Tony Elumelu Foundation Selects 3,200 Entrepreneurs for 2026 Programme, Deploying $16 Million Across Africa
The Tony Elumelu Foundation has named 3,200 entrepreneurs from all 54 African countries as beneficiaries of its 2026 entrepreneurship programme, marking the 12th cycle of what has become the continent’s most expansive private-sector initiative targeting early-stage ventures.
The announcement, made at the Transcorp Hilton in Abuja on March 22, drew the 2026 class from a field of more than 265,000 applicants — a scale that underlines both the depth of entrepreneurial ambition across the continent and the persistent gap in accessible funding for early-stage founders.
$16 Million Committed Through Partner Network
The foundation will deploy $16 million through its 2026 programmes, channelled via a network of institutional and development partners. The largest share — 1,751 placements — comes through Heirs Holdings Group entities, including Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital. The European Commission, in partnership with OACPS, BMZ, and GIZ, is supporting an additional 1,049 entrepreneurs, while smaller cohorts are funded through Sèmè City Development Agency, DEG, IKEA Foundation, UNICEF’s Generation Unlimited, the Dutch Government, UNDP, and Rwanda’s Ministry of Youth and Arts.
Each selected entrepreneur will receive $5,000 in non-refundable seed capital, structured business training through TEFConnect — the foundation’s proprietary digital platform — individual mentorship, and access to investment networks.
The selection process was independently conducted by Ernst & Young.
Who Made the 2026 Cohort
The composition of this year’s cohort reflects deliberate programme design. Women account for 51% of selections, a majority that signals growing participation of female founders in formal entrepreneurship support structures. Three-quarters of those selected are between 18 and 35 years old, while 30% come from rural communities — an intentional expansion beyond the urban concentrations that typically dominate such programmes.
Notably, 91% of the 2026 entrepreneurs are at the idea or early stage, which positions the foundation firmly as a pre-seed enabler rather than a growth-stage investor. Sectors represented include agriculture, healthcare, fintech, artificial intelligence, and green economy ventures.
Elumelu on Prosperity and Collective Responsibility
Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation and Group Chairman of Heirs Holdings, addressed the selection ceremony with remarks that framed the programme’s mission in terms of economic self-interest rather than charity. According to a statement by Elumelu, the foundation’s work is about ensuring that opportunity is not a matter of circumstance, and that prosperity shared broadly is ultimately a protection against instability for all.
Dr. Awele Elumelu, OFR, Co-Founder of the foundation, addressed the majority of applicants who were not selected. In her remarks, she acknowledged that with 265,000 applications and only 3,200 available places, the unmet demand far exceeds current capacity — and called on prospective partners to help expand the programme’s reach.
Somachi Chris-Asoluka, Chief Executive Officer of the Tony Elumelu Foundation, described the volume of applications as evidence of a continent choosing enterprise over dependency, noting that the foundation’s mandate remains tied to job creation and poverty reduction at scale.
A Cumulative Record
With the 2026 class added, the Tony Elumelu Foundation has now funded and mentored more than 27,000 entrepreneurs since launching in 2015. The organisation reports cumulative disbursements of over $100 million in seed capital, with alumni businesses collectively generating $4.2 billion in revenue, creating 1.5 million jobs, and lifting an estimated 2.1 million people out of poverty.
Those figures, while self-reported, point to an institution that has maintained consistent throughput over more than a decade — unusual in a philanthropic landscape often marked by short programme cycles and shifting donor priorities.
Entrepreneurs who were not selected this year remain eligible to reapply in future cycles through TEFConnect.
