The Tony Elumelu Foundation is set to officially unveil the 12th cohort of beneficiaries under its flagship Entrepreneurship Programme on Sunday, March 22, 2026.
According to the foundation, the announcement will be held virtually at 2:00 p.m. West African Time (WAT).
The foundation revealed that it received more than 265,000 applications from entrepreneurs spanning all 54 African countries, marking one of the highest participation levels since the programme began.
This surge highlights the growing interest among young Africans in building sustainable businesses, especially in sectors such as:
Artificial Intelligence (AI)
Agriculture
Green Economy
$16 Million Funding for 3,200 Entrepreneurs
For the 2026 cycle, the foundation will provide a total of $16 million in seed funding to 3,200 selected entrepreneurs.
Each beneficiary will receive:
$5,000 non-refundable seed capital
Access to business training via TEFConnect
Mentorship support from experienced professionals
The programme aims to equip entrepreneurs with the tools needed to grow and scale their businesses across the continent.
Global Partnerships Driving the Programme
The initiative is being implemented in collaboration with several international partners, including:
Heirs Holdings
European Commission
IKEA Foundation
UNICEF
United Nations Development Programme
To ensure transparency, the selection process was independently audited by Ernst & Young.
Since its launch, the Tony Elumelu Foundation Entrepreneurship Programme has built a strong network of about 24,000 entrepreneurs across Africa.
Collectively, beneficiaries have:
Generated over $4.2 billion in revenue
Created approximately 1.5 million jobs
This impact underscores the programme’s role in driving economic growth and innovation across the continent.
Elumelu Emphasizes Role of Entrepreneurs
Founder of the foundation, Tony O. Elumelu, stressed that empowering entrepreneurs remains key to Africa’s long-term development.
He noted that supporting local business owners is one of the most sustainable ways to achieve economic independence across African nations.
Why This Matters
The growing number of applicants reflects a rising wave of entrepreneurship in Africa, as more young people turn to innovation and business creation as pathways to financial stability and economic transformation.