Home » Nigerian businessman Tony Elumelu invites African entrepreneurs to apply for $5,000 in seed capital

Nigerian businessman Tony Elumelu invites African entrepreneurs to apply for $5,000 in seed capital

by Feyisayo Ajayi
Tony Elumelu

Tony Elumelu, a well-known Nigerian businessman and the chairman of Heirs Holdings, has challenged African youth and entrepreneurs to set goals and work hard to achieve them, and has invited them to apply for a $5,000 seed investment through his entrepreneurship program.

In a letter titled, “My Annual Letter to African Entrepreneurs,” which he posted on Twitter, Elumelu acknowledged that 2022 was a challenging year and encouraged aspiring entrepreneurs from all 54 African countries to apply for the 2023 Tony Elumelu Foundation Entrepreneurship Program.

Through this program, the Nigerian businessman disclosed that applicants have the opportunity to receive $5,000 in non-refundable seed capital, world-class business management training, mentorship, and access to key networks and markets.

Elumelu emphasized the importance of defining success for oneself and earning it through hard work and perseverance. He also advised entrepreneurs to challenge their plans and go further, stating that entrepreneurship requires years of hard work and sacrifice and that one’s commitment to their dreams, even in the face of temporary setbacks, is crucial to achieving them.

The Nigerian businessman emphasized the importance of not only personal success but also giving back to the community. He urged business owners to help the next generation achieve even greater success.

The message aligns with Elumelu’s long history of supporting and empowering young businesspeople and entrepreneurs in Africa. In 2021, he selected 4,949 African entrepreneurs for his foundation’s entrepreneurship program, which provided each of them with $5,000 in funding support, for a total of $24.75 million.

Elumelu’s commitment to promoting entrepreneurship and inclusive growth in Africa extends beyond his foundation. In October 2022, he signed a $1.4-million agreement with the UN Development Program to promote youth entrepreneurship and inclusive growth in Rwanda.

The Nigerian businessman also signed a $20-million agreement with the U.S. African Development Foundation to support African entrepreneurs and businesses. As the chairman of the United Bank for Africa (UBA) Group, one of Nigeria’s largest financial services groups, he has the resources and experience to make a meaningful impact on the continent.

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