..emerging Foundation entrepreneurs to receive non – refundable $5,000 each
Ahead of the unveiling of the 2026 batch of Tony Elumelu Foundation ( TEF) Entrepreneurs this Sunday, 80 per cent of the Foundation’s Entrepreneurs confirmed spending heavily on generating power to keep their businesses running.
The Chief Executive Officer of TEF, Mrs Somachi Chris-Asoluka, disclosed during a virtual interactive session with journalists on Saturday.
While noting power supply as a key challenge to businesses in Africa, Asoluka said the Foundation interfaces with power sector regulators and concerned authorities in seeking ways to address the power supply challenge.
Despite the power supply challenge, she said 77.5 per cent of the Foundation’s Entrepreneurs are still active in their line of business.
” Electricity supply is a challenge. 80 per cent of Entrepreneurs told us they spent heavily in generating power. We help by interfacing with the regulators.
It’s not a problem confined to i Nigeria, it’s a problem across the continent. The Chairman of the Foundation is not just advocating regular power supply, he has invested heavily in power through Transcorp Power, which produces 30 percent electricity supply. 77.5 per cent of Entrepreneurs are still active in their businesses”, she said.
The Foundation is set to announce the 12th cohort of beneficiaries of its Entrepreneurship Programme on Sunday, March 22, 2026, following what it described as a record surge in applications from across the continent.
In a statement earlier , the foundation said it received over 265,000 applications from entrepreneurs across all 54 African countries, reflecting growing interest in business development opportunities, particularly in sectors such as artificial intelligence, agriculture and the green economy.
The statement read, “In an unprecedented demonstration of Africa’s rising economic empowerment. The Tony Elumelu Foundation is set to unveil the 12th cohort of its flagship Entrepreneurship Programme on Sunday, March 22, 2026.
“This follows a record-shattering surge of over 265,000 applications from across all 54 African nations. This massive influx of interest underscores a continent-wide hunger for transformation, particularly within high-impact sectors like artificial intelligence, agriculture, and the green economy.”
The foundation disclosed that it will provide $16m in seed funding to 3,200 entrepreneurs selected for the 2026 cohort, with each beneficiary expected to receive $5,000 in non-refundable capital, business training and mentorship support.
According to the statement, the programme is being implemented in partnership with Heirs Holdings, the European Commission, IKEA Foundation, UNICEF, and the United Nations Development Programme.
“This year, the Foundation’s impact scales to new heights, mobilising $16 million in seed capital to empower 3,200 visionary entrepreneurs through a formidable coalition of partners, including Heirs Holdings Group, the European Commission, IKEA Foundation, UNICEF, and the UNDP.
“Each selected innovator will receive $5,000 in non-refundable funding, world-class business training via TEFConnect, and elite mentorship to catalyse their growth,” it said.
The statement noted that beneficiaries of previous cohorts form part of a network of about 24,000 entrepreneurs across Africa, which it said has collectively generated $4.2bn in revenue and created about 1.5 million jobs since the programme began.
