The announcement was made in Abuja by the Foundation’s founder, Mr Tony Elumelu, during the unveiling of the newest cohort of the TEF Entrepreneurship Programme.

Each selected entrepreneur will receive a $5,000 non-refundable seed grant to either start or grow their business.

This initiative is part of TEF’s broader mission to boost entrepreneurship and economic development across the African continent.

Mr. Elumelu, who also chairs Heirs Holdings, Transcorp, and United Bank for Africa (UBA), emphasized the Foundation’s commitment to empowering Africa’s youth through funding, training, and mentorship.

“Our goal is to build a strong and self-reliant Africa led by the energy and innovation of young entrepreneurs,” he said.

“We know that access to capital is just one piece of the puzzle. That’s why we also provide business training and mentorship to help these entrepreneurs succeed.”

The TEF Entrepreneurship Programme began in 2015 to support 10,000 entrepreneurs over 10 years.

Since then, the Foundation has exceeded expectations. According to Mr. Elumelu, this year also marks the 15th anniversary of the Foundation’s work across all 54 African countries.

“In today’s world, Africa does not need aid—it needs investments in its people, especially the youth,” he said.

TEF Chief Executive Officer, Somachi Chris-Asoluka, also shared the programme’s impact over the years.

She revealed that the Foundation has disbursed over $100 million to more than 21,000 entrepreneurs across the continent.

These businesses have created over 1.5 million jobs and generated $4.5 billion in revenue.

“Our entrepreneurs are proof that African ideas have the power to drive growth and transformation,” she said.

“For this year alone, we received more than 200,000 applications. From this pool, 3,000 entrepreneurs were selected to receive the $5,000 seed grant. This grant is not a loan and does not require equity.”