The Tony Elumelu Foundation (TEF) is a non-profit empowerment organization founded in 2015. TEF aims to empower African youths with sustainable entrepreneurial skills, access to grants ans seeds found to start ans grow their business and as well position African youth to compete favourably as well as become a force for the continent’s DEVELOPMENT.
The foundation, funded by Tony Elumelu investment company heirs holdings, is currently present in all 54 African countries and has since inception trained and supported about 1.5 million entrepreneurs.
Since 2015, over 18,000 entrepreneurs across Africa have benefitted from the $100m seed capital given by the foundation. About 25 per cent of the beneficiaries make maximal use of the funds to expand, grow and attract additional investments to their businesses.
In commemoration of the 60th birthday of TEF Founder, Mr Tony Elumelu, on Wednesday, as revealed in a brochure put together for the event. African entrepreneurs trained and supported by the TEF have generated $2.3bn revenue since 2015.
Having empowered over 7,000 women with 85 per cent of those women leading their businesses, the foundation has hence increased the rate of women’s employment from 24 per cent to 52 per cent since 2015.
Tony Elumelu is the chairman of the United Bank for Africa (UBA) which operates in over 20 countries across Africa, the United Kingdom, France and the United Arab Emirates. He also believes in Africapitalism and hence encourages private sector businesses to get involved in the business of developing the continent, rather than leaving it to governments, donor countries and philanthropic organisations.
“The robust ability of the foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Fund and others with bespoke programmes including targeting female empowerment and growth in fragile states.”-TEF