“The Job Is Not Done” – Tony Elumelu After Funding 24,633 Entrepreneurs

“The job is not done,” Tony Elumelu, founder of the Tony Elumelu Foundation (TEF), said as the foundation marked 15 years of supporting African entrepreneurs, reporting more than $120 million deployed to 24,633 entrepreneurs across all 54 African countries.

According to its 15-Year Impact Report, businesses supported through the foundation’s programmes have created 1.5 million jobs and generated $4.2 billion in revenue.

“Fifteen years ago my wife and I had a vision, and we laid down a challenge: that a young African with an idea does not need charity, they need capital, and someone willing to believe in them,” Elumelu shared.

The foundation began its flagship entrepreneurship programme in 2015, initially targeting 10,000 entrepreneurs over 10 years with $100 million in funding. Its programme combines seed capital with training, mentoring and access to a pan-African business network.

The leading investor said the initiative had demonstrated that entrepreneurship could contribute to broader economic transformation.

“Today, that challenge has been met,” the master entrepreneur said, adding that “the job is not done” as the foundation seeks to scale its work further.

The reported impact figures are aggregate outcomes attributed to businesses supported by TEF. The foundation has also said its entrepreneurship model is designed to address a major constraint facing African startups and small businesses — access to early-stage capital.

The prominent entrepreneur and investor, is founder and chairman of Heirs Holdings and chairman of Transcorp Group.

He founded TEF in 2010 as part of his broader focus on African entrepreneurship and what he describes as “Africapitalism” — the use of private-sector investment to drive economic and social development.

“As we look forward, the job is not done. We are excited and driven to scale further,” the champion of the global push for a more prosperous Africa emphasized.