For a decade, Nigerian economist and banker, Anthony Onyemaechi Elumelu CFR has devoted over $100m to impacting the dreams of young entrepreneurs in Nigeria and across Africa.
The billionaire investor and businessman with hands in several pies, including energy, oil and gas, hospitality, insurance and banking, has made an impeccable impact on young Nigerian entrepreneurs that it might be hard for many to catch up with. This is because he doesn’t seem like he will stop anytime soon.
In 2015, the man, who adores youths and loves to be referred to as TOE, launched the Tony Elumelu Foundation Entrepreneurship Programme. This singular effort has gone ahead to impact 2.5million young Africans with access to training on its digital hub, TEFConnect and disbursed over $100 million in direct funding to 2o,172 African women and men, who have collectively created over 1.5 million direct and indirect jobs.
“In 2015, Awele and I made a commitment to empower 10,000 African entrepreneurs, over 10 years, through the Tony Elumelu Foundation Entrepreneurship Programme,” Elumelu said as the programme marked its 10th year in 2024.
“I recall vividly that full room, as I shared my dreams of changing the lives of young Africans. I remembered the chances and opportunities that I had, the luck that made fundamental changes to my career and success. I wanted to pay back and create impact – impact at scale, impact commensurate with the needs of our continent.”
Elumelu went on to explain why he embarked on the journey with his team as well as why he believes so much in every Nigerian and African youth.
He said: “This journey began with a vision to democratise luck and transform lives across Africa. It began long ago, when someone gave me that hand up, that foot in the door, that transformed me and is transforming others. Reaching entrepreneurs from all African countries, our Programme embodies TEF’s commitment to inclusivity and diversity. What started as a commitment to fund 10,000 entrepreneurs over a decade, quickly surpassed expectations, empowering double that – over 20,000 entrepreneurs in 10 years.”
On February 12, 2025, Elumelu, on behalf of the initiative, signed a $6million strategic partnership agreement with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed) to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital, to an additional 1,000 young African entrepreneurs.
He said: “Empowering entrepreneurs is not just a moral imperative, but also a strategic investment in Africa’s future. By providing the necessary access to capital, mentorship, and resources, we are unlocking the potential of Africa’s entrepreneurial talent, eradicating poverty, driving self-reliance, and paving the way for inclusive growth and prosperity on the continent.
“This partnership between the Tony Elumelu Foundation and the Khalifa Bin Zayed Al Nahyan Foundation not only reflects our shared vision of empowering Africa’s next generation of business leaders, but will also create a ripple effect of economic transformation across the continent.”
‘TEF’s impact goes beyond financial support’
For the youth-loving businessman, the TEF programme for young entrepreneurs goes beyond investing in a non-refundable grant of $5000 to beneficiaries and cohorts.
He explained that all the cohorts of the initiative have received not only funding, but mentoring, and capacity-building support from the Foundation.
According to Elumelu: “$100,000,000, plus training, mentoring, and networking has reached young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development.”
Speaking on his firm insistence on gender equality, Elumelu noted that male and female young Nigerians -cum- Africans have benefitted from the programme. “46% of our beneficiaries are women, reiterating our commitment to gender inclusion and equity. We have launched green programmes and targeted fragile states, reached those most exposed to climate change, migration, and extremism.”
Beyond entrepreneurship
Beyond entrepreneurship, Elumelu has also impacted on youths in the entertainment and creative sector. Constantly identifying with progenitors of Afrobeats and African sounds, Elumelu and his team have continued to engage youths in the industry and collaborate while contributing to the growth of the industry.
In music, he’s known to have engaged Wizkid for UBA at some points and also engaged services of Davido and Flavour at different times amongst others. His annual end-of-the-year parties are synonymous with performances from some of the notable youth leaders in the creative industry.
In furtherance, Elumelu and his created the RedTV to cater for the youthful minds and create content that are youth oriented while still developing some other forms that include screenwriting with grants running to thousands of Dollars. In 2022, the team created the Tony Elumelu Storytellers Fund, which is awarded to content creators in two categories: Media and Arts. Creatives get award grants worth between $500 and $2000 to each selected participant.
Some of the recipients
Ogola Kange, from Nigeria, is a 2015 recipient. She said: “The TEF program and the seed grant in 2015 was the real basis of my Entrepreneurship resilience and success today. That first application, the 12 weeks learning, and the boot camp are the things that I have built upon over the years, modifying and improving the business plan till what it is today.”
Maliki Sankaré, from Mali is a 2021 recipient. He said: “We want to create several jobs in the agricultural sector by 2030, especially for the youth in rural areas, to reduce rural exodus.”
A 2018 recipient from Cameroon, Angele expressed gratitude to the initiative for the six-week business management training which helped her develop a comprehensive business plan, set realistic business goals and work hard to achieve the set goals.
Nora Chaynane and 2020 recipient has made a mark on the Morocco business landscape after her experience with the initiative. On her part through her business, Shine Space,Chaynane offers opportunities to students to prepare early and acquire technical and interpersonal skills, beyond what the schools provide, to guide students in finding the right career path and meet the demands of today’s world of work.
Culled from i-Gen NEWS (The Nation Newspaper)
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