Elumelu Foundation Launches 12th Entrepreneurship Cohort

The Elumelu Foundation is set to unveil its 12th entrepreneurship cohort on Sunday, March 22, 2026. This announcement follows a record surge of 265,000 applications from entrepreneurs across 54 African countries, indicating a growing interest in business development opportunities, particularly in sectors like artificial intelligence, agriculture, and the green economy.

The foundation will provide a total of $16 million in seed funding to support 3,200 selected entrepreneurs, each expected to receive $5,000 in non-refundable capital, business training, and mentorship. The program is implemented in partnership with Heir Holdings, the European Commission, the IKEA Foundation, UNICEF, and the United Nations Development Programme.

The selection process will undergo an independent audit by Ernst & Young to ensure transparency. Since its inception, the foundation has supported a network of 24,000 entrepreneurs across Africa, generating $4.2 billion in revenue and creating 1.5 million jobs.

Founder Toni Elumelu emphasized the critical role of supporting entrepreneurs in driving economic growth.