$4.2 billion in African revenue linked to Tony Elumelu Foundation, CEO Somachi Chris-Asoluka says

At a virtual media parley held on Zoom on March 21, Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, did not reach for grand language to describe impact. She kept it direct. The $4.2 billion in cumulative revenue generated by businesses backed by the Tony Elumelu Foundation (TEF), she said, would not have happened without the more than $100 million in non-returnable seed capital committed by its founder, Tony Elumelu.

The session brought together journalists and media executives from across Africa ahead of the foundation’s 2026 selection announcement. The conversation stayed close to the numbers, but the implications were broader. Over 15 years, the foundation has funded more than 24,000 startups across the continent. Those businesses, according to the foundation, have gone on to generate over $4.2 billion in revenue, create more than 1.5 million direct and indirect jobs, and lift over 2 million people out of poverty.

TEF outperforms Africa startup averages

Chris-Asoluka pointed to scale as a defining feature of the program. Since its launch in 2010, African entrepreneurs have received business training through the TEFConnect digital platform. The reach extends beyond capital. It includes training, mentorship and access to networks that many early-stage founders lack. Women account for 46 percent of the entrepreneurs supported, a figure she suggested could shift further as participation evolves.

The data, she noted, has been tested against external benchmarks. A third-party assessment shows that 77.4 percent of TEF-backed entrepreneurs remain engaged in economic activity five years after receiving funding. That stands in contrast to broader African estimates, where roughly 10 percent of startups reach the five-year mark. For the foundation, success is measured in sustained participation in the economy.

The next phase of that effort will be formalized on March 22 at the Transcorp Hilton Abuja, where 3,200 entrepreneurs will be named for the 2026 cohort. Each will receive $5,000 in non-refundable seed funding after completing training and presenting an approved business plan. The disbursement will amount to nearly $16 million this year, following a similar program in 2025 that supported 3,000 entrepreneurs with about $15 million in grants.

Structured funding boosts long-term enterprise growth

Funding for the 2026 cohort reflects a mix of private capital and institutional partnerships. Of the selected entrepreneurs, 1,750 are backed by companies within Heirs Holdings Group, including Heirs Energies, Transcorp Power, Transcorp Hotels and United Capital. Another 1,050 are supported through partnerships with the European Commission, the Organisation of African, Caribbean and Pacific States, Germany’s Federal Ministry for Economic Cooperation and Development and Deutsche Gesellschaft für Internationale Zusammenarbeit.

Additional groups of 100 entrepreneurs each are funded through collaborations with the Sèmè City Development Agency, DEG, the IKEA Foundation, UNICEF’s Generation Unlimited, the Dutch Government and the United Nations Development Programme alongside Rwanda’s Ministry of Youth and Arts. 

Chris-Asoluka did not frame the foundation’s work as charity. Her remarks returned to the same point: capital, when placed early and paired with structure, changes outcomes. The $4.2 billion in revenue is one measure. The more enduring signal, she suggested, is the number of businesses still operating years after their first funding and the growing share of women stepping forward to build them.