TEF Commits $16m To Empower 3,200 Young African Entrepreneurs

The Tony Elumelu Foundation (TEF) on Sunday unveiled 3,200 new beneficiaries for its 2026 cohort, each receiving a $5,000 empowerment grant to support young African entrepreneurs.

Funding for the initiative will come through a consortium of partners, including Heirs Holdings Group Companies, the European Commission, Seme City Development Agency, DEG (German Development Agency), the IKEA Foundation, UNICEF, the Dutch Government, UNDP, and the Rwandan Ministry of Youth and Arts.

Founder of TEF, Mr. Tony Elumelu, highlighted the foundation’s mission of providing access to funding, mentorship, coaching, training, and resources to catalyze entrepreneurial growth.

“We aim to drive job creation, alleviate poverty, and promote inclusive economic empowerment across Africa,” Elumelu said. “Our mantra is to democratize love, democratize prosperity, and be an active part of the communities where we operate. One person alone cannot change Africa—but together, we can mobilize young Africans to make a difference.”

Elumelu also commended President Bola Tinubu for fostering an enabling environment for economic empowerment and supporting small and medium-sized enterprises (SMEs).

Speaking at the event, TEF CEO Somachi Chris-Asoluka reported that since its inception in 2015, the foundation has disbursed over $100 million to 24,000 young men and women, creating 1.5 million jobs, generating $4.2 billion in revenue, and lifting 3.1 million Africans above the poverty line. In total, 4.1 million households have been positively impacted.

Chris-Asoluka emphasized that mentorship is critical for entrepreneurial success, noting that TEF partners with mentors, including the Tokyo Web Foundation, to guide young entrepreneurs in scaling their businesses.

The 2026 cohort will receive over $16 million in combined support for training, funding, coaching, and mentorship. Entrepreneurs are investing across key sectors, including agriculture, retail, AI, ICT, tech, green economy, waste recycling, education, and healthcare.

The event also celebrated six outstanding alumni from the Democratic Republic of Congo, South Africa, Kenya, Algeria, Mali, and Nigeria, who have transformed TEF funding, training, mentorship, and coaching into successful businesses across the continent.