Tony Elumelu, the founder of the Tony Elumelu Foundation and group chairman of United Bank for Africa (UBA), has empowered over 20,000 entrepreneurs across the continent.
Through the Tony Elumelu Foundation Entrepreneurship Programme, Elumelu has provided a total of $100 million in non-refundable seed capital, catalyzing job creation, wealth redistribution, and poverty eradication.
Speaking at the selection announcement of the 10th Cohorts of the Tony Elumelu Foundation Entrepreneurship Programme held at the UBA House in Lagos, Elumelu reiterated the Foundation’s mission to spread prosperity and democratize luck across Africa.
He emphasized the importance of identifying and nurturing young entrepreneurs, stating that entrepreneurship is key to driving social and economic development on the continent.
Elumelu’s vision has been echoed by Awele Elumelu, the co-founder of the Foundation, who highlighted the goal of eliminating poverty and empowering African individuals.
She expressed her delight over the Foundation’s achievements and encouraged beneficiaries to seize the opportunity to shape Africa’s future.
Since its inception in 2015, the Tony Elumelu Foundation Entrepreneurship Programme has trained over 1.5 million young Africans on its digital hub called TEFConnect.
This initiative goes beyond providing financial assistance; it offers targeted mentorship, capacity-building programs, and access to networks, equipping entrepreneurs with the tools necessary to succeed in today’s competitive business landscape.
The impact of the Foundation’s support extends far beyond financial metrics. Beneficiaries of the programme have collectively created over 400,000 jobs and generated $1.2 billion in revenue through their businesses.
These statistics underscore the transformative power of entrepreneurship and its ripple effect on communities and economies across the continent.
Individual success stories further exemplify the impact of the Tony Elumelu Foundation’s initiatives.
Entrepreneurs like Stella Sigana from Kenya, Vital Sounouvou from Benin, and Nora Chaynane from Morocco have leveraged the support provided by the Foundation to create innovative solutions, drive economic growth, and empower their communities.
As the Foundation celebrates a decade of impact, Tony Elumelu expressed pride in the journey embarked upon, emphasizing the resilience, determination, and innovation of African entrepreneurs.
With plans to further expand its reach and impact, the Tony Elumelu Foundation remains a beacon of hope for aspiring entrepreneurs across Africa, unlocking the continent’s entrepreneurial potential and driving sustainable development in the 21st century.
