The Tony Elumelu Foundation (TEF) has revealed that it has trained about 2.5 million Africans, while 20,000 got capital funding in 10 years. TEF, a pioneer member of the Global Impact Investment Rating System (GIIRS), has continued to empower African entrepreneurs across 54 African countries and increase women’s economic empowerment yearly.

The foundation said its mission is rooted in Africapitalism, which positions the private sector, and, most importantly, entrepreneurs, as catalysts for the social and economic development of the African continent.

On January 1, 2025, the Foundation will open its portal to train thousands of Africans, empowering them with seed funding. Head of Marketing and Corporate Communications, TEF, Moyo Awotile, told The Guardian at the International Relations Alumni Association (IRAA) award, where

TEF won the Foundation of the Year, that the foundation is honoured to receive the award. She said that the recognition is a testament to the work the Foundation had been doing in empowering African entrepreneurs. She said: “From the inception of the Foundation in 2010 till today, we have focused on empowering African entrepreneurs.”

In 2015, Tony Elumelu and his wife, Awele Vivian Elumelu committed $100 million of their fund to launch the Tony Elumelu Foundation Entrepreneurship Programme, and we set out to empower 10,000 entrepreneurs in 10 years. This is the 10th year and we have surpassed that.

“We have provided up to 2.5 million Africans with access to training on the TEF Connect platform, granted seed capital funding to 20,000 entrepreneurs over 10 years, and doubled that goal. The 20,000 entrepreneurs provided with the seed capital have created 800,000 jobs and they have generated over $4 billion in revenue. So, that is the impact TEF is making and that is why we are excited about the recognition.