TEF Unveils 3,200 African Entrepreneurs, Disburses $16m In Abuja

The Tony Elumelu Foundation (TEF) has unveiled 3,200 young African entrepreneurs selected for its 2026 Entrepreneurship Programme, reaffirming its commitment to job creation and poverty reduction across the continent.

The announcement was made on Sunday in Abuja during the Foundation’s annual selection event, which coincided with the birthday of its founder, Tony Elumelu.

The Foundation said the beneficiaries were drawn from a pool of 265,529 applicants across Africa, with 112,202 shortlisted before the final selection of 3,200 entrepreneurs.

A total of $16 million will be disbursed to the beneficiaries as start-up capital.

A breakdown of the selected entrepreneurs showed that 1,751 were supported through Heirs Holdings Group companies, including Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital.

Another 1,049 entrepreneurs were selected in partnership with the European Commission, OACPS, BMZ and GIZ.

In addition, 100 entrepreneurs were supported through partnerships with Seme City Development Agency, DEG (German Development Agency), the IKEA Foundation alongside UNICEF’s Generation Unlimited, the Dutch Government, the United Nations Development Programme (UNDP), and the Rwandan Ministry of Youth and Arts.

Speaking at the event, Elumelu said the initiative reflects the Foundation’s mission of “democratising prosperity” and empowering young Africans to drive economic transformation.

He stressed that small and medium-scale enterprises remain the most effective vehicle for job creation on the continent.

“The future of Africa lies in the hands of young entrepreneurs. The greatest betrayal of our youth is failing to create jobs, and what creates jobs are small businesses,” he said.

Elumelu also commended President Bola Tinubu for creating an enabling environment for enterprise development, noting that government support is critical to sustaining entrepreneurship.

He urged the beneficiaries to maximise the opportunity, emphasising that “to whom much is given, much is expected,” and called on them to build successful ventures that would impact their communities.

The TEF founder added that spreading prosperity is not only a moral obligation but also a strategic necessity, warning that “poverty anywhere is a threat to all.”

Also speaking, chief executive officer of TEF, Somachi Chris-Asoluka, said the programme continues to attract massive interest from across Africa, describing the applications as “260,000 visions for a better future.”

She said the Foundation has, since launching its flagship programme in 2015, disbursed over $100 million to 24,000 entrepreneurs across all 54 African countries.

According to her, these entrepreneurs have collectively created 1.5 million jobs, generated $4.2 billion in revenue, lifted over 3.1 million Africans out of poverty, and positively impacted 4.1 million households.

“At TEF, we have seen ideas become enterprises and entrepreneurs become employers. We are building a new generation of African business leaders driving innovation and prosperity,” she said.

Chris-Asoluka explained that the 2026 cohort would be unveiled in phases, beginning with 1,951 entrepreneurs, with subsequent cohorts announced later in the year through various global partnerships.

She noted that the selection process is independently verified and conducted in multiple stages to ensure transparency and merit-based outcomes.

Data released by the Foundation showed that agriculture and agribusiness accounted for the largest share of selected businesses at 30.7 per cent. Fashion and food and beverage processing followed with 8.8 per cent and 8.66 per cent respectively.

The gender distribution indicated that 51 per cent of beneficiaries are women, while 49 per cent are men.

The foundation also highlighted its broader impact, noting that beneficiaries living with disabilities have created over 150,000 jobs, while nearly $200 million in revenue has been generated within that group.

It added that 80 per cent of TEF beneficiaries are currently generating revenue, compared to 40 per cent at the time of application.

Details of the distribution showed that more than four million African households have been positively impacted, with over 2.1 million people lifted above the poverty line.

The Foundation disclosed that 23 per cent of beneficiaries live with disabilities, while 48 per cent of funded businesses are owned by women.

Women-led enterprises alone have created about 500,000 jobs and generated approximately $320 million in revenue.

In addition, 65 per cent of beneficiaries are from fragile states, while 83 per cent are contributing to efforts to reduce carbon footprints.

The event also featured testimonials from successful alumni and mentors, showcasing how funding, training, mentorship and coaching from the programme have transformed businesses across sectors and countries.

The TEF Entrepreneurship Programme is widely regarded as one of Africa’s largest private-sector-driven initiatives to empower young entrepreneurs and foster inclusive economic growth.