- Tony Elumelu Disburses $15.2m to 3050 Entrepreneurs
Tony Elumelu through his foundation, Tony Elumelu Foundation (TEF), has disbursed $15.25 million to 3,050 candidates selected for the 2019 Tony Elumelu Entrepreneurs.
The Chairman, who unveiled the selected applicants on Friday in Abuja, said selected candidates would get $5,000 each.
According to him, the fund will serve as seed capital to empower the entrepreneurs in their various businesses.
In the last five years, between 2014 and 2018, the foundation has spent around $50 million to empower 4,470 African Entrepreneurs. Taking the total number to 7,520 entrepreneurs in 2019.
Elumelu emphasized the importance of entrepreneurship to African economy and job creation.
“We have decided to use this as opportunity to unveil the selection of 3,050 young entrepreneurs so that there will be more prosperity on our continent.
“We urge the President Muhammad Buhari’s led administration to improve access to electricity in the country for the benefit of the entrepreneurs,” he said.
The Director of Partnership, Ifeyinwa Ogochukwu, commended partners of the foundation and urged more countries and corporations to come on board.
She stated that the foundation was able to empower more entrepreneurs this year because of the support of its partners
Ogochukwu said 2,050 of the 3,050 successful candidates were supported by TEF partners, while the foundation will directly empower 1,000 entrepreneurs.
“African Development Bank will be sponsoring 1000 entrepreneurs and would be supporting the foundation with about five million dollars.
“United Nations Development Programme (UNDP) is sponsoring 754 candidates with 1.4 million dollars and International Committee for the Red Cross is sponsoring 180 with 900,000 dollars commitment.
“Benin Republic is supporting 50 additional citizens of their country with 200,000 dollars.
Botswana, 20 candidates with 100,000 dollars and Anambra State Government is sponsoring 15 candidates,” she said.