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Tony Elumelu and his wife Awele have made TIME's 2026 philanthropy list, recognized for seeding over 27,000 African entrepreneurs across all 54 countries on the continent.
Tony Elumelu provides $16 million in non-repayable grants to 3,200 young African entrepreneurs across 54 countries to foster wealth and opportunity
Tony Elumelu Foundation is giving $5,000 each to 3,200 African entrepreneurs in 2026, deploying $16 million in total seed capital across Africa.
The Tony Elumelu Foundation has appointed three new Advisory Board members, including Badr Jafar, Per Heggenes and Harvard professor Paul Gompers.
Tony Elumelu says empowering young entrepreneurs is key to Africa’s future as his foundation expands funding, training and mentorship across all 54 African countries
Each recipient is set to receive a $5,000 non-refundable seed capital to kickstart their entrepreneurial endeavors.
Elumelu is the founder of the Tony Elumelu Foundation and chairman of the United Bank for Africa.
The four-year agreement was signed through his Africa-focused non-profit, Tony Elumelu Foundation.
Elumelu has played a crucial role in supporting young businesspeople in Africa.
Their joint initiative will aim to support small and medium enterprises in the non-oil sector in Nigeria.
The research revealed that pertinent cultural factors influence women’s entrepreneurial journeys in the region.
Nigerian tycoon Abdul Samad Rabiu recently launched a $100-million Africa fund called the Abdul Samad Rabiu Initiative.
UBA Chairman Tony Elumelu set to earn $3.3 million from his shares in the bank.