March 22, (THEWILL)- The Tony Elumelu Foundation (TEF) on Friday announced the selection of 1,104 beneficiaries from 54 African countries for the 2024 edition of its annual entrepreneurship programme.
At a well-attended ceremony held in Lagos with participants and invited guests from across Africa, the Chairman and Founder of the TEF, Tony Elumelu, announced that each of the beneficiaries will receive a non-refundable seed of $5,000.
He said that the rigorous selection process was conducted by the globally renowned accounting firm, Ernst & Young.
Elumelu also disclosed that the TEF Entrepreneurship Programme since its inception in 2014 has disbursed $100 million to over 20,000 beneficiaries who in turn has generated 400,000 jobs and revenue of more than $2.5 billion.
Elated Elumelu, whose 61st birthday coincided with the event, said: “We believe in spreading luck, we believe in democratizing luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses. This is why we have done this.
“Till date, over 20,000 young men and women from across Africa have received over $100 million in support of their program. We are happy to see our young ones progressing. We are happy that what we started alone as Tony Elumelu foundation will have been able to identify and partner with other global institutions.
“So, today is a day of impact, a day of gratitude, and most importantly, a day of reflection for me because God has been kind in so many ways. My family and I do what we do, not from the abundance of wealth, but just a realisation that poverty anywhere is a threat to us everywhere, and that we cannot live alone in prosperity.
“So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we are able to impact the next generation.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
