Elumelu foundation unveils 2025 cohort of entrepreneurs Saturday
Abdullateef Fowewe
The Tony Elumelu Foundation (TEF), Africa’s foremost champion of entrepreneurship, will announce its 2025 cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.
This marks the 11th edition of the initiative, which has empowered over 21,000 entrepreneurs across all 54 African countries since its inception in 2015.
The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.
Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over two million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.
Selected entrepreneurs in this upcoming one according to a statement made available for Dailyeconomy on Friday, will receive $5,000 in non-refundable seed capital, business training via TEFConnect, one-on-one mentorship, and access to global networks.
The programme aims to address funding gaps and foster sustainable businesses that tackle economic challenges.
Over the past decade, TEF has lifted more than 2 million Africans out of poverty, created 1.5 million jobs, and generated $4.2 billion in revenue.
The statement reads partly, “TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.
“Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.
“The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.”
However, ahead of the upcoming announcement, Elumelu reiterated his unwavering belief in the potential of Africa’s entrepreneurs noting, “I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.
“Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.
“No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities.
“Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”
Reacting to the opportunity, a beneficiary of the scheme, an Agritech Entrepreneur, Fatima Diallo, from Senegal, noted, “I started my agribusiness with nothing but an idea.
“TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”
“As a woman in the fintech industry, it was difficult to secure funding.
“TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors,” a Nigeria beneficiary who is the Fintech Founder, Mary Okeke remarked.
However, the Foundation’s impact underscores its commitment to Africapitalism, positioning entrepreneurs as drivers of Africa’s development.
