Mr Elumelu explained that the Tony Elumelu Foundation programme since its inception in 2014 has disbursed $100 million to over 20,000 beneficiaries
The Tony Elumelu Foundation (TEF) on Friday announced the selection of 1,104 beneficiaries from 54 African countries for the 2024 edition of its annual entrepreneurship programme.
Speaking during the event held in Lagos, the Chairman and Founder of the TEF, Tony Elumelu, said each of the beneficiaries will receive a non-refundable seed capital of $5,000.
He said that the selection process was conducted by the globally renowned accounting firm, Ernst & Young.
Mr Elumelu explained that the TEF programme since its inception in 2014 has disbursed $100 million to over 20,000 beneficiaries and is responsible for the creation of over 400,000 jobs across Africa since inception.
“I welcome you all to this event. Today, I am Plus 1, and my family and I thought that there was no better way than announcing the 10th cohort of the 2024 Tony Elumelu entrepreneurship programme beneficiaries. These 1,104 young men and women will receive a non-refundable $5,000 seed capital.
“We believe in spreading luck, we believe in democratizing luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses. This is why we have done this.
“Awele (Elumelu) and I started this journey over 10 years ago, we sought to democratize luck and improve lives and we are happy with the results we are seeing today,” Mr Elumelu said.
He said, till date, over 20,000 young men and women from across Africa have received over $100 million in support of their programmes.
“We are happy to see our young ones progressing. We are happy that what we started alone as the Tony Elumelu Foundation will have been able to identify and partner with other global institutions. So, today is a day of impact, a day of gratitude, and most importantly, a day of reflection for me because God has been kind in so many ways.
“My family and I do what we do, not from the abundance of wealth, but just a realisation that poverty anywhere is a threat to us everywhere and that we cannot live alone in prosperity. So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we are able to impact the next generation,” he added.
While highlighting the impact of the programme, Mr Elumelu said: “We track how the beneficiaries are succeeding and how they are impacting humanity, society, and their communities. They have generated over $1.2 billion in revenue in their businesses. All have not succeeded, but we did tell ourselves from the onset that it is not about 100 percent success.
“Even if 40 to 50 percent of our beneficiaries succeed, let us through them help to eradicate poverty, but more importantly, show others, because we are trying to crowd in others into this space of entrepreneurship, we are trying to encourage other successful Africans and global institutions and citizens that in the 21st century, there is a better way to develop Africa than just aid.”
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Also speaking, Damilola Aloba from Ernst & Young said the foundation received 1,485 applicants from Nigeria, 240 from the Benin Republic and 825 from the Rest of Africa.
He noted that applicants went through a rigorous process, where some criteria were set before finally selecting the winners.
