In 2020, an article entitled “Tony Elumelu: God’s Gift to Africa” was published as a chapter in Ehi Braimah’s book, ‘My Lockdown Diary: Reflections on Nigeria and Covid-19 Pandemic,’ to commemorate the 10th anniversary of the Tony Elumelu Foundation (TEF) and the induction of its 6th cohort into the TEF Entrepreneurship Programme.
Tony Elumelu, the chairman of UBA, Africa’s global bank, and chairman of Heirs Holdings, is a distinguished figure in Africa with investments in various sectors, including financial services, healthcare, insurance, energy, hospitality, power, real estate, and technology.
Elumelu’s success underscores the importance of vision and unwavering determination. He consistently stresses the need for focus and the avoidance of obstacles, in line with the well-known adage, “My people perish for lack of vision” (Proverbs 29:18). This emphasizes the critical role of long-term planning and the pursuit of knowledge in achieving one’s objectives.
Under the umbrella of the Tony Elumelu Foundation, Elumelu has committed himself to empowering young entrepreneurs across Africa, with the vision of fostering lasting prosperity and social wealth in the region. Through the TEF Entrepreneurship Programme, the foundation has had a significant impact, creating over 400,000 direct and indirect jobs, and generating more than $2.5 billion in revenue over the past decade.
The foundation has also provided training to over 1.5 million young Africans on the digital hub, TEFConnect, and allocated over $100 million in direct funding to 20,000 young individuals. This far exceeds the initial goal of empowering 10,000 entrepreneurs in 10 years, demonstrating the remarkable success and influence of the programme over time.
Elumelu’s work accentuates the importance of investing in the future of African entrepreneurs. By equipping them with the necessary tools and resources for success, the foundation is making a substantial contribution to the economic development of the continent.
The impact of the Foundation has been acknowledged by the Harvard Business School, which has adopted it as a case study to explore the role and impact of the Foundation and its unique approach to catalysing entrepreneurship in Africa. This recognition further solidifies the leadership and influence of the Tony Elumelu Foundation in the philanthropic and entrepreneurial landscape of Africa.
With the recent announcement of the 10th cohort of the TEF Entrepreneurship Programme, coinciding with Elumelu’s birthday, he has expressed his intention to expand the reach and impact of the entrepreneurship programme, with the goal of funding 100,000 entrepreneurs in the future. Through this, he aims to democratize luck and create wealth creators across Africa.
Furthermore, the significance of agriculture and agribusiness cannot be underestimated, as they play a crucial role in ensuring food security and creating opportunities for economic growth. This is evident from the fact that a majority of the beneficiaries of the programme intend to invest in agriculture and agribusiness.
Elumelu’s dedication to supporting entrepreneurship in Africa has not only transformed lives but also serves as a model for other influential individuals to create a lasting impact in various fields. His belief in the concept of Africapitalism, which emphasizes the role of the private sector in Africa’s development, emphasizes the importance of strategic investments that seek both social and economic returns.
The success of the TEF Entrepreneurship Programme highlights the power of philanthropy in leveraging influence and fostering impactful change. Through research, advocacy, and training, the Foundation has successfully supported entrepreneurship, enhanced competitiveness, and facilitated leadership development, contributing to a positive narrative that drives prosperity in Africa.
As we reflect on the achievements of the Tony Elumelu Foundation over the past decade, it is evident that empowering young entrepreneurs is pivotal to nurturing a prosperous future for Africa. Tony Elumelu’s unwavering commitment to democratizing luck and spreading prosperity serves as an inspiration for others to make a meaningful and enduring impact in the lives of Africans.
In conclusion, the legacy of the Tony Elumelu Foundation and the TEF Entrepreneurship Programme stand as a testament to the transformative power of philanthropy in Africa. It is a beacon of hope and opportunity, creating a ripple effect of positive change that extends far beyond individual entrepreneurs, leaving a lasting impact on the continent as a whole.