Elumelu Foundation disburses $100m to African entrepreneurs

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The Tony Elumelu Foundation has disbursed a total of $100m to support about 24,000 young entrepreneurs across 54 African countries since it launched its flagship programme in 2015.

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The Chief Executive Officer of the foundation, Somachi Chris-Asoluka, disclosed this on Saturday during a virtual press conference held to announce the 2026 cohort of 3,200 beneficiaries selected from across the continent.

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She said, “Since 2015, when we started our programme, we have disbursed over $100m to over 24,000 young men and women across the entire African continent,” adding that every African country is represented in the initiative.

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Chris-Asoluka noted that the intervention had continued to expand its reach and impact over the years, with beneficiaries collectively generating about $4.2bn in revenue and creating over 1.5 million direct and indirect jobs.

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According to her, the programme was designed to address Africa’s persistent unemployment challenge by supporting small and medium-scale enterprises, which she described as the primary drivers of job creation on the continent.

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She explained that despite the scale of the initiative, many African countries still face high levels of youth unemployment, making sustained investment in entrepreneurship critical.

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The TEF boss added that the foundation’s model goes beyond funding by combining financial support with capacity building to enable entrepreneurs to build viable and scalable businesses.

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She said the foundation had prioritised inclusive economic participation, ensuring that women, youths, and persons with disabilities are not excluded from economic opportunities.

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Chris-Asoluka further disclosed that the foundation had integrated technology-driven training into its programme, with a focus on equipping entrepreneurs with artificial intelligence skills to remain competitive.

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She added that participants undergo structured training in business management, alongside specialised modules tailored to sectors such as agriculture, waste management, and other green economy segments.

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According to her, the foundation is also supporting environmentally sustainable businesses, particularly in areas where access to funding and technical support remains limited.

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She noted that green enterprises remain underdeveloped across the continent, stressing the need for targeted interventions to help entrepreneurs scale operations in that space.

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The foundation, she said, would continue to expand its support systems to ensure that African entrepreneurs are better positioned to create jobs, drive innovation, and contribute to long-term economic growth.

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In a statement on Friday, the foundation said it received over 265,000 applications from entrepreneurs across all 54 African countries, reflecting growing interest in business development opportunities, particularly in sectors such as artificial intelligence, agriculture, and the green economy.

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It also noted that the 12th cohort of beneficiaries of its Entrepreneurship Programme will be announced on Sunday, March 22, 2026, following what it described as a record surge in applications from across the continent.

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The PUNCH earlier in March 2025 reported that the Tony Elumelu Foundation announced a $15m grant to support 3,000 young entrepreneurs across 52 African countries, as part of its 2025 entrepreneurship programme.

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Founder of the Foundation and Chairman of Heirs Holdings, Transcorp, and United Bank for Africa, Mr Tony Elumelu, said each selected entrepreneur would receive a non-refundable seed grant of $5,000 to either launch or scale their businesses.

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