Tony and Awele Elumelu named on TIME100 Philanthropy list as TEF lifts 2.1 million Africans out of poverty

When Nigerian billionaire Tony Elumelu and his wife, Dr. Awele Elumelu were named on the TIME100 Philanthropy list, the recognition placed them in a global cohort that includes Pony Ma, Charles Schwab and Helen Schwab, Mackenzie Scott, Rihanna and Lionel Messi. For the couple, the acknowledgment reflects more than visibility on an international list; it underscores a sustained push, through the Tony Elumelu Foundation, to structure philanthropy around entrepreneurship, funding access, and long-term economic participation across Africa.

At the center of the work is the Tony Elumelu Foundation (TEF), established in 2010 with a mandate to support young African entrepreneurs through training, mentorship and seed capital. The foundation was shaped by a $100 million commitment announced in 2015 to support African entrepreneurs, with a goal of 1,000 recipients annually over a decade. What followed, according to the foundation’s account, was a surge in demand that quickly outpaced expectations, with hundreds of thousands of applications recorded by the third year. The foundation’s model expanded beyond its initial design, eventually providing a $5,000 seed grant to each supported entrepreneur, reaching more than 27,000 entrepreneurs over time.

TEF-supported ventures lift 2.1 million Africans out of poverty

Speaking on the recognition, Tony Elumelu said he was “honoured to be named alongside” his wife on the TIME100 Philanthropy list, describing the acknowledgment as tied to the foundation’s “transformative work” across the continent. Elumelu, who chairs Heirs Holdings, United Bank for Africa (UBA), and Transcorp Group, has consistently argued that philanthropy should be treated as a tool for economic development rather than charity alone, a position that continues to define TEF’s operating philosophy.

That philosophy is reflected in outcomes the foundation has tracked over time. TEF reports that its initiatives have helped lift 2.1 million Africans above the poverty line and positively affected more than 4 million households. Its alumni network has gone on to establish businesses across sectors including agriculture, technology, and entertainment, with cumulative revenue estimated at $4.2 billion. The foundation also reports that these ventures have generated more than 1.5 million jobs across the continent, underscoring its emphasis on enterprise-led growth as a response to unemployment pressures.

The scale of participation has also expanded. The TEF 2026 cohort is more than triple the size of its initial group of 1,000 entrepreneurs, and more than half of the selected participants are women, compared with roughly a fifth in the early years. As demand continues to exceed available slots, the foundation has broadened access through free digital training platforms, which have now reached over 2.5 million people, extending its footprint beyond direct beneficiaries into wider entrepreneurial learning.

Multilateral partnerships drive TEF model

TEF’s operational model has been shaped by partnerships with multilateral and private institutions, including the United Nations Development Programme, the European Commission, French and German development agencies, Google.org, and the IKEA Foundation. These partnerships have supported efforts to extend into fragile states and to deepen inclusion, particularly for women entrepreneurs, who represent 46 percent of supported participants. The collaboration spans capacity building, funding support, and digital access initiatives across African markets for entrepreneurs across early-stage and growth enterprises on the continent.

The foundation’s country-level data illustrates its spread across African markets. In Nigeria, TEF-supported entrepreneurs have generated $182.96 million in annual revenue, created 488,242 jobs, and supported 9,229 beneficiaries. In Kenya, reported figures show $22.57 million in revenue, 51,931 jobs, and 1,292 beneficiaries. Uganda records $28.66 million in revenue and 97,335 jobs, while Mali reports $90.36 million in revenue and 255,396 jobs. Ghana contributes $10.13 million in revenue and 27,894 jobs. Across all 54 countries where the foundation operates, TEF-backed businesses are credited with contributing to local economies in measurable ways, particularly through job creation and small business expansion.

For Tony Elumelu, the broader argument has remained consistent over the years. He has frequently criticized Africa’s dependence on external aid and has instead advocated for models that build internal capacity and economic self-reliance. As he put it, the goal is to intervene “in a manner that prepares us to take care and look after ourselves with dignity.” The recognition, therefore, situates Tony and Awele within a wider global conversation on structured giving and measurable impact. Yet within that framing, the focus of TEF remains rooted in a practical outcome: expanding access to opportunity for African entrepreneurs, and building systems that turn funding, mentorship, and training into sustained economic activity across the continent.