Nigerian President praises Tony Elumelu on 63rd birthday as TEF lifts 2.1 million Africans out of poverty

As he marks his 63rd birthday on March 22, Nigerian President Bola Tinubu has publicly celebrated billionaire businessman, economist, banker, and philanthropist Tony Elumelu, recognizing the profound impact of his work across Africa.

Elumelu, the chairman of Heirs Holdings, United Bank for Africa, and Transcorp, and the founder of the Tony Elumelu Foundation (TEF), has become a defining figure in African enterprise, credited with lifting 2.1 million Africans above the poverty line and positively affecting more than 4 million households.

President Tinubu praises Elumelu’s Africapitalism vision

In a statement honoring Elumelu, President Tinubu described him as an African business icon and a tireless advocate for Nigerian and African entrepreneurship. He lauded Elumelu’s resilience, the standard of excellence that permeates his businesses, and his steadfast commitment to Africapitalism, a philosophy placing private enterprise at the center of Africa’s economic and social development.

Highlighting TEF’s flagship initiatives, the President noted the foundation’s training of 2.5 million young Africans across all 54 African countries, and its empowerment of more than 24,000 entrepreneurs with $5,000 each in non-refundable seed capital, a program designed to transform business ideas into tangible enterprises.

TEF drives $4.2 billion, 1.5 million jobs Africa-wide

Since its launch in 2010, the Tony Elumelu Foundation has generated $4.2 billion in revenue and helped create more than 1.5 million jobs across the continent. TEF’s model, grounded in mentorship, funding, and connectivity, has established a blueprint for scalable entrepreneurship, demonstrating how targeted support can drive sustainable economic growth.

The foundation has prioritized inclusivity, with 46 percent of supported entrepreneurs being women, and forged collaborations with major global partners including the European Union, United Nations Development Programme, the African Development Bank, Google, UNICEF, the IKEA Foundation, and the UAE’s Khalifa Bin Zayed Al Nahyan Foundation. These partnerships extend TEF’s reach into fragile states and initiatives aimed at female empowerment.

Country-specific data further illustrate the foundation’s economic footprint. Nigeria leads with $182.96 million in annual revenue, 488,242 jobs, and 9,229 beneficiaries. Kenya follows with $22.57 million in revenue, 51,931 jobs, and 1,292 beneficiaries. Other notable contributions include Uganda ($28.66 million, 97,335 jobs), Mali ($90.36 million, 255,396 jobs), and Ghana ($10.13 million, 27,894 jobs). Across all 54 countries, TEF-backed entrepreneurs have been able to meaningfully contribute to local economies, strengthening livelihoods and creating measurable impact in communities.

TEF 2026 Cohort: 3,200 entrepreneurs and $16 million funding

Tony Elumelu’s birthday coincides with the next milestone in TEF’s ongoing effort to support African entrepreneurship. On March 22 at 2 p.m., at the Transcorp Hilton Abuja, 3,200 entrepreneurs will be formally inducted into the 2026 TEF cohort. Each will receive $5,000 in non-refundable seed funding upon completing training and presenting approved business plans. This year’s disbursement totals nearly $16 million, following a 2025 cohort that supported 3,000 entrepreneurs with roughly $15 million in grants.

Funding for the 2026 cohort comes from a mix of private capital and institutional partnerships, including 1,750 entrepreneurs supported by Heirs Holdings companies, such as Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital. Another 1,050 beneficiaries are backed 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 are funded through collaborations with the Sèmè City Development Agency, DEG, the IKEA Foundation, UNICEF’s Generation Unlimited, the Dutch Government, the United Nations Development Programme, and Rwanda’s Ministry of Youth and Arts.