Prominent African investor and philanthropist, Tony O. Elumelu
By Amin Kef (Ranger)
Prominent African investor and philanthropist, Tony O. Elumelu, has used his 2026 annual letter to highlight the growing impact of entrepreneurship across Africa, announcing fresh opportunities for 3,200 young entrepreneurs under the Tony Elumelu Foundation (TEF) Entrepreneurship Programme.
In the letter released on March 22, 2026, to coincide with his birthday, Elumelu reflected on what he described as a “story of hope,” emphasizing that opportunity, when deliberately created, can transform lives and economies across the continent.
“For a long time, I believed luck was something that simply happened to you. Then I came to understand that luck can be engineered, opportunity can be democratised, and hope is not just a feeling—it is a system we can build,” he stated.
Elumelu noted that the vision began in 2010 when he and his wife committed to empowering African entrepreneurs through the Tony Elumelu Foundation, with a long-term goal of driving economic transformation through private sector leadership.
According to him, Africa’s greatest resource is not its minerals but its people, stressing that entrepreneurship remains the most viable pathway to unlocking the continent’s vast potential.
Providing an update on the programme’s impact, Elumelu disclosed that the Foundation has disbursed over $100 million in seed capital to more than 24,000 entrepreneurs across Africa. He further revealed that about 80 percent of beneficiaries have successfully scaled their businesses beyond the early stages—far exceeding global survival rates for startups.
The initiative has yielded significant socio-economic outcomes, including impacting over four million households, lifting approximately 2.1 million Africans out of poverty, generating $4.2 billion in revenue, and creating about 1.5 million jobs across the continent.
Industry observers note that the TEF model, anchored on what Elumelu describes as “Africapitalism,” continues to reshape Africa’s development narrative by shifting focus from aid dependency to private sector-driven growth.
“This is Africapitalism in action—the belief that Africa’s private sector, especially its entrepreneurs, must drive the continent’s economic and social transformation,” Elumelu emphasized.
He also announced the unveiling of the 12th cohort of the TEF Entrepreneurship Programme at the Transcorp Hilton in Abuja, where 3,200 entrepreneurs drawn from all 54 African countries will receive funding, mentorship, and access to the TEFConnect digital platform.
A notable highlight of this year’s cohort is the strong representation of women, who make up 51 percent of selected participants. Elumelu clarified that the selection was merit-based, underscoring the growing influence and competitiveness of women-led enterprises across Africa.
“As we celebrate Women’s Month, this sends a powerful message: when opportunity is accessible, African women do not simply participate—they lead,” he stated.
Elumelu further expressed appreciation to partners, mentors, and stakeholders who have supported the Foundation’s mission over the years, noting that their contributions continue to strengthen efforts toward building a self-sustaining Africa.
Encouraging the newly selected entrepreneurs, he urged them to seize the opportunity, describing them as resilient individuals chosen not for ease of journey but for their perseverance.
The Tony Elumelu Foundation Entrepreneurship Programme remains one of Africa’s largest privately funded initiatives dedicated to empowering entrepreneurs, with its continued expansion signaling renewed hope for inclusive growth and economic transformation across the continent.
