Tony Elumelu says “the job is not done” as the Tony Elumelu Foundation marks 15 years, reporting $120m deployed to 24,633 African entrepreneurs
Tony Elumelu: ‘The Job Is Not Done’ as TEF Marks 15 Years
By Lukman OMIKUNLE
Tony Elumelu, founder of the Tony Elumelu Foundation (TEF), has said “the job is not done” as the foundation marked 15 years of supporting entrepreneurs across Africa, reporting more than $120 million deployed to 24,633 entrepreneurs in all 54 African countries.
According to TEF’s 15-Year Impact Report, businesses supported through the foundation’s programmes have created 1.5 million jobs and generated $4.2 billion in revenue.
Reflecting on the journey, Elumelu said the foundation was built around a vision of giving young Africans with viable business ideas access to capital and support needed to turn those ideas into sustainable enterprises.
“Fifteen years ago my wife and I had a vision, and we laid down a challenge: that a young African with an idea does not need charity, they need capital, and someone willing to believe in them,” Elumelu shared.
The foundation launched its flagship entrepreneurship programme in 2015, initially setting a target of supporting 10,000 entrepreneurs over 10 years with $100 million in funding.
The programme combines seed capital with training, mentoring and access to a pan-African business network, with the foundation positioning entrepreneurship as a tool for addressing economic challenges and expanding opportunities for young Africans.
Elumelu said the results recorded so far demonstrated the potential of entrepreneurship to contribute to wider economic transformation across the continent.
“Today, that challenge has been met,” the entrepreneur said, while stressing that “the job is not done” as the foundation looks to expand its reach and impact.
The impact figures contained in the report represent aggregate outcomes attributed to businesses supported through TEF programmes.
The foundation has consistently focused on one of the major challenges confronting African startups and small businesses: access to early-stage capital. Through its entrepreneurship programme, it has sought to combine funding with business development support and connections designed to help entrepreneurs build and grow their enterprises.
Elumelu founded the Tony Elumelu Foundation in 2010 as part of his broader commitment to African entrepreneurship and his philosophy of “Africapitalism”, which promotes private-sector investment as a driver of economic and social development.
Beyond TEF, Elumelu is the founder and chairman of Heirs Holdings and chairman of Transcorp Group, and has built a profile as an investor and advocate of private-sector-led development across Africa.
Looking ahead, Elumelu said the foundation remained focused on expanding its work.
“As we look forward, the job is not done. We are excited and driven to scale further,” the entrepreneur said.
