Tinubu hails Tony Elumelu at 62 as TEF prioritises SDGs for 3,200 new entrepreneurs

KEY POINTS

• President Bola Tinubu has congratulated business leader Tony Elumelu on his 62nd birthday (March 22, 2026), describing him as an “African business icon.”
• The Tony Elumelu Foundation (TEF) is set to unveil its 2026 cohort of 3,200 young African entrepreneurs today, Sunday, March 22.
• To date, the foundation has trained 2.5 million youths and provided over 24,000 entrepreneurs with $5,000 non-refundable seed capital each.
• TEF CEO Somachi Chris-Asoluka revealed that the 2026 selection framework specifically prioritises businesses aligned with the UN Sustainable Development Goals (SDGs).

MAIN STORY

President Bola Tinubu has lauded economist and philanthropist Tony Elumelu for his “unwavering belief in Africapitalism” as the Chairman of Heirs Holdings and UBA marks his 62nd birthday. In a statement issued on Saturday, the President highlighted Elumelu’s resilience and commitment to excellence, noting that his investment in youth development is a critical engine for Africa’s economic transformation and job creation.

Coinciding with the birthday celebrations, the Tony Elumelu Foundation (TEF) held a virtual media parley on Saturday to outline its strategic shift for 2026. CEO Somachi Chris-Asoluka announced that the foundation will officially unveil 3,200 new entrepreneurs today. This year, the selection process moved beyond mere profitability and scalability to focus on social and economic impact. Applicants were assessed on how their business ideas directly address the United Nations Sustainable Development Goals (SDGs) in sectors such as healthcare, education, climate action, and digital innovation.

According to Chris-Asoluka, this refined focus is central to the foundation’s mission of closing Africa’s development gaps ahead of the 2030 SDG deadline. By encouraging entrepreneurs to align with global development priorities, TEF aims to move the continent from a position of lagging behind to one of meeting and surpassing global goals through private-sector innovation.

THE ISSUES

The primary challenge identified by TEF is the “Alignment Gap.” While Africa has a vibrant entrepreneurship ecosystem, many start-ups are purely profit-driven without addressing structural developmental needs. By tethering $5,000 seed capital to SDG alignment, the foundation is attempting to institutionalise “conscious capitalism” among the youth. However, the hurdle remains whether these small-scale entrepreneurs can maintain measurable social impact while navigating the harsh economic realities of 54 different African markets.

WHAT’S NEXT

• Selection Announcement: The official list of the 3,200 selected entrepreneurs for the 2026 TEF cohort is scheduled to be released today, Sunday, March 22.
• SDG Integration: The new cohort will begin a specialized training programme that emphasises integrating sustainable development into their core business operations.
• Midterm Impact: Analysts will be monitoring how these 3,200 ventures contribute to Nigeria’s and the wider continent’s progress toward the 2030 SDGs over the next four years.

WHAT’S BEING SAID

• “We want our entrepreneurs to actively contribute to the SDGs so that by 2030, Africa will no longer lag behind,” stated Somachi Chris-Asoluka.
• “[Elumelu’s] foundation has provided over 24,000 entrepreneurs with non-refundable seed capital of 5,000 dollars each,” noted President Bola Tinubu.
• “Innovation from the private sector is essential to achieving long-term growth,” the TEF CEO added.

BOTTOM LINE

The Bottom Line is that Tony Elumelu’s “Africapitalism” is becoming more targeted. As he hits 62, his foundation is no longer just funding “any” business; it is selectively empowering the 3,200 ventures it believes can solve Africa’s most pressing social and environmental problems before the 2030 deadline.