Elumelu urges sustained support for SMEs
Tony Elumelu Foundation (TEF) Founder Tony Elumelu yesterday acknowledged President Bola Ahmed Tinubu’s deeply commitment to supporting young entrepreneurs and small businesses in Nigeria and across Africa. Elumelu dropped the
- From Nduka Chiejina, Collins Nweze, Simon Utebor, Asaba and Idris Abdulsalam
Tony Elumelu Foundation (TEF) Founder Tony Elumelu yesterday acknowledged President Bola Ahmed Tinubu’s deeply commitment to supporting young entrepreneurs and small businesses in Nigeria and across Africa.
Elumelu dropped the hint in Abuja during the unveiling of shortlisted entrepreneurs for the 2026 flagship TEF Entrepreneurship Programme, where he also called on the President to sustain and expand ongoing support for small and medium enterprises.
He said: “President Bola Ahmed Tinubu is so passionate and very committed to young entrepreneurs and small and medium enterprises, not just in Nigeria but all over Africa. I want to appeal to him to continue empowering small and medium enterprises as he is doing so we can do more. I believe his work has made it possible for some of us to have this opportunity.”
Addressing young Africans, Elumelu stressed that the responsibility for developing the continent lies in the hands of its people, especially the youths.
“Let me also say to the young African entrepreneurs, that no one but us will develop Africa. I believe that the future of our country is in your hands,” he said.
The TEF founder urged entrepreneurs to move beyond words and take practical steps toward building businesses and creating opportunities.
He said the Foundation’s work is driven by a desire to give others a chance to succeed.
“What we do at the Tony Elumelu Foundation is not because we have so much to spread, but because we see it as setting a light to make sure that everyone is given the opportunity to succeed,” he added.
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Speaking about the importance of reducing poverty across the continent, he noted that shared prosperity benefits everyone.
He said: “Because poverty anywhere is a threat to all of us. So the more prosperity we spread and share, the more young Africans will rise and realize that what they didn’t know before can change Africa.”
Encouraging wealthy individuals and leaders to invest in people while they are alive rather than focusing only on personal wealth, Elumeluy said: “It’s not the money we have in our bank account that matters at the end of the day.
“A better thing to do is to help while you are alive and put in place systems that will continue to spread prosperity.”
He announced that 3,200 young entrepreneurs from all 54 African countries have been selected for the 2026 programme. The beneficiaries will receive funding, mentorship and access to the Foundation’s digital platform, TEFConnect.
Elumelu identified strong women participation as one of the major highlights of this year’s selection, stating that women account for 51 per cent of the beneficiaries.
According to him, the selection was based strictly on merit, saying: “One of the most inspiring stories emerging from this year’s cohort is the rise of women entrepreneurs. Fifty-one per cent of the entrepreneurs selected this year are women.
“This selection was purely by merit and not by quota. Across thousands of applications, women stood out through the strength of their ideas, the clarity of their business models and the ambition of their vision.
“As we celebrate women’s month, this sends a powerful message: when opportunity is accessible, African women do not simply participate — they lead,” Elumelu added.
He said that the Foundation, which initially set out to identify, train, mentor and fund 10,000 African entrepreneurs with $5,000 each in seed capital has surpassed the target.
“Sixteen years later, I am humbled that we have nearly tripled that ambition,” he said, adding that over $100 million has been disbursed to more than 24,000 entrepreneurs across Africa.
He added that about 80 per cent of beneficiaries have grown their businesses beyond the early stages.
“This means that four out of five businesses under the programme succeed, compared to about one out of five globally,” he explained.
Elumelu said the programme has made a wide impact across the continent, with over four million households affected positively, 2.1 million people lifted out of poverty, $4.2 billion in revenue generated by beneficiaries, and about 1.5 million jobs created. He also noted that more than 2.5 million Africans have benefited from training opportunities provided by the Foundation.
Oborevwori, Saraki felicitate Elumelu at 63
DELTA State Governor Sheriff Oborevwori and one-time Senate President Bukola Saraki yesterday felicitated United Bank for Africa (UBA) Chairman Tony Elumelu, who turned 63.
In separate messages, the governor and Saraki acknowledged the banker’s contributions to the society.
Oborevwori’s Chief Press Secretary Festus Ahon quoted him as describing Elumelu as an exceptional leader whose life continues to inspire hope, enterprise and prosperity across Africa.
He lauded him as a distinguished son of Delta State and a shining symbol of excellence, resilience and visionary leadership.
Elumelu’s remarkable journey from humble beginnings to global prominence, he noted, stands as a powerful testament to the boundless possibilities that hard work, discipline and purpose can achieve.
Oborevwori described the UBA Chairman as a pride of Delta whose unwavering commitment to Afri-capitalism and entrepreneurship has transformed countless lives.
According to him, through strategic investments and philanthropic initiatives, Elumelu has empowered thousands of young Africans, lifting many from poverty and nurturing them into successful entrepreneurs and employers of labour.
He emphasised that the banker’s enduring belief in Africa’s potential and his deliberate efforts to democratise opportunities have not only strengthened economies, but also restored dignity and hope to many families across the continent.
“As you celebrate 63 impactful years, your life remains a beacon of inspiration to our youths and a reminder that greatness is achievable through vision, courage and service to humanity,” the governor stated.
Saraki, who described Elumelu’s as a businessman, philanthropist and a man whose grit and ability to remain consistent over decades set him apart.
According to him, only a few individuals are able to channel such influence into building lasting legacies.
He said that the impactful platform created by Elumelu will transcend generations.
