Tony Elumelu Foundation Earmarks $37m For 1,000 Entrepreneurs In 2016

The Tony Elumelu Foundation, through its Entrepreneurship Programme, has announced plans to provide a total of $37 million as seed money to 1,000 budding African entrepreneurs in 2016, to enable them start up their own businesses.

According to a statement by the Foundation, each of the recipients will get a N850,000 (about $3,761) non-refundable seed capital, at the end of their training programme. In addition, they will each get an additional N850,000 ($3,761) in debt or equity.

The 1,000 successful beneficiaries will join the 1,000 from 51 countries across Africa, who were successful at the inaugural edition of the programme in 2015, bringing the total number to 2,000.

The inaugural beneficiaries of 2015 successfully underwent a 12-week training on how to set up and manage a business, with mentoring and financial support from the Tony Elumelu Foundation.

The Chairman of the TEEP, Mr. Tony Elumelu, said: “I believe in empowerment that can change the face of Africa as we know it. African entrepreneurs are our future leaders, and I am passionate about giving them the opportunity to succeed. TEEP is a major, deliberate effort on my part, to institutionalize luck and provide seed capital funding, mentoring, business training, pan-African networking and a springboard that our aspiring entrepreneurs need to leap from”.