TEF Empowers 1,104 Entrepreneurs with $5,000 in 2024 Cohort


In a monumental stride towards fostering entrepreneurship across Africa, the Tony Elumelu Foundation (TEF) has unveiled 1,104 successful candidates for its esteemed entrepreneurship programme’s 10th cohort.


Originating from all 54 African nations, these entrepreneurs are set to receive a transformative “non-refundable seed capital” of $5,000 each, aimed at propelling their businesses to new heights.

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The announcement, made in Lagos on Friday, was not only a testament to the foundation’s unwavering commitment but also held profound significance as it coincided with the 61st birthday of Tony Elumelu, the visionary founder and CEO of the foundation.

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Speaking at the event, Elumelu emphasized the event’s symbolic nature, marking a decade-long journey of fulfilling a promise to empower African entrepreneurs.

Rooted in a profound desire to combat poverty and uplift communities across the continent, the Tony Elumelu Foundation has emerged as a beacon of hope for aspiring entrepreneurs. Elumelu highlighted the foundation’s profound impact, revealing that over the past decade, it has disbursed more than $100 million to empower over 20,000 youths throughout Africa.



With a steadfast commitment to driving sustainable economic growth and fostering innovation, the Tony Elumelu Foundation continues to spearhead initiatives that empower, inspire, and uplift the next generation of African entrepreneurs, driving towards a brighter and more prosperous future for the continent.


“I welcome you all to this event, today, I am plus 1, and for my family and I, we thought that there was no better way than announcing the 10th cohort of the 2024 Tony Elumelu entrepreneurship programme beneficiaries,” he said.


“These 1,104 young men and women will receive a non-refundable $5,000 seed capital.


“We believe in democratising luck and spreading prosperity in Africa, by identifying and encouraging our young ones through helping them to start their own business.


“Awele and I started this journey over 10 years ago, and we are happy with the results we are seeing.

“We are happy to see that what we started alone as Tony Elumelu Foundation has partnered with other global institutions.

READ ALSO: Tinubu congratulates UBA chair, Elumelu at 61


“My family and I, do what we do not from the abundance of wealth but just a realisation that we can not live alone in prosperity.”


Also speaking, Awele Elumelu, the co-founder of TEF and wife of the CEO, said the vision of the foundation is to “democratise luck and eradicate poverty”.


She expressed happiness about the success of the foundation and urged the beneficiaries to utilise the opportunity in shaping the future of Africa.


“It’s been a wonderful journey so far. From the beginning, we had a clear vision of eradicating poverty and empowering African men and women,” she said.


“We have indeed fulfilled a promise today. I express my gratitude to all the participants from 2015 when the programme started.”


Nkem Okocha, a beneficiary of the TEF in 2015 and founder of Mama Moni, appreciated the foundation for the opportunity and its impact in Africa.




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