The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries. The initiative, unveiled by TEF Founder Tony Elumelu in Abuja, is part of the foundation’s 2025 Entrepreneurship Programme.
Each selected entrepreneur will receive a $5,000 non-refundable seed grant to launch or expand their businesses. Elumelu, who also chairs Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to fostering economic transformation through entrepreneurship.
“Our vision, which began in 2010, is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs,” he said. He emphasized that beyond funding, the programme provides mentorship and business training, equipping entrepreneurs to navigate challenges and drive meaningful change.
Since its inception in 2015, the TEF Entrepreneurship Programme has aimed to empower 10,000 young Africans over a decade. Now in its 15th year, the foundation has supported over 21,000 entrepreneurs across all 54 African countries, disbursing more than $100 million in seed capital.
TEF CEO Somachi Chris-Asoluka highlighted the programme’s impact, noting that past beneficiaries have collectively created 1.5 million enterprises and generated $4.5 billion in revenue.
“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding. Each entrepreneur will receive a $5,000 non-refundable seed grant, which is neither a loan nor equity,” she stated.
She also assured that the foundation has a strong monitoring system to track beneficiaries’ progress and ensure adherence to their business plans.
