Tony Elumelu Foundation’s Decade Contribution of 400,000 Jobs
The Tony Elumelu Foundation (TEF), a prominent philanthropic organization dedicated to empowering African entrepreneurs, has achieved significant milestones since its establishment in 2014. With a focus on fostering entrepreneurship across the continent, the foundation has positively impacted over 20,000 beneficiaries, who collectively have generated 400,000 jobs and revenue exceeding $2.5 billion.
At the announcement ceremony for the beneficiaries of its flagship Entrepreneurship Programme, Tony Elumelu, the Founder and Chairman of UBA Plc, expressed satisfaction with the program’s impact. He emphasized that the foundation’s mission is centered on spreading prosperity and eradicating poverty in Africa.
In an effort to expand the reach and impact of the programme, Elumelu announced plans to establish a global coalition for African entrepreneurs. Recognizing the limitations in accepting a limited number of participants, the foundation aims to create a coalition that prioritizes supporting young Africans on a larger scale.
The TEF recently unveiled 1,104 beneficiaries for the 2024 edition of its annual entrepreneurship programme. Selected from over 100,000 applicants through a rigorous process conducted by Ernst & Young, each beneficiary will receive a non-refundable grant of $5,000.
Celebrating his birthday at the event, Elumelu reiterated the foundation’s commitment to empowering Africa’s youth and promoting prosperity across the continent. He reflected on the impact of the programme, highlighting the success stories of previous beneficiaries who have contributed to economic growth and societal development.
Dr. Awele Elumelu, Co-Founder of TEF, addressed the new cohort of beneficiaries, emphasizing their role as part of a larger network of entrepreneurs. She assured both selected and non-selected applicants of the foundation’s continued support and encouragement throughout their entrepreneurial journey.
