Home » Nigerian tycoon Tony Elumelu opens portal for 2022 entrepreneurship program

Nigerian tycoon Tony Elumelu opens portal for 2022 entrepreneurship program

by Chidi Emenike

The Tony Elumelu Foundation (TEF), a philanthropic organization established by Nigerian banking tycoon Tony Elumelu, has invited eligible young entrepreneurs from all 54 African countries to apply for its 2022 Entrepreneurship Program (TEP). 

Successful applicants will receive world-class business training, mentorship, non-refundable seed capital of $5,000 each and global networking opportunities. The program is open to entrepreneurs throughout Africa, both new startups and existing young businesses operating in any sector. 

Founded in 2010 by Nigerian multimillionaire Tony Elumelu, TEF is a Lagos-based non-profit committed to raising a new generation of entrepreneurs on the continent. The foundation aims to empower young Africans, catalyze economic prosperity and bridge the unemployment gap. 

Each year, under its flagship TEP, the foundation selects bright and promising entrepreneurs with business ideas or existing businesses under five years old. It provides capacity-building support, advisory and networking opportunities for selected beneficiaries. 

The foundation has trained, mentored and funded more than 15,847 young African entrepreneurs in all 54 African countries. The beneficiaries have created over 400,000 direct and indirect jobs. 

Earlier in October, Billionaires.Africa reported that the tycoon had doled out $24.75 million to support 4,949 young African selected under the TEF entrepreneurship scheme for 2021. 

Commenting on the launch of the 2022 program, TEF CEO Ifeyinwa Ugochukwu said: “We are constantly blown away by the quality of businesses that come from Africa every year. This motivates us to scale our efforts to empower even more entrepreneurs on continent. The innovation, knowledge and resilience of African entrepreneurs is central to charting Africa’s socio-economic transformation and meet the continent’s development objectives. We are also proud of the increase in female participation on our Programme, especially with the 2021 cohort where we witnessed a record 68% selection of women entrepreneurs.” 

The portal for this year’s application is active and interested applicants are urged to apply. 

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