Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation (TEF), has named 3,200 entrepreneurs from across Africa as beneficiaries of the 2026 TEF Entrepreneurship Programme. Each will receive $5,000 in seed capital, along with training and mentorship, as part of the Foundation’s annual effort to support early-stage businesses.
The announcement, made in Abuja, follows Elumelu’s customary yearly letter in which he stated that “hope is not just a feeling, it is a system we can build.” He reiterated his philosophy of Africapitalism, arguing that the private sector is essential for the continent’s economic and social development.
Selected from all 54 African countries, the cohort reflects a gender balance of 51 per cent women. Elumelu noted this figure demonstrates merit-based selection and the growing leadership of women in African entrepreneurship. “When opportunity is accessible, African women do not simply participate, they lead,” he said.
This year’s disbursement brings the Foundation’s total direct funding to over $100 million, supporting more than 24,000 entrepreneurs since the programme’s 2010 launch. TEF reports that 80 per cent of its supported businesses scale beyond the early-stage phase, exceeding global averages. Collectively, these entrepreneurs have generated $4.2 billion in revenue, created 1.5 million jobs, and helped lift 2.1 million people out of poverty, impacting over four million households.
The support package includes access to TEFConnect, the Foundation’s digital platform, and a network of mentors. Elumelu expressed gratitude to partners who help advance the mission of building a self-sustaining Africa by investing in its people.
The Tony Elumelu Foundation positions itself as the leading philanthropy dedicated to empowering young African entrepreneurs. Its flagship programme aims to shift the continent’s development narrative from aid dependency toward investment and partnership by providing capital, training, and networks to foster inclusive economic growth. The 2026 cohort will begin their year-long capacity-building programme in the coming months.
