Tony Elumelu’s Foundation commits $16m to empower 3,200 young African entrepreneurs

Africa, Arts & Entertainment, Business, Technology

LAGOS, NIGERIA (Agency Report) — March 24, 2026 — The Tony Elumelu Foundation (TEF) on Sunday unveiled 3,200 new beneficiaries of its 2026 cohort, each receiving a $5,000 empowerment grant for young African entrepreneurs.

The Foundation said the entrepreneurs would be funded via Heirs Holdings Group Companies, the European Commission, Seme City Development Agency, DEG (German Development Agency), and the IKEA Foundation. Other partners include UNICEF, the Dutch Government, UNDP, and the Rwandan Ministry of Youth and Arts.

Founder Tony Elumelu described the initiative as vital in providing access to funding, mentorship, coaching, training, and resources to catalyse businesses, drive job creation, and reduce poverty. “With policy clarity and commercial autonomy under President Bola Ahmed Tinubu’s leadership, NNPC Limited is positioned to pursue long-term, value-driven solutions,” he said, stressing that Nigeria remains a credible destination for energy and investment.

TEF CEO Somachi Chris-Asoluka noted that since 2015, the foundation has disbursed over $100 million to 24,000 entrepreneurs, creating 1.5 million jobs, generating $4.2 billion in revenue, and lifting 3.1 million Africans above the poverty line. She added that 4.1 million households have been positively impacted.

Chris-Asoluka said TEF will disburse $16 million to support, train, fund, and mentor the 3,200 selected entrepreneurs. Agriculture, retail, AI, ICT, green economy, recycling, education, and healthcare were highlighted as priority sectors.

The event also introduced six high-achieving alumni from the Democratic Republic of Congo, South Africa, Kenya, Algeria, Mali, and Nigeria, who have transformed TEF’s support into leading businesses across Africa.