Tony Elumelu Foundation announces 2026 cohort of 3,200 African entrepreneurs including Mozambique

• Over 27,000 Africans empowered by TEF entrepreneurship program

• 51% women in 2026 cohort, indicating growth in women-led enterprises

• $16 million to be invested through TEF entrepreneurship programs in 2026 to finance African entrepreneurs

The Tony Elumelu Foundation (TEF), which empowers Africa's leading philanthropic entrepreneurs, announced 3,200 young African entrepreneurs across all 54 African countries, including Mozambique, for the 2026 cycle of TEF entrepreneurship programmes; To promote poverty alleviation, catalyze employment generation and ensure inclusive economic empowerment. {Please click to view complete list Here}

With this latest announcement, TEF has now funded, trained and mentored over 27,000 African entrepreneurs, strengthening its position as the largest private sector driver of entrepreneurship in Africa. This outlines TEF's stance on African capitalism; Tony Elumelu's economic belief is that African entrepreneurs are the key drivers of socio-economic transformation of the continent.

The 2026 cohort reflects the diversity, ambition and resilience of Africa's entrepreneurial ecosystem, with 51% women, 75% aged 18-35 strengthening youth-driven economic transformation, 30% from rural communities, extending reach beyond urban centres, and 13 selected entrepreneurs reported living with a disability.

2026 Tony Elumelu The entrepreneurs' businesses span sectors including agriculture, AI, green economy, healthcare and fintech. Importantly, 91% of the selected entrepreneurs are in the idea or early stage, underscoring TEF's role as a true last-mile enabler of opportunity.

In 2026, the Tony Elumelu Foundation will empower:

• 1,751 entrepreneurs Through Waris Holdings group companies – Waris Energies, Transcorp Power, Transcorp Hotels and United Capital.

• 1,049 entrepreneurs In partnership with the European Commission, OACPS, BMZ and GIZ

• 100 entrepreneurs In partnership with Semey City Development Agency

• 100 entrepreneurs In partnership with German development agency DEG

• 100 entrepreneurs In partnership with the IKEA Foundation, UNICEF's Generation Unlimited and the Dutch Government

• 100 entrepreneurs In partnership with UNDP and Rwanda's Ministry of Youth and Arts

The announcement, held at the Transcorp Hilton, Abuja and broadcast globally, marks the 2026 cycle of the TEF Entrepreneurship Programme, which selected entrepreneurs from over 265,000 applications, one of the largest entrepreneurship selections on the continent.

The 2026 applications successfully submitted on TEFConnect, TEF's proprietary digital platform, were subject to TEF's rigorous and highly competitive selection process, where applicants were assessed based on their demonstrated financial understanding and entrepreneurial mindset, as well as the feasibility, demand and scalability of their business ideas. This year's cohort reflects the depth of entrepreneurial talent across the continent, with strong representation in key sectors including agriculture, artificial intelligence, health care and the green economy.

The selection process was conducted by Ernst & Young to ensure independent assessment.

Each selected Tony Elumelu entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training at TEFConnect, one-on-one mentorship, and access to a global network and investment opportunities.

Left to right: Oge Elumelu, daughter of the founder and co-founder of the Tony Elumelu Foundation; Tony O. Elumelu, CFR, Founder, Tony Elumelu Foundation; Dr. Awele V. Elumelu, OFR, Co-Founder, Tony Elumelu Foundation. (Photo: Tony Elumelu Foundation)

Speaking at the announcement, TEF Founder and Group Chairman of Heirs Holdings, Tony O. Elumelu, CFR, said, “What we do is about democratizing destiny and spreading prosperity, because everyone deserves the opportunity to succeed. I believe that no one can develop Africa except us. I also believe that the future of our continent is in the hands of our youth. Not because we have much to spread, but because we see it as a self-enlightened interest to ensure that everyone is given the opportunity to succeed. Because poverty, anywhere, is a threat to all of us, the more young Africans will be united in realizing that one person cannot change Africa, I congratulate the beneficiaries of the 2026 Tony Elumelu Foundation.

Dr. Awele Elumelu, OFR, TEF co-founder, emphasized the scale of unmet demand, “I want to again continue to encourage those who have not been selected this year. Do not give up. There is still hope. We received over 265,000 applications, yet only 3,200 could be selected. That is why we partner with us The future of Africa is truly in the hands of these young entrepreneurs.”

Left to right: Somachi Chris-Asoluuka, CEO, Tony Elumelu Foundation; Oge Elumelu, daughter of the founder and co-founder of the Tony Elumelu Foundation; Tony O. Elumelu, CFR, Founder, Tony Elumelu Foundation; Dr. Awele V. Elumelu, OFR, Co-Founder, Tony Elumelu Foundation. (Photo: Tony Elumelu Foundation)

TEF CEO Somaachi Chris-Assolula said, “We received over 265,000 applications from across the continent. 265,000 individuals have chosen not to wait, but to create. Today, we are celebrating all African entrepreneurs. We are celebrating the African entrepreneurial spirit, the spirit of resilience, hard work, potential and immense talent. Under the visionary leadership and strategic guidance of Mr. Elumelu, we are making sacrifices Empowered and committed to deliver. Ensure that our young African entrepreneurs help us eradicate poverty, ensure inclusive economic empowerment, and create the millions of jobs our continent so richly deserves.”

