The Tony Elumelu Foundation (TEF) is set to announce the 12th cohort of its flagship Entrepreneurship Programme on Sunday, March 22, 2026, marking another milestone in its mission to empower young African entrepreneurs across the continent.
So far, over 1,000 Ugandan entrepreneurs have benefited from USD 5,000 in seed capital through the TEF Entrepreneurship Programme.
The 2026 cohort will see a total of 3,200 entrepreneurs supported through various partnerships and programmes spearheaded by the Foundation. Of these, 1,751 entrepreneurs will be backed through the Heirs Holdings Group, including its subsidiaries: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital.
An additional 1,049 entrepreneurs will be supported in collaboration with global partners such as the European Commission, the Organisation of African, Caribbean and Pacific States (OACPS), Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), and GIZ.
Other partnerships include 100 entrepreneurs supported alongside the Sèmè City Development Agency, 100 with DEG, and 100 through collaboration with the IKEA Foundation, UNICEF’s Generation Unlimited initiative, and the Dutch Government, as well as 100 entrepreneurs supported in partnership with the United Nations Development Programme (UNDP) and Rwanda’s Ministry of Youth and Arts.
The Foundation revealed that it received more than 265,000 applications from young Africans across all 54 countries, highlighting both the continent’s vibrant entrepreneurial spirit and the persistent challenge of access to funding. The selected entrepreneurs will join a growing alumni network of over 24,000 beneficiaries since the programme started.
To ensure transparency and credibility, the selection process is independently managed by Ernst & Young, which oversees a rigorous evaluation of applicants.
Each of the 3,200 successful entrepreneurs will receive $5,000 in non-refundable seed capital, alongside access to business training via TEFConnect, mentorship opportunities, and entry into a network of investors and business leaders.
Since its inception, the Foundation has provided business training to more than 2.5 million young Africans through its TEFConnect platform and disbursed over $100 million in seed capital. TEF-backed businesses have collectively generated $4.2 billion in revenue and created over 1.5 million jobs, both directly and indirectly.
The impact has extended beyond business, with the Foundation reporting that its initiatives have lifted 2.1 million Africans out of poverty and positively affected more than 4 million households. Notably, 46 percent of supported entrepreneurs are women.
Ahead of the announcement, Tony O. Elumelu, Founder of the Foundation, reaffirmed his belief in entrepreneurship as a catalyst for Africa’s transformation.
“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,” he said.
The announcement will be held virtually on Sunday, March 22, 2026, at 4:00 pm East Africa Time.
