Tony Elumelu's Foundation Empowers 27,000 Entrepreneurs

Tony Elumelu's Africapitalism philosophy emphasizes the importance of African involvement in creating the continent's economic prosperity. The Tony Elumelu Foundation (TEF) has implemented an entrepreneurship program since 2015, empowering over 27,000 entrepreneurs across 54 African countries.

TEF has provided more than $100 million in seed capital and facilitated business-management training for over 2.5 million Africans through TEFConnect. The program has generated over $4.2 billion in revenue and created more than 1.5 million jobs.

In 2026, TEF received over 265,000 applications, selecting 3,200 beneficiaries, with 51% being women. The foundation, supported by Tony Elumelu and his wife Awele, has partnered with various development institutions to enhance its impact.

TEF's initiatives have lifted 2.1 million Africans above the poverty line and positively affected over four million households.