…announces ongoing application
By Ime Silas
One of Africa’s leading entrepreneurs and Chairman of Heirs Holdings, Mr. Tony Elumelu, has stated that his platform, the Tony Elumelu Foundation has so far built the largest digital entrepreneurship ecosystem in Africa.
Elumelu while disclosing this in a statement posted on his verified social media handles, also decried the prevalence of joblessness on the continent, describing it as a betrayal of young Africans.
He noted that through the Foundation, over 2.5 million entrepreneurs had access to world-class business training, mentorship and network, while also providing for the young people the needed tools to start up and succeed in businesses.
“I often say that joblessness is a betrayal of our young Africans. The world has identified Africa’s potential, but potential without opportunity becomes a hope deferred. True change happens when we empower those who will build the future; our young men and women”, Tony said.
Elumelu , a Nigerian-born philanthropist who is famous for transforming UBA (United Bank for Africa) into a pan-African financial powerhouse, operating in 20 African countries, Europe, and the US, is credited with the philosophy of “Africapitalism”, which emphasizes the private sector’s role in driving economic growth and social wealth in Africa.
He continued: “This is why, in 2010, my wife and I founded the Tony Elumelu Foundation, rooted in the belief that entrepreneurs are the catalysts for Africa’s transformation. What began as a bold idea has grown into a movement that stretches across all 54 African countries, shaping the dreams and destinies of a generation”.
Our paper gathered that the Tony Elumelu Foundation has committed $100 million to empower 10,000 African entrepreneurs over a decade, providing funding, mentorship, and training. The foundation has already supported thousands of startups, generating over $4.2 billion in revenue.
Giving more insight on the mission and activities of the Foundation, Mr. Elumelu revealed: “Our mission is simple but powerful: to empower, uplift and inspire the next generation of African leaders through entrepreneurship.
“Since launching the TEFConnect Entrepreneurship Programme in 2015, we have already gone far beyond our original commitment of empowering 10,000 entrepreneurs. So far, more than 24,000 young African entrepreneurs have been identified, trained, mentored and funded with non-refundable seed capital to start and scale their businesses, each receiving USD 5,000 to turn ideas into impact.
“Today, the Tony Elumelu Foundation has built the largest digital entrepreneurship ecosystem on the continent, with over 2.5 million entrepreneurs accessing world-class business training, mentorship and networks, giving young people the tools they need not just to start, but to scale and succeed”.
The Transcorp and Heirs Energies boss also announced ongoing application for interested applicants which he said would end in March 1, 2026.
“This is Africapitalism in action: the private sector taking responsibility for Africa’s development, using business to create both economic growth and social impact. When we invest in entrepreneurs, we are investing in solutions, dignity, jobs, communities and sustainable prosperity.
Our work continues. Applications are ongoing at tefconnect.net from now till March 1”. Tony concluded.
Mr. Elumelu’s net worth is estimated to be around $3.2 billion, driven by his stakes in UBA, Transcorp, and Heirs Energies. He’s been recognized globally, including being named one of Time’s 100 most influential people in 2020.
