By Mariama Bundu
The Tony Elumelu Foundation (TEF) has unveiled 1,951 entrepreneurs for its 2026 Entrepreneurship Programme, reaffirming its commitment to empowering young Africans and strengthening entrepreneurship across the continent.
Delivering her address at the official announcement, the Chief Executive Officer of the Foundation, Somachi Chris-Asoluka, described the event as “not just an announcement, but an affirmation” of Africa’s entrepreneurial drive and resilience.
“It is an honour to welcome our friends, partners, and supporters watching across various platforms. Today is not just about announcing; today is an affirmation,” she said.
According to her, tens of thousands of applications were received from across Africa, representing individuals who have chosen to create opportunities rather than wait. She noted that the Foundation continues to celebrate African entrepreneurship, resilience, hard work, capacity, and immense talent.
Since launching its flagship programme in 2015, TEF has disbursed over $100 million to more than 24,000 young men and women across all 54 African countries. These entrepreneurs, she revealed, have collectively generated 1.5 million jobs, created $4.2 billion in revenue, lifted 2.1 million Africans above the poverty line, and positively impacted 4.1 million households.
“At the Tony Elumelu Foundation, we have seen ideas become enterprises. We have seen entrepreneurs become employers. We have seen founders become leaders driving innovation and prosperity across different communities,” Chris-Asoluka stated.
As part of the unveiling, six of TEF’s top-performing alumni from the Democratic Republic of Congo, South Africa, Kenya, Algeria, Mali, and Nigeria, were presented to share their success stories and demonstrate how funding, training, mentorship, and coaching from the Foundation have helped build sustainable businesses.
She emphasized that entrepreneurship remains a challenging journey and highlighted the critical role of mentorship in guiding entrepreneurs to success.
“We all know that entrepreneurship is a lonely journey. Entrepreneurs need mentors who have walked the path and can nurture, counsel, and guide them,” she added, noting that experienced mentors continue to support participants through the programme.
Chris Asoluka further announced that the Foundation will support a total of 3,200 entrepreneurs in 2026 with funding amounting to $16 million. The first cohort of 1,951 entrepreneurs has been unveiled through partnerships with organisations including Heirs Energies, Transcorp Hilton (host of the event), Transcorp Power, United Capital, DEG (German Development Finance Institution.
She disclosed that additional cohorts will be unveiled throughout the year. In May, 100 entrepreneurs will be announced in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited, and the Dutch Government. Another 100 entrepreneurs will be unveiled in August in collaboration with the United Nations Development Programme (UNDP) and Rwanda’s Ministry of Youth and Arts.
In November The final cohort of 1,049 entrepreneurs will be supported by the European Union, OACPS, DMZ, and GIZ, bringing the total number of beneficiaries for 2026 to 3,200.
Highlighting the rigorous and transparent selection process, the Foundation explained that applications went through multiple stages, including structural assessment, blind scoring, multiple independent reviews, audit and quality assurance, and expert evaluation.
Out of over 265,529 applications received, 112,202 applicants passed the initial eligibility screening stage. This number was reduced to 605,30 during the basic business assessment stage and further narrowed to 26,600 after expert review. Following due diligence and quality assurance, 5,000 applicants progressed to the final stage, where 1,951 entrepreneurs were selected, representing all 54 African countries.
The 2026 cohort reflects strong gender inclusion, comprising 51 percent female and 49 percent male entrepreneurs.
Chris-Asoluka also announced that March 22, the birthday of the Foundation’s founder, Dr. Tony O. Elumelu, CFR, has been dedicated as the Day of African Entrepreneurship, in recognition of his vision to transform Africa through entrepreneurship. The Foundation is co-founded by Dr. Awele V. Elumelu, OFR.
She concluded by expressing gratitude to God, partners, and stakeholders for their continued support in advancing the Foundation’s mission.
The Tony Elumelu Foundation remains one of Africa’s leading philanthropic organisations, committed to identifying and empowering entrepreneurs with the potential to transform economies, create jobs, and drive sustainable development across the continent.
