The Tony Elumelu Foundation (TEF) made a significant announcement on Friday, unveiling the latest cohort of entrepreneurs selected for its esteemed entrepreneurship program. This year, 1,104 individuals hailing from 54 African nations have been chosen to participate in this transformative initiative.

The Chairman and Founder of TEF, Tony Elumelu, shared the exciting news during an event held in Lagos. He disclosed that each of the selected beneficiaries will be granted a non-refundable seed capital of $5,000 to kickstart their entrepreneurial endeavors. Emphasizing the transparency and credibility of the selection process, Elumelu revealed that the renowned accounting firm Ernst & Young conducted the rigorous selection process.

Elumelu underscored the profound impact of the TEF program, which has been empowering African entrepreneurs since its inception in 2014. He highlighted that the foundation has disbursed over $100 million to more than 20,000 beneficiaries, leading to the creation of over 400,000 jobs across the African continent.

Reflecting on the foundation’s journey, Elumelu expressed gratitude for the progress made over the past decade. He reiterated the foundation’s mission to democratize luck and spread prosperity by supporting young entrepreneurs in Africa. Elumelu and his wife, Awele, initiated this journey with the aim of improving lives and fostering economic empowerment across the continent.

Elumelu celebrated the success stories of previous beneficiaries, noting that they have collectively generated over $1.2 billion in revenue through their businesses. He acknowledged that not all ventures have flourished but emphasized the importance of making a meaningful impact, even if only a portion of beneficiaries achieve success.

Furthermore, Elumelu emphasized the need to shift from traditional aid-based approaches to sustainable entrepreneurship as a means of driving Africa’s development. He urged successful Africans and global institutions to join hands in supporting aspiring entrepreneurs and fostering economic growth on the continent.

Damilola Aloba from Ernst & Young provided insights into the selection process, revealing that the foundation received a total of 1,485 applicants from Nigeria, 240 from the Benin Republic, and 825 from other African countries. A rigorous evaluation was conducted, adhering to set criteria, to identify the most promising entrepreneurs deserving of support.