Tony Elumelu Funded Entrepreneurs Generated $2.3 Billion Revenue in 8 Years

Entrepreneurs trained and funded by the Tony Elumelu Foundation (TEF) have generated a combined $2.3 billion in revenue in the last 8 years, according to the Foundation.

In a brochure made available at the 60th birthday celebration of Tony Elumelu, the founder of TEF and Chairman of the United Bank for Africa (UBA), TEF has trained about 1.5 million African entrepreneurs since launched 13 years ago.

The Foundation has also disbursed $100 million in seed capital to over 18,000 entrepreneurs across the African continent, with 25% of the beneficiaries getting additional investments to expand their businesses.

Since its establishment, over 400,000 direct and indirect jobs have been created by TEF entrepreneurs with female-owned businesses creating 58% of the total jobs.

The Foundation explained that it increased women’s employment to 52% from 24% in 2015 and has empowered more than 7,000 women with 85% of those women leading their businesses.

Speaking on its ability to reach entrepreneurs across the African continent, the Foundation said, “The robust ability of the foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Fund and others with bespoke programmes including targeting female empowerment and growth in fragile states.”

On his part, Tony Elumelu said “I engage public and private sector players across my world. My message is always simple; let us partner on poverty alleviation, job creation and women’s economic empowerment in Africa.”

Investors King understands that Elumelu holds about 7% or 2.3 billion shares in United Bank for Africa and another 2.1% stake in Transnational Corporation of Nigeria.

In a Facebook post in January 2023, the CEO of the defunct Standard Bank had attributed his early success to hard work and luck, adding that the two variables are imperative in success.

He said “I owed my accelerated career and successes to two things: hard work and luck, and I know firsthand how these factors are inextricable in success.”

“My successes – and yes failures – have always driven me to create opportunities for young people. I believe that our young have the talent and the zeal to transform our world.”