Tony Elumelu Foundation to announce 2025 cohort of entrepreneurship programme March 22

The Tony Elumelu Foundation (TEF) says it will announce the 11th cohort of its entrepreneurship programme on March 22.

In a statement on Friday, the foundation said the announcement comes at a crucial time as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds.

According to the statement, each selected Tony Elumelu entrepreneur will receive a $5,000 non-refundable seed capital, world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities.

“The selection process is being conducted by Ernst & Young, to ensure independent assessment,” the statement read.

“TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

“The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF entrepreneurship programme.”

Speaking ahead of the announcement, Tony Elumelu, founder of TEF and group chairman of Heirs Holdings, reaffirmed his belief in Africa’s entrepreneurial potential.

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth,” Elumelu said.

“Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

“No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity.”

The businessman expressed his best wishes to the 2025 cohort of Tony Elumelu entrepreneurs, encouraging them to pursue their ambitions and contribute to Africa’s transformation.