The Tony Elumelu Foundation (TEF) has unveiled and awarded a $16 million grant to support 3,200 young entrepreneurs across 54 African countries.
TEF Founder, Tony Elumelu, who also commended the current enabling business environment in Nigeria, unveiled the final list of beneficiaries during the unveiling of the 2026 cohort of the foundation’s Entrepreneurship Programme in Abuja on Sunday, attended by Nairametrics.
Each beneficiary will receive a $5,000 non-refundable seed grant to translate their ideas into execution.
Elumelu, who also serves as Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), congratulated the 3,200 beneficiaries, urging them to note that “to whom much is given, much is expected.”
According to him, spreading prosperity remains the core mandate of the foundation and its partners.
He maintained that spreading prosperity remains the collective job of relevant stakeholders and authorities in Africa, adding that it will amount to the “greatest betrayal of the youths of Africa” if jobs are not created.
Earlier, highlights of the selection process were disclosed to the audience at the event.
At Stage One, bordering on eligibility and screening, 265,529 applications were received, while 112,202 were shortlisted.
The other selection stages were Basic Business Assessment (Stage Two), Expert Review (Stage Three), Due Diligence and Quality Assurance (Stage Four), and Final Selection (Stage Five).
Speaking earlier at the event, CEO of the Tony Elumelu Foundation, Somachi Chris-Asoluka, said the programme is aimed at celebrating the African entrepreneurial spirit, as embodied in the vision of TEF founder, Tony Elumelu.
Highlighting the spread of the grant, she said that in 2026, the Foundation will empower a total of 3,200 entrepreneurs across all its entrepreneurship programmes:
Representatives from the European Union and UNICEF acknowledged the impact of TEF and committed their respective institutions to the development of African entrepreneurs and the discouragement of foreign aid reliance by Africa.
Elumelu has consistently advocated a private sector–driven approach to Africa’s development through his economic philosophy known as “Africapitalism.”
Elumelu also referenced Emmanuel Macron’s visit to Nigeria in 2018, when the French leader addressed more than 2,000 African entrepreneurs.
He noted that such engagements demonstrate the importance of global partnerships in expanding opportunities for Africa’s next generation of innovators.