Elumelu Celebrates Birthday with Fresh Commitment to Empower 3,200 African Entrepreneurs

Elumelu Celebrates Birthday with Fresh Commitment to Empower 3,200 African Entrepreneurs

Chairman of Heirs Holdings and the United Bank for Africa (UBA) Group, Tony O. Elumelu, has reaffirmed his commitment to driving entrepreneurship across Africa with the announcement of 3,200 beneficiaries for the 2026 edition of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme.

The announcement, made in Abuja to mark his birthday, underscores Elumelu’s enduring focus on impact, purpose, and the transformative role of entrepreneurship in shaping Africa’s economic future.

In his annual reflection, Elumelu stressed that prosperity on the continent can be deliberately created and expanded through strategic investment in people. “Hope is not just a feeling, it is a system we can build,” he said, reiterating his philosophy of Africapitalism, which advocates for the private sector as a key driver of Africa’s economic and social development.

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The 2026 cohort, drawn from all 54 African countries, will each receive a non-refundable seed capital of $5,000. In addition to funding, beneficiaries will gain access to business training, mentorship, and TEF’s digital platform, TEFConnect, designed to support enterprise growth and sustainability.

Elumelu highlighted the programme’s expanding footprint, noting that since its inception, the Tony Elumelu Foundation has disbursed over $100 million to more than 24,000 entrepreneurs across the continent. He added that about 80 per cent of supported businesses have successfully scaled beyond the early stage, outperforming global benchmarks.

According to the Foundation, TEF-backed businesses have collectively generated more than $4.2 billion in revenue, created approximately 1.5 million jobs, and lifted over 2.1 million Africans out of poverty, impacting more than four million households.

A key highlight of this year’s selection is the strong representation of women, who make up 51 per cent of the beneficiaries. Elumelu described this as a reflection of merit-based selection and a testament to the growing influence of African women in entrepreneurship.

“When opportunity is accessible, African women do not simply participate, they lead,” he said.

Reflecting on the Foundation’s journey since its establishment in 2010, Elumelu reiterated its mission to democratise opportunities and scale impact by investing in Africa’s human capital. He also expressed appreciation to partners, mentors, and stakeholders for their continued support in advancing the Foundation’s vision of a self-sustaining Africa.

The Tony Elumelu Foundation remains one of Africa’s leading philanthropic organisations dedicated to empowering young entrepreneurs through funding, training, mentorship, and access to networks, with the aim of fostering inclusive economic growth and reshaping the continent’s development narrative.

Elumelu Celebrates Birthday with Fresh Commitment to Empower 3,200 African Entrepreneurs