The Tony Elumelu Foundation (TEF) is set to announce the 12th cohort of its flagship Entrepreneurship Programme on Sunday, marking another milestone in its drive to empower African entrepreneurs.
The announcement follows a record-breaking 265,000 applications received from across all 54 African countries, reflecting growing interest in entrepreneurship and innovation across the continent. The surge in applications highlights increasing focus on high-impact sectors such as artificial intelligence, agriculture, and the green economy.
According to the Foundation, this year’s programme will disburse a total of $16 million in seed capital to support 3,200 entrepreneurs. The initiative is backed by a coalition of global partners, including Heirs Holdings, the European Commission, IKEA Foundation, UNICEF, and the United Nations Development Programme.
Each selected entrepreneur will receive $5,000 in non-refundable seed funding, access to business training through TEFConnect, and mentorship aimed at scaling their ventures.
The selection process, independently audited by Ernst & Young, ensures transparency and credibility. The new cohort will join an alumni network of over 24,000 entrepreneurs who have collectively generated $4.2 billion in revenue and created 1.5 million jobs across Africa.
Founder Tony Elumelu emphasized that empowering African entrepreneurs remains key to achieving sustainable economic growth and independence on the continent.
The Foundation has invited the public to witness the virtual announcement scheduled for 2:00 p.m. WAT, as it unveils a new generation of innovators poised to drive Africa’s industrial and social transformation..
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