Oge Elumelu, daughter of TEF's founder and co-founder, reflected on the visit to the Tony Elumelu Foundation, saying, “It's really exciting to be able to witness the inauguration of this year's selection process. And to be present at the first TEF Forum, which was in 2015, to see where it is now is really incredible. And so I'm really honored to be here. And well done and congratulations to the 2026 cohort.”

Since its inception, the Tony Elumelu Foundation has:

• was paid$100 million in seed capital

• rights 27,000+ entrepreneurs

• generated $4.2 billion revenue

• picked up 2.1 million Africans lifted out of poverty

For more information about the impact of the Tony Elumelu Foundation visit our website impact page, African Success Stories Pageand this 2025 TEF Annual Report

Event participants, TEF alumni and TEF advisor testimonials

“Our partnership with the Tony Elumelu Foundation speaks volumes. Together, we are intentionally empowering young entrepreneurs, especially women, and supporting them in developing sustainable businesses that change lives. There is nothing more transformative than enabling young African entrepreneurs to become economic drivers in their communities. What TEF is building is fundamental to Africa's future.” Massimo De Luca, Head of Cooperation, EU Delegation to Nigeria

“This year 265,000 young Africans applied – this alone shows the strength, ambition and potential of this continent. What the Tony Elumelu Foundation has created is not just a legacy, it is a live wire that will continue to power Africa's future through entrepreneurship and job creation.” – Nadi Albino, Deputy Director UNICEF Gen-U

“We are proud to partner with the Tony Elumelu Foundation in creating hope at scale. This is how we solve Africa's biggest challenges by empowering people to create and grow. Our commitment is growing as we see the impact. When you empower entrepreneurs, you unlock opportunity, sustainability and prosperity across entire regions.” Dr. Owen Omogiafo OON, Chairman/GCEO Transcorp Group

“Our partnership with the Tony Elumelu Foundation enables us to empower youth at scale, expanding opportunity and prosperity far beyond our core operations. Through this partnership, we continue to transform lives across Africa, and we are proud to deepen our commitment to supporting entrepreneurs and communities.” Osa Igihon, CEO, Heirs Energies

“We are proud to be associated with the Tony Elumelu Foundation. The impact being generated is creating a powerful multiplier effect across Africa. Our partnership aims to drive prosperity, support entrepreneurs and ensure their success stories continue to grow across the continent.” Peter Ashade, Group CEO, United Capital Group

“The world doesn't reward ideas. It rewards execution and ultimately results. Seeing thousands of entrepreneurs empowered by the Tony Elumelu Foundation is a powerful testament to the momentum of African enterprise. I'm proud to be part of a mission that is investing in people, because Africa's development depends on it.” Nazim Abdulrazaq, TEF Mentor

“The Tony Elumelu Foundation aligns with my core belief, that Africa's progress will be driven by entrepreneurs solving real problems. I have seen firsthand how the Tony Elumelu Foundation equips entrepreneurs with the skills, confidence and capital to build sustainable businesses.” Ades Charlene Udom, TEF Mentor

Thanks to funding from the Tony Elumelu Foundation, we generated $154,000 in turnover, created 13 jobs and trained 280 young entrepreneurs. — Haruna Diop, Malian 2021 Tony Elumelu Foundation Alumni

“Thanks to the support of the Tony Elumelu Foundation, I was able to manage my project and spread positive environmental impact. We also created job opportunities and helped more than 30 people.” – Sabrina Berehal, Algerian 2024 Tony Elumelu Foundation Alumni

“We have generated revenues of over $500,000 and created employment in farming for 12,000 farmer agents and aggregators. Our farmers, who earlier earned $2 per day, now earn $4.50 per day.” — Aisha Langat, Kenyan 2024 Tony Elumelu Foundation Alumnus

“Thanks to funding from the Tony Elumelu Foundation, we were able to increase our impact by supporting over 15 SMEs, including 5 in the clean energy sector and 5 in bioenergy. Our company has generated revenues of $160,000 and created over 13 jobs. We are supporting clean cooking in our community, helping to reduce CO₂ emissions, combating deforestation and supporting sustainable development Are promoting.” — Prince Hongi, Congolese 2023 Tony Elumelu Foundation Alumnus

“With an investment of US$5,000 from the Tony Elumelu Foundation, we have been able to impact over 20,000 people and that includes homes and institutions like your schools, clinics etc. We have also been able to raise over US$30,000 in funding in South Africa. We are really grateful to the Tony Elumelu Foundation for this opportunity. Thank you for creating an enabling environment for economic growth.” — Kemiso Motholo, South African 2024 Tony Elumelu Foundation Alumnus

Source: UBA Mozambique / Press Release