Since its founding in 2014, the Tony Elumelu Foundation (TEF), the premier philanthropy supporting African entrepreneurs, has empowered over 20,000 beneficiaries, who have created 400,000 jobs and brought in more than $2.5 billion in income.
- Tony Elumelu, the chairman of UBA Plc and founder of TEF, expressed his satisfaction with the program’s impact during the announcement ceremony of African entrepreneurs from 54 African countries as beneficiaries of its flagship Entrepreneurship Programme. He added that the program’s main goals are to eradicate poverty and promote prosperity.
Elumelu declared that in order to increase the program’s influence, the TEF will work to form an international alliance for African business owners.
Renowned accounting firm Ernst & Young conducted a selection procedure from among over 100,000 applicants to identify the 1,104 awardees who will each get a $5,000 grant that is non-refundable.
“We believe in spreading luck, we believe in democratising luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them, and helping them to start their businesses. This is why we have done this.” Elumelu, who was using the occasion to celebrate his birthday, stated.
“To date, over 20,000 young men and women from across Africa have received over $100 million in support of their program. We are happy to see our young ones progressing. We are happy that what we started alone as the Tony Elumelu Foundation will have been able to identify and partner with other global institutions.
“So, today is a day of impact, a day of gratitude, and most importantly, a day of reflection for me because God has been kind in so many ways. My family and I do what we do, not from the abundance of wealth, but just a realisation that poverty anywhere is a threat to us everywhere and that we cannot live alone in prosperity.
“So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we are able to impact the next generation.”
Highlighting the impact of the programme, Elumelu stated that “we track how the beneficiaries are succeeding and how they are impacting humanity, society, and their communities. They have generated over $1.2 billion in revenue in their businesses. All have not succeeded, but we did tell ourselves from the onset that it is not about 100 per cent success.
“Even if 40, 50 per cent of our beneficiaries succeed, let us through them help to eradicate poverty, but more importantly, show others, because we are trying to crowd in others into this space of entrepreneurship, we’re trying to encourage other successful Africans and global institutions and citizens that in the 21st century, there is a better way to develop Africa than just aid.”
Addressing the 1,104 beneficiaries of the 2024 programme, Co-Founder of TEF, Dr Awele Elumelu, said, “To today’s 10th cohorts, I want to say as you embark on the next phase of your journey, know that you’re part of a network of entrepreneurs, a big network of entrepreneurs, and I want to say that you have all our support here- all of us here, we’re to support you, to cheer you, to celebrate you, to pray for you, as the chairman has very nicely said. But to those who were not selected, let me also assure you that your journey is far from over.”
