The Tony Elumelu Foundation is preparing to announce the 12th cohort of beneficiaries for its Entrepreneurship Programme on Sunday, March 22, 2026, following a record-breaking surge in applications from across Africa.
In a statement on Friday, the foundation revealed that it received over 265,000 applications from entrepreneurs in all 54 African countries, highlighting growing interest in business opportunities, particularly in sectors such as artificial intelligence, agriculture, and the green economy.
The announcement will be made virtually at 2:00 p.m. West African Time.
The statement read, “In an unprecedented demonstration of Africa’s rising economic empowerment, the Tony Elumelu Foundation is set to unveil the 12th cohort of its flagship Entrepreneurship Programme on Sunday, March 22, 2026. This follows a record-shattering surge of over 265,000 applications from across all 54 African nations. This massive influx of interest underscores a continent-wide hunger for transformation, particularly within high-impact sectors like artificial intelligence, agriculture, and the green economy.”
The foundation disclosed that it will provide $16 million in seed funding to 3,200 selected entrepreneurs, with each beneficiary receiving $5,000 in non-refundable capital, along with business training and mentorship support.
The programme is being implemented in collaboration with Heirs Holdings, the European Commission, IKEA Foundation, UNICEF, and the United Nations Development Programme.
The statement added, “This year, the Foundation’s impact scales to new heights, mobilizing $16 million in seed capital to empower 3,200 visionary entrepreneurs through a formidable coalition of partners, including Heirs Holdings Group, the European Commission, IKEA Foundation, UNICEF, and the UNDP. Each selected innovator will receive $5,000 in non-refundable funding, world-class business training via TEFConnect, and elite mentorship to catalyze their growth.”
Beneficiaries from previous cohorts are part of a network of approximately 24,000 entrepreneurs across Africa, who have collectively generated $4.2 billion in revenue and created around 1.5 million jobs since the programme’s inception.
Founder Tony O. Elumelu emphasized that supporting entrepreneurs is key to Africa’s economic growth, stating, “Empowering these local creators is the most sustainable path to Africa’s economic sovereignty.”
