Tony Elumelu Foundation Selects First 1,000 African Entrepreneurs To Receive $5,000 Grant


The Tony Elumelu Foundation (TEF) has announced the selection of the first 1,000 African entrepreneurs for the Tony Elumelu Entrepreneurship Programme (TEEP).

TEEP is a multi-year programme of training, funding, and mentoring, designed to empower the next generation of African entrepreneurs. The programme will identify and help grow 10,000 start-ups and young businesses from across Africa over the next 10 years. These businesses will in turn create 1,000,000 new jobs and contribute $10 billion in annual revenues to Africa’s economy.

In January, The Tony Elumelu Foundation (TEF), official launched the programme by inviting entrepreneurs from across Africa to apply for the programme. According to a press release issued by TEF on Monday, more than 20,000 entrepreneurs from 52 African countries applied to the programme.

The winners were drawn from various industries ranging from agriculture and education to fashion and ICT. All five African regions – North, East, Southern, Central and West Africa are represented, as well as all major language blocs  – Anglophone, Francophone, Lusophone, and Arabic Africa. Nigeria, Kenya, Uganda, South Africa and Ghana had the highest number of winners.


Nigerian multi-millionaire banker Tony Elumelu, the founder and financier of the Foundation, said he was satisfied with the outcome of the selection process.

“The selection of these 1000 entrepreneurs brings us closer to our ultimate goal – to drive Africa’s economic and social transformation from within and to radically intensify job creation in Africa. Though I have never met or spoken to any of the winners, I am confident that due to the rigorous criteria and selection process, these entrepreneurs are Africa’s hope for the future. I will continue to invest my experience, time, influence, and resources to see them succeed. I am embarking on this journey with these entrepreneurs hopeful and inspired,” Elumelu said.

Accenture was contracted as the independent review consultant for the programme and they evaluated every application based on selection criteria drawn out by the TEEP Selection Committee.

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