Tony and Awele Elumelu make TIME100 Philanthropy list for seeding African entrepreneurs

Tony Elumelu and Awele Vivien Elumelu have been named to TIME's 2026 TIME100 Philanthropy list, recognized for building the Tony Elumelu Foundation into the largest private-sector driver of entrepreneurship on the African continent.

TIME placed the couple in the Titans section of the list under the category of seeding African entrepreneurship. They join a global cohort that includes Rihanna, MacKenzie Scott, Elton John and Lionel Messi. The recognition is the first TIME honor to formally acknowledge both Tony and Awele together, reflecting her role as co-founder and the part she has played in shaping the foundation's growth.

The listing marks Tony Elumelu's third significant recognition from TIME. He appeared on the TIME100 Most Influential People list in 2020 and received the inaugural TIME100 Impact Award in 2022.

The Tony Elumelu Foundation launched in 2015 with a bold pledge: $100 million to fund 1,000 African entrepreneurs a year over a decade, each receiving a $5,000 seed grant and mentorship. By the third year, hundreds of thousands of people were applying. The foundation has since provided funding and mentorship to more than 27,000 entrepreneurs across all 54 African countries.

"We set out to democratize luck," Tony Elumelu told TIME. The overwhelming demand, he added, meant they found themselves in the business of "dashing hopes."

The foundation's 12th cohort is more than triple the size of the original 1,000, with 51 percent women, up from roughly a fifth in the early years. In 2026, TEF selected 3,200 entrepreneurs and deployed $16 million through the programme. It received over 265,000 applications for those spots. Training materials that could not reach everyone through direct funding have been converted into free online programs that have reached over 2.5 million people.

The foundation's philosophy is rooted in Africapitalism, Elumelu's economic theory that African private sector investment is the primary driver of the continent's development. He chairs Heirs Holdings, United Bank for Africa and Transcorp Group, three of Nigeria's most consequential private sector institutions.

Awele Elumelu, a medical doctor and public health advocate, co-founded TEF alongside her husband and has remained central to its governance and strategic direction. At the 2026 cohort announcement, she addressed the scale of unmet demand directly. "We received over 265,000 applications, yet only 3,200 could be selected. This is why we continue to call on partners to join us," she said.

The 2026 cohort includes entrepreneurs supported through partnerships with the European Commission, the IKEA Foundation, UNICEF's Generation Unlimited and Germany's DEG development agency, among others.