Tony Elumelu to give 1,000 young Africans $5,000 each — to start businesses

The Tony Elumelu Foundation (TEF), one of Africa’s largest business incubators, is now accepting applications from African entrepreneurs with business ideas that can transform the continent.

The application portal is open and accepting submissions until midnight WAT on March 1, 2017.

Successful applicants will join the third cycle of the TEF Entrepreneurship Programme, TEF’s 10-year, $100-million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country.

Since inception in 2015, the programme has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the continent.

The programme is said to provide critical tools for entrepreneurial success, including:

• Training: 12 weeks of intensive training on setting up and managing businesses
• Mentoring: A mentor will guide successful applicants in creating a robust business plan
• Seed Capital: $5,000 in non-returnable seed capital and access to a $5,000 convertible loan

According to Tony Elumelu, TEF Founder, the programme is a deliberate effort to institutionalise luck and provide the essentials for business growth to Africa’s next generation of business leaders.

“It is a demonstration of my faith in this generation’s ability to transform the African narrative, from the single story of disease and poverty, to one of enterprise and opportunity,” he said.

“Spread the word; we need Africa’s best and brightest entrepreneurs. Their ideas will transform Africa.”

One thousand entrepreneurs will be selected based on the viability of their idea, and other factors, such as: market opportunity, financial understanding, scaleability, and leadership and entrepreneurial skills demonstrated in the application.

To be eligible, business must be based in Africa, must be for profit, must be 0-3 years’ old, and applicants must be at least 18 and a legal resident or citizen of an African country.

“We encourage women, French, Arabic and Portuguese speakers and business ideas from every region across Africa, to apply,” Parminder Vir, CEO of the foundation, said.

“Our 2,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you.”

Tony Elumelu Appeals To Both Clinton, Trump On US-Africa Policy

Chairman of Heirs Holdings, Mr. Tony Elumelu, yesterday appealed to the leading candidates in the United States presidential election — Democratic Party’s Hilary Clinton and Republican Party’s Donald Trump — to retain the prevailing US-Africa policy, saying it was adequate and would only need to be expanded and scaled up.

“On US-Africa policy, some things don’t need to change,” he told his audience as the keynote speaker at the US Senator Chris Coon’s Opportunity Africa Conference 2016 in Delaware, adding: “What they need is to be expanded and scaled up.  In other words, we need more US engagement in Africa through mutually beneficial trade and investment.”

He said this would be his and 200 other US and African political and business leaders, including President Obama and over 30 African presidents’ focus during next week’s US-Africa Business Forum in New York.

“We would discuss how to strengthen mutually beneficial economic ties between the African and American peoples,” the chairman of Heirs Holdings said.

Elumelu, who spoke on the theme, entrepreneurship, is one of Africa’s leading entrepreneurs, who isdedicating time and money to create a new generation of African business women and men, committing $100 million of his own money to the laudable project.

According to him, “If we give our people the economic tools to thrive and living standards increase, the political challenges that Africa face can be tackled and fundamental positive change can be assured.”

He, therefore, called on the next US president to work in shared purpose with Africans on implementing innovative solutions to the complex but surmountable challenges in Africa.

He challenged the American electorate to impress it on their candidates and the eventual president to engage more with Africa.

Read More: thisdaylive

Elumelu Urges US Congress To Pass The Electrify Africa Act

Chairman, Heirs Holdings and Founder Tony Elumelu Foundation, Tony Elumelu, has called on the United States Congress to pass the ‘Electrify Africa Act’ stating that the passage in to law would make a world of difference in Africa.




“When you leave this place call your Representatives and the leadership of the House and ask them to pass the bill,” Elumelu the congress.


The bill, which would preserve and expand President Barack Obama’s Power Africa Initiative by codifying access to electricity as a U.S. foreign policy priority for Africa, has already been passed by the U.S. Senate and is expected to be voted on by the U.S. House of Representatives next week.


Speaking at the Mariott Hotel in Washington D.C; venue of the “Power Africa Summit” on Thursday, January 28, 2016, Elumelu commended President Obama for working through the Power Africa Initiative to mobilise the private sector to invest $43 billion in the African power sector.


According to him, Africa must win the energy challenge if it seeks to become an industrial power in the 21st century, noting that “power outages on the continent must spark power outrages, the kind of outrage that ignites the activist in us.


“Power cuts across and has impact on healthcare delivery, job creation, education, food security communications and all other sectors of the economy.”


“It is unacceptable that 600 million Africans lack access to energy in the 21st century.”




Credit : Nigerian Tribune