The Tony Elumelu Foundation (TEF), a leading philanthropy supporting young African entrepreneurs, has announced 22 March 2026 as the date to reveal the winners of its 12th cohort of the TEF Entrepreneurship Programme. This cohort will benefit from $16 million in support throughout 2026, including initiatives delivered in partnership with global organisations.
In a statement, TEF said it will empower a total of 3,200 entrepreneurs across its programmes. This includes 1,751 entrepreneurs through Heirs Holdings Group – covering Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital; 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ; 100 entrepreneurs in partnership with Sèmè City Development Agency; 100 entrepreneurs in collaboration with DEG, the German development agency; 100 entrepreneurs through partnerships with the IKEA Foundation, UNICEF’s Generation Unlimited, and the Dutch Government; and 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.
Applications to the flagship programme exceeded 265,000, representing all 54 African countries and highlighting both the continent’s vibrant entrepreneurial sector and the funding challenges facing young business owners. The new cohort will join the TEF Alumni community of more than 24,000 entrepreneurs.
The selection process is conducted by Ernst & Young to ensure an independent and rigorous assessment of all applicants.
Each successful Tony Elumelu Entrepreneur will receive $5,000 in non-refundable seed capital, access to business management training via TEFConnect, one-on-one mentorship, and entry into a network of investors, partners, and fellow entrepreneurs.
Since its inception, the Tony Elumelu Foundation has supported over 2.5 million young Africans through business management training on TEFConnect and has disbursed more than $100 million in seed capital to over 24,000 entrepreneurs. Collectively, these entrepreneurs have generated $4.2 billion in revenue, created more than 1.5 million jobs, lifted 2.1 million people above the poverty line, and positively impacted over 4 million African households. Notably, 46% of supported entrepreneurs are women.
Ahead of the announcement, Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, reaffirmed his confidence in African entrepreneurs “The future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent. At the Tony Elumelu Foundation, we believe that empowering entrepreneurs is the most sustainable path to Africa’s economic transformation.
I look forward to announcing and congratulating the 2026 cohort of Tony Elumelu Entrepreneurs and look forward to witnessing the impact they will create across our continent.”
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