in addition to being smart and technology savvy, is entrepreneurial.  You have refused to follow the traditional paths that we took in our day, where a lawyer was just a lawyer, who gradually and patiently climbed the career ladder, or a doctor was just a doctor or an engineer just an engineer.  

This generation is entrepreneurial and solutions-driven and so, are applying their academic knowledge along with digital savvy to solve endemic social and economic issues.  Your businesses have improved the ease of cross-border payments, intra-Africa logistics, and even improved representation in new tech-driven sectors – it knows no boundaries.

I was born in Africa, raised in Africa, studied in Africa, worked in Africa, and have achieved success in Africa.  Beyond business success, one must always look for ways not only to give back, but also to empower the generation coming behind us so that they can go even further than we have.  That is how we can enact this social and economic change that we are all seeking in our continent and in our world today. As a parent, one’s desire is for your children to do better and so we strive to provide the resources and materials that they need to ensure that they go far in life. Similarly, at the Foundation, we are equipping the next generation with the tools they need to succeed.

Indeed, we are committed to your future. I am invested in your success. Your success is our success.  This year, the Tony Elumelu Foundation received 406,257 applications from all 54 African countries and provided training to 206,550 – more than 50% of applicants. This year alone, we disbursed USD$24.75m to 5,000 African entrepreneurs, demonstrating our mission to catalyse economic growth, drive poverty eradication and ensure job creation on the continent.

This is why on this first day of 2022, we are opening the 2022 Tony Elumelu Foundation Entrepreneurship Programme Application portal on tefconnect.net! Entrepreneurs from all 54 African countries can apply for the opportunity of a lifetime to receive $5,000 non-refundable seed capital, world-class business management training, mentorship, and access to key networks and markets.

I am a product of luck and hard work and know first-hand that these factors are inextricable if you want to succeed.  

If you wonder how you can achieve your goals, as I have said earlier, know that the first step is to be disciplined. Choose discipline as your daily practice.  

Nurture the mindset of longevity in all areas of your thinking. Embrace challenges; there is no success without sacrifices.  Whether it is in your business, personal life or relationships, a new year is a clean slate.  It is a chance to set goals, commit to them, and prepare your mind for the discipline that is required for growth and success.

For many young people, beginnings can be scary and uncertain, charged with many decisions to make and ambitions to fulfil.  You know that you are increasingly ambitious.  Take advantage of this opportunity of the Tony Elumelu Foundation Entrepreneurship Programme to drive change in your life, in that of your family, your local community!

As we usher in the 3^rd year of living through a pandemic, do not to lose hope. Entrepreneurship is years of hard work, long hours, and unquantifiable sacrifices.  Your capacity to thrive and remain committed despite temporary setbacks, will have significant impact in realising your dreams.

Let us all look forward to a productive year ahead of achieving all of our goals.

To those who have not yet been awarded, do not forget to apply on  tefconnect.net, and please share with a friend!

Signed:

Tony Elumelu