Tony Elumelu Foundation to disburse nearly $16 million to 3,199 entrepreneurs in 2026 cohort

The Tony Elumelu Foundation will, on March 22, 2026, at 2 p.m. WAT, unveil 3,199 young African entrepreneurs selected for its 2026 Entrepreneurship Programmes, a cohort set to receive nearly $16 million in non-refundable seed capital.

Hosted virtually by Founder Tony O. Elumelu, CFR, alongside Co-Founder Awele V. Elumelu, OFR, the announcement represents one of the Foundation’s largest single-year funding commitments since inception.

Each of the 3,199 entrepreneurs will receive $5,000 in non-refundable seed funding, following completion of the Foundation’s business training programme and approval of their business plans, translating to a total capital deployment of approximately $15.995 million in 2026 alone.

Building on a record 2025 cohort
The 2026 rollout builds on the Foundation’s 2025 milestone, when 3,000 entrepreneurs across Africa received the same $5,000 non-refundable seed capital, representing about $15 million in grant funding. 

The year-on-year increase signals a steady expansion of TEF’s financial commitment and partner-backed scale.

Backed by corporate and global partners
Of the 2026 cohort, 1,750 entrepreneurs are funded by Heirs Holdings Group companies, Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital, underscoring the group’s expanding role in private-sector development.

Another 1,049 entrepreneurs are supported in partnership with the European Commission, the Organisation of African, Caribbean and Pacific States, Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), and Deutsche Gesellschaft für Internationale Zusammenarbeit.

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

Catalyzing inclusive growth
In an increasingly volatile global environment, the Foundation’s model, combining seed capital, mentorship, training and business support, continues to position entrepreneurship as a critical engine for job creation, poverty alleviation and inclusive economic growth across Africa.

With nearly $31 million deployed across the 2025 and 2026 cohorts combined, the Foundation has disbursed over $100 million in direct seed capital to more than 24,000 African entrepreneurs across all 54 African countries, reinforcing its long-term strategy of scaling impact through sustained capital commitment and global partnerships.