Tony Elumelu Foundation Launches 12th Entrepreneurship Cohort

The Tony Elumelu Foundation (TEF) is set to unveil its 12th Entrepreneurship Cohort on March 22, marking a significant milestone in its efforts to empower African entrepreneurs. This announcement follows a record-breaking 265,000 applications received from 54 African countries, indicating a growing interest in entrepreneurship and innovation across the continent.

The foundation's program will disburse a total of $16 million in seed capital to support 3,200 entrepreneurs. Selected entrepreneurs will receive $5,000 in non-refundable seed funding, access to business training, and mentorship through the TEFConnect platform.

The selection process will undergo an independent audit by Ernst & Young to ensure transparency and credibility. The new cohort will join an alumni network of 24,000 entrepreneurs who collectively generated $4.2 billion in revenue and created 1.5 million jobs across Africa.

Founder Tony Elumelu emphasized that empowering African entrepreneurs is key to achieving sustainable economic growth on the continent.