Tony Elumelu Invests $100M in African Startups Initiative

Tony Elumelu, the chairman of United Bank for Africa (UBA) Plc and a prominent African investor and philanthropist, has deployed $100 million in seed capital to support African startups. This announcement was made during a meeting with French President Emmanuel Macron, as part of the Africa-France Impact Coalition in Paris.

The Tony Elumelu Foundation (TEF), founded in 2010, has become one of the largest philanthropic initiatives supporting startups across the African continent, empowering thousands of young entrepreneurs through capital, mentorship, and training. Elumelu emphasized that Africa's youth population is its greatest resource and called for stronger partnerships between Africa's private sector and global leaders to unlock the potential of young Africans.

The TEF Entrepreneurship Program aims to provide funding and business support to an additional 3,200 young African entrepreneurs by March 22. Elumelu referenced Macron's visit to Nigeria in 2018, highlighting the importance of global partnerships in expanding opportunities for Africa's next generation of innovators.