Accra, Ghana//-The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs has assured that it would continue to give hope to young African entrepreneurs through its annual flagship Entrepreneurship Programme.
Unveiling the 2024 winners totalling 1,104 young African entrepreneurs across 54 African countries, on March 22, 2024, the Founder of TEF, Tony Elumelu said their efforts had led to the creation of millions of jobs thereby reducing poverty on the continent.
“We track how the beneficiaries are succeeding and how they are impacting humanity, society, and their communities. They have generated over $1.2 billion in revenue in their businesses”, according to him.
“All have not succeeded, but we did tell ourselves from the onset- it is not about 100% success, but even if 40, 50% of our beneficiaries succeed, let’s through them help to eradicate poverty, but more importantly, show others, because we are trying to crowd in others into this space of entrepreneurship, we’re trying to encourage other successful Africans and global institutions and citizens that in the 21st century, there is a better way to develop Africa than just aid.”
The 2024 cohort being the 10th edition of the 10-year-long entrepreneurial programme has increased the number of the TEF’s beneficiaries to over 20,000 across the 54 beneficiary countries in Africa.
“To date, over 20,000 young men and women from across Africa have received over $100 million in support of their programme.
We are happy to see our young ones progressing. We are happy that what we started alone as Tony Elumelu Foundation will have been able to identify and partner with other global institutions”, Mr Elumelu noted.
“These 1,104 young men and women from 54 African countries will each receive a non-refundable $5,000 seed capital,” he said.
Mr Elumelu who is known as Africa’s foremost philanthropist added: “We believe in spreading luck, we believe in democratizing luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them, and helping them to start their businesses. This is why we have done this.”
“So, today is a day of impact, a day of gratitude, and most importantly, a day of reflection for me because God has been kind in so many ways. My family and I do what we do, not from the abundance of wealth, but just a realisation that poverty anywhere is a threat to us everywhere and that we cannot live alone in prosperity.
So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we can impact the next generation.”
Mr Elumelu who was also celebrating his birthday on Friday, said: “For my family and I, we thought there is no better way of celebrating my birthday than announcing the selection of the 2024 Tony Elumelu Foundation Entrepreneurship Programme beneficiaries.”
He disclosed that the Foundation was aspiring to create a bigger coalition for African entrepreneurs, as the foundation’s programme could only accept a limited number of people.
Mr Elumelu who is the Chairman of UBA PLC indicated: “We aspire to magnify our scale and impact; we want to do more. And we are thinking of forming a coalition of African entrepreneurs that will touch more lives. We are thinking of launching a coalition, a global coalition, to prioritize young Africans.”
While congratulating cohort 10, the Co-founder of TEF, Dr Mrs Awele Elumelu said: “I want to say as you embark on the next phase of your journey, know that you’re a part of a network of entrepreneurs, a big network of entrepreneurs”.
I want to say that you have all our support here- all of us here, we’re here to support you, to cheer you, to celebrate you, to pray for you, as the chairman has very nicely said. But to those who were not selected, let me also assure you that your journey is far from over.”
Dr Mrs Elumelu used the occasion to encourage the new 10th cohort to persevere and be patient as success in life is not linear.
Some past beneficiaries of the TEF’s Entrepreneurship Programme shared their experiences with the new cohorts.
The TEF has consistently demonstrated its belief in the potential of young Africans to transform the African continent. This conviction has led to its transformative impact – thousands of young men and women entrepreneurs across all 54 African countries have been empowered through its flagship Entrepreneurship Programme.
The beneficiaries have received world-class business training, mentorship, coaching, and funding, in addition to lifelong access to the prestigious TEF Alumni Network.
To date, the Foundation has disbursed $100 million directly into the hands of young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development.
The Foundation has also provided capacity-building support, advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship-support platform, TEFConnect.
