Home » Nigerian businessman Tony Elumelu awards $5-million seed capital to 1,000 African entrepreneurs

Nigerian businessman Tony Elumelu awards $5-million seed capital to 1,000 African entrepreneurs

Elumelu deepens commitment to empowering African entrepreneurs

by Omokolade Ajayi
Tony Elumelu

Nigerian businessman Tony Elumelu has once again demonstrated his unwavering support for Africa’s aspiring business leaders. Through the Tony Elumelu Foundation (TEF), Elumelu has extended a lifeline to more than 1,000 young men and women from all 54 African countries, equipping them with a non-refundable seed capital exceeding $5 million.

Taking to LinkedIn to share the news, Elumelu expressed his delight at commemorating his birthday by announcing the beneficiaries of the 2024 edition of The Tony Elumelu Foundation Entrepreneurship Program. Each recipient is set to receive a $5,000 non-refundable seed capital to kickstart their entrepreneurial endeavors.

Elumelu reflected on the journey embarked upon with his spouse, Awele, a decade ago, with the shared vision of democratizing opportunity and catalyzing transformative change across Africa. “This journey began 10 years ago by Awele and I, with a vision to democratize luck and transform lives across Africa,” he said.

Tony Elumelu deepens commitment to empowering African entrepreneurs

This latest initiative builds on Elumelu’s decade-long mission to democratize opportunity and transform lives in Africa through entrepreneurship. Since launching the TEF in 2015, Elumelu has empowered over 18,000 young entrepreneurs from diverse backgrounds and sectors across Africa. He initially pledged $100 million to support 10,000 entrepreneurs over a decade. However, exceeding expectations.

TEF goes beyond providing financial assistance. It offers comprehensive support to its beneficiaries through training, mentoring, and access to valuable networks. The foundation’s cutting-edge digital training platform has already impacted more than 1.5 million young Africans, equipping them with the skills and knowledge necessary to thrive in the competitive business landscape.

Tony Elumelu’s energy bet pays off: Transcorp Power soars on Nigerian Exchange debut

Elumelu’s commitment to Africa’s economic transformation extends beyond philanthropy. As chairman of Heirs Holdings, he spearheads significant investments in key sectors like finance and energy. Notably, through Transcorp Power, Transcorp’s energy arm, Elumelu has made substantial contributions to Nigeria’s power sector. Transcorp Power has enhanced the nation’s electricity grid with an installed capacity of approximately 2,000 MW.

The recent listing of Transcorp Power on the Nigeria Exchange (NGX) has further underscored Elumelu’s impact, injecting over N2.87 trillion ($2.03 billion) into NGX’s market capitalization and delivering substantial returns to shareholders. With a 45.1 percent increase in share price since its listing, Transcorp Power stands as a testament to Elumelu’s vision and leadership in driving sustainable growth and development across Africa.

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