TEF expended over $100m on 20,000 young African entrepreneurs in 10 years Elumelu
By Francis Ajuonuma
Over $100 million have so far been spent by the Tony Elumelu Foundation (TEF) to empower over 20,000 young entrepreneurs across Africa in the past 10 years.
Founder of the foundation, Tony Elumelu CFR, made this known at the unveiling of 1104 beneficiaries of the 2024 edition of the Tony Elumelu Foundation Entrepreneurship Programme which has the theme, Empowering African Entrepreneurs: A Decade of Impact, held at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos, on Friday, 22nd of March 2024
The 1104 beneficiaries received non-refundable $5000 each to kick start their chosen business
Elumelu, who is also chairman of United Bank of Africa (UBA), said the foundation is happy with the impact its beneficiaries have made in the economy of their various countries.
He explained that the desire of the foundation is to develop young African entrepreneurs, who would change the economic fortunes of the continent for the better. And also used the occasion to celebrate his 61st years anniversary.
READ ALSO: FG reiterates plan to boost power supply to 6,500MW in 6 months
” Today, I’m plus one and for my family and I, we saw that there is no better way of celebrating my birthday than announcing the selection of 2024 Tony Elumelu Foundation Entrepreneurship Programme Beneficiaries.
These 1104 young men and women from 54 African countries, each received a non refundable $5000 funding.
“We believe in spreading luck, we believe in democratizing luck, we believe in spreading prosperity and we think the easiest way to spread prosperity in Africa is by identifying young ones and encouraging them and helping them to start their own business. This is why we have done this. All our lives we started this journey about 10 years ago. We sort to democratize luck and improve lives and we are happy with the result we are seeing,” he said.
“Today over 20,000 young men and women across the 54 African countries have received over $100 million from the foundation. We are happy to see our young ones progressing, we are happy that what we started alone as Tony Elumelu Foundation, we have been able to identify and partner with others. So, today is a day of impact, a day of gratitude and most importantly, a day of reflection for me because God has been kind to the Elumelu.
“My family and I do what we do not from the abundance of wealth but just a realization that poverty anywhere is a great loss everywhere and that we cannot leave the door in disparity. So, I’m happy that today we continue to spread that prosperity not just in Nigeria, not just in our family but to all the 54 African countries,” he added.
