Tony Elumelu Foundation Announces 2026 Cohort of Entrepreneurs with $16 Million Investment

The Tony Elumelu Foundation (TEF) is set to announce the 12th cohort of its flagship Entrepreneurship Programme on Sunday, March 22, 2026, following a record number of applications from across Africa. The announcement will be made virtually at 2:00 p.m. West African Time.

Record Applications Reflect Growing Entrepreneurial Spirit

Over 265,000 applications were received from entrepreneurs in all 54 African countries, demonstrating a significant increase in interest in business development opportunities. Key sectors driving this surge include artificial intelligence, agriculture, and the green economy [Investment Times Online].

$16 Million in Seed Funding for 3,200 Entrepreneurs

The Foundation will empower 3,200 entrepreneurs through its various programs in 2026, disbursing a total of $16 million. Each selected entrepreneur will receive $5,000 in non-refundable seed capital, along with comprehensive business training and mentorship support [Investment Times Online]. This year’s program is specifically designed to integrate artificial intelligence and climate resilience into small business operations [Punch NG].

Strategic Partnerships and Program Implementation

The TEF Entrepreneurship Programme is being implemented in partnership with Heirs Holdings, the European Commission, IKEA Foundation, UNICEF, and the United Nations Development Programme [Investment Times Online]. The selection process was independently audited by Ernst & Young to ensure transparency.

Impact and Network of Alumni

Beneficiaries of previous cohorts now form a network of approximately 24,000 entrepreneurs across Africa. Collectively, this network has generated $4.2 billion in revenue and created around 1.5 million jobs since the program’s inception [Investment Times Online].

Tony Elumelu’s Vision for Africa’s Economic Transformation

Tony O. Elumelu, Founder of the Tony Elumelu Foundation, emphasized the critical role of entrepreneurship in driving Africa’s economic growth. “Empowering entrepreneurs is the most sustainable path to Africa’s economic transformation,” he stated [Investment Times Online].