THE billionaire philanthropist and Chairman of Heirs Holdings, Tony Elumelu, has announced the selection of the 12th cohort of entrepreneurs for the Tony Elumelu Foundation (TEF) Entrepreneurship Programme.
The announcement, made on Sunday to coincide with his birthday, comes as the foundation expands its reach, selecting 3,200 entrepreneurs from all 54 African countries.
Reflecting on the initiative via his official X account, Elumelu spoke about the idea of engineered luck that underpins the programme
“Today, I turn a year older. And every year on this day, I reflect on something far bigger than me,” he said.
“For a long time, I believed luck was something that just happens to you. Then I realised, luck can be engineered. Opportunity can be democratised.”
He added that the foundation’s approach is focused on providing structured support to entrepreneurs across the continent.
The 2026 cohort was selected from more than 265,000 applicants, highlighting growing interest in entrepreneurship, particularly in sectors such as artificial intelligence, agriculture, and the green economy.
According to the foundation, selected entrepreneurs demonstrated resilience and persistence despite challenging business environments.
Each beneficiary will receive a $5,000 grant, with the total funding amounting to approximately $16 million. In addition to financial support, participants will have access to business training, mentorship, and a pan-African network of entrepreneurs and investors.
Elumelu, alongside his wife and co-founder, Awele Elumelu, said the initiative reflects a long-term commitment to empowering young Africans.
“… my wife and I will unveil the 2026 cohort of TonyElumeluFDN entrepreneurs. In a world full of uncertainty, I have chosen deliberately, every single year, to plant certainty in the lives of young African entrepreneurs,” he said.
He also reiterated that Africa’s greatest resource is not in its mineral resources but in its people, urging beneficiaries to contribute to the continent’s economic transformation.
The 2026 application cycle opened on January 1 and closed on March 1. The programme remains a key driver of Africapitalism, the philosophy that the African private sector must play a leading role in the continent’s economic development.
Zainab Abdulrasaq ia a reporter and a fact-checker with The ICIR. She believes that accountable citizenship starts with an accountable government, which is why she highlights injustice and everyday struggles through her reporting, one story at a time. She adores reading and can be reached via zabdulrasaq@icirnigeria.org and @blackbookishgirl on Instagram/Medium
Kindly advise on the list of those selected for the 2026 cohort coz it was scrolling very fast and all I could glance at was the country , Nigeria. Sorry to ask but when I received an invitation to connect for the event, I thought I had been selected but till now I have no communication about the selection.