The Tony Elumelu Foundation (TEF) has selected 3,200 young African entrepreneurs for its 2026 cohort, a move the foundation’s CEO, Somachi Chris-Asoluka, described as a historic step toward future-proofing the continent’s economy. The announcement, made during a virtual media briefing, marks the largest and most geographically and gender-inclusive intake in the foundation’s twelve-year history.
Chris-Asoluka stated the selection reflects a deliberate commitment to ensuring no entrepreneur is excluded based on gender or location. The 2026 programme has been restructured to address global market shifts, placing a heavy emphasis on integrating artificial intelligence (AI) and climate resilience into business operations. All selected entrepreneurs will receive training in “AI thinking” and Green Business Management, recognising that AI adoption is now essential for competitiveness.
The foundation provides a holistic support system, including a $5,000 non-returnable seed grant, mentorship, and lifelong access to its alumni network. Internal monitoring indicates a 75 per cent survival rate for funded startups after five years, significantly higher than the global average for new businesses. Chris-Asoluka attributed this success to the sustained support, noting, “We don’t just provide a grant and walk away.”
The 2026 cohort is managed in four streams with partnerships from global entities like the Dutch Government, Young Africa Unlimited, and the United Nations Development Programme (UNDP), scaling the foundation’s continental empowerment model. The foundation also engages in advocacy, bringing entrepreneurs and policymakers together to address systemic barriers such as unreliable electricity and restrictive tax regulations.
The programme prioritises sectors with high growth and social impact potential, including agriculture, retail, healthcare, and the green economy. Chris-Asoluka noted that nearly 30 per cent of the foundation’s most successful alumni were only accepted on their second or third attempt, encouraging resilience among unsuccessful applicants this year.
As preparations continue for the official unveiling on March 22, 2026, the foundation underscores its philosophy of Africapitalism—eradicating poverty through entrepreneurial growth. Chris-Asoluka urged media outlets to help shift the global narrative on Africa by highlighting these success stories. “The 3,200 entrepreneurs selected for 2026 are not just business owners,” she said. “They are the next generation of the African private sector who will lead the continent’s AI and green revolution into the next decade.”
