- Tony Elumelu Foundation received over 265,000 applications for its 12th Entrepreneurship Programme cohort
- 3,200 entrepreneurs were selected to receive $5,000 each, world-class training via TEFConnect, and mentorship to accelerate business growth
- Founder Tony O. Elumelu emphasised the programme’s role in fostering African economic empowerment and job creation
The Tony Elumelu Foundation is set to unveil the 12th cohort of its flagship Entrepreneurship Programme on Sunday, March 22, 2026, following a record surge in applications from across the continent.
In a statement released on Friday, the foundation disclosed that it received over 265,000 applications from entrepreneurs spanning all 54 African nations, reflecting a growing appetite for business development opportunities, particularly in high-impact sectors such as artificial intelligence, agriculture, and the green economy. The announcement of the new cohort will be made virtually at 2:00 p.m. West African Time.
“This unprecedented influx demonstrates Africa’s rising economic empowerment. It underscores a continent-wide hunger for transformation, particularly within sectors poised to shape the future,” the foundation said.
The 2026 cohort will see 3,200 entrepreneurs selected to receive a total of $16 million in seed funding. Each beneficiary will receive $5,000 in non-refundable capital, complemented by world-class business training through TEFConnect and mentorship support aimed at accelerating business growth.
The programme is implemented in collaboration with several partners, including Heirs Holdings, the European Commission, the IKEA Foundation, UNICEF, and the United Nations Development Programme (UNDP). The foundation emphasised that the selection process was independently audited by Ernst & Young to ensure transparency and fairness.
Since its inception, the Tony Elumelu Foundation Entrepreneurship Programme has created a pan-African network of approximately 24,000 entrepreneurs, who have collectively generated $4.2 billion in revenue and created around 1.5 million jobs. The foundation described the programme as a critical driver of sustainable economic growth and empowerment on the continent.
Founder of the foundation, Tony O. Elumelu, reiterated the importance of supporting African entrepreneurs. “Empowering these local creators is the most sustainable path to Africa’s economic sovereignty,” he said, emphasising that entrepreneurship is central to the continent’s future prosperity.
With the upcoming announcement, the foundation aims to continue fostering innovation, creating jobs, and equipping a new generation of African business leaders with the skills, capital, and networks needed to transform their communities and economies.