Elumelu: TEF Entrepreneurs Have Generated $1.2bn in Revenue, Created 400,000 Jobs

Kayode Tokede

The Founder of Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, yesterday disclosed that the beneficiaries of the TEF $5,000 non-refundable entrepreneurship seed capital have generated over $1.2 billion in revenue and were responsible for the creation of over 400,000 jobs across Africa since inception.  

Elumelu, who was celebrating his 61^st birthday in Lagos, announced additional 1,200 entrepreneurs who have qualified for the 2024 sum of $5,000 non-refundable entrepreneurship seed capital grant.

The new beneficiaries became the 10th cohort of the 10-year-long TEF Entrepreneurship Programme.

“Today, I am plus one and for my family and I, there is no better way of celebrating my birthday than announcing the selection of 2024 TEF beneficiaries.

“Today, an additional 1, 200 entrepreneurs who are young men and women from 54 African countries will each receive a non-refundable $5,000.

“We believe in democratising luck and spreading prosperity. And we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses.

“This is why we have done this. We are happy with the results we are seeing today,” he said to entrepreneurs who came across the continent.

Elumelu, who is also the Chairman of United Bank for Africa Plc, (UBA) added that the Foundation extends its vision beyond individual empowerment, as he disclosed plans to form a Grand Coalition for African Entrepreneurs. According to him, this Coalition aims to harness the collective strength of entrepreneurs, investors, and policymakers from around the world to drive sustainable development and economic growth.

He stressed that the objective was to empower women and men across Africa in order to catalyse economic growth, driving poverty eradication, and also ensuring job creation.

In his words, “We are trying to imbibe the spirit of entrepreneurship in the society and encourage other stakeholders that there is a better way to eradicate poverty in Africa than just aid.

“It is also a way of telling the world that our young entrepreneurs need support, mentorship and financial capital so that collectively, all of us can help Africa in a manner that is truly sustainable in the 24th century,” he added.

“The new beneficiaries will become the 10th cohort of the 10-year-long TEF Entrepreneurship Programme. With over 20,000 entrepreneurs across 54 African countries having received support totalling over $100 million over the past decade, the impact of the initiative reverberates across the continent.  The applicants were subjected to scrutiny based on criteria like visibility, market opportunity, financial standing, scalability, and leadership skills,” Elumelu said.

Co-founder, TEF, Dr. Awele, Elumelu who expressed delight at the success of the programme given its impact and vast spread noted that, “From the beginning, we have had a clear vision and we are happy that as we announce the 10th Cohort, we can say that we have had a decade of impact and fulfilled promise.”

Speaking earlier, Mr. Damilola Aloba from Ernest & Young, an auditing firm that participated in the selection progress stated the foundation received 1,485 applicants from Nigeria, 240 from Benin Republic and 825 from the Rest of Africa.

He noted that applicants went through a rigorous progress, where some criteria were set before final selecting the entrepreneurs.