The Tony Elumelu Foundation (TEF) will announce the 12th cohort of its flagship TEF Entrepreneurship Programme on March 22, 2026. The selection concludes a process that drew a record 265,000 applications from young entrepreneurs across all 54 African countries, highlighting both the continent’s dynamic entrepreneurial culture and the persistent challenge of accessing early-stage funding. Agriculture, Artificial Intelligence, Healthcare, and the Green Economy were the top sectors represented among applicants.
For 2026, TEF will empower a total of 3,200 entrepreneurs through its various programmes. The cohort includes 1,751 beneficiaries through partnerships with Heirs Holdings Group entities (Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital). An additional 1,049 entrepreneurs are supported in collaboration with international partners including the European Commission, OACPS, BMZ, and GIZ. The remaining places are allocated through partnerships with Sèmè City Development Agency (100), the German Development Agency DEG (100), the IKEA Foundation, UNICEF’s Generation Unlimited, and the Dutch Government (100), as well as the United Nations Development Programme (UNDP) and the Rwandan Ministry of Youth and Arts (100).
The $5,000 non-refundable seed capital awarded to each selected entrepreneur, part of a planned $16 million disbursement through 2026, is complemented by business management training via the TEFConnect digital platform, mentorship, and access to a broad investor network. The rigorous, independent selection process is administered by Ernst & Young.
This new cohort will join an alumni network exceeding 24,000 entrepreneurs. To date, the foundation has provided over $100 million in seed capital and business training to more than 2.5 million Africans through TEFConnect. Collectively, TEF entrepreneurs have generated $4.2 billion in revenue and created over 1.5 million jobs. The foundation reports that its support has lifted 2.1 million Africans above the poverty line, impacting over 4 million households, with women comprising 46% of funded entrepreneurs.
Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, emphasized the strategic focus on entrepreneurship. “The future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent. At the Tony Elumelu Foundation, we believe that empowering entrepreneurs is the most sustainable path to Africa’s economic transformation,” he stated. The foundation has invited media and stakeholders to attend the virtual announcement of the 2026 cohort.
