3000-Plus African Entrepreneurs Get Nigerian Billionaire Tony Elumelu’s Support And $5K

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Written by Peter Pedroncelli

Nigerian billionaire Tony Elumelu’s Foundation has selected 3,050 entrepreneurs to support and fund from 216,000-plus applications across Africa.

More than 90,000 of those applications were from women entrepreneurs, according to Ventureburn.


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Each entrepreneur taking part in the Tony Elumelu Foundation Entrepreneurship Program will receive $5,000 in seed capital, mentorship and access to a 12-week business training program.

Tony Elumelu’s mission

This is the fifth edition of the program, funded by Nigerian billionaire Elumelu.

In 2014, Elumelu committed $100 million to fund 10,000 entrepreneurs across Africa over a 10-year period, according to Forbes.

Five years into the program, the foundation is on track to reach its goal.

So far the foundation has supported and funded 7,520 entrepreneurs, investing $25 million of the total $100 million pledge to date, according to the foundation’s website.

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Facebook’s CEO Mark Zuckerberg, right, takes a selfie with Nigerian billionaire Tony Elumelu during a family picture with guests who attend the “Tech for Good” Summit at the Elysee Palace in Paris, Wednesday, May 23, 2018. (Charles Platiau,Pool via AP)

Of this year’s selected entrepreneurs, 41.7 percent are at the earliest stage in their business journey, with the concept they are working on still in its infancy.

A further 24.3 percent of the entrepreneurs are at the testing stage, according to a tweet from the Tony Elumelu Foundation.

The remaining 34 percent are in the idea or growth stage with their businesses.

The 3050 entrepreneurs selected for this year’s program will gather together at the Tony Elumelu Foundation Entrepreneurship Forum on Jul. 26 and 27. The location of the event is yet to be decided.