Tony Elumelu Announces More Partnerships With Regional Institutions

The founder of Tony Elumelu Foundation, TEF, spoke in Lagos, Nigeria on October 30, 2016, at the the Second TEF Entrepreneurship Forum. The new partnership institutions include the African Development Bank, ECOWAS, Coca Cola, the International Trade Centre, Nigerian Ministry of Information, Culture and Tourism and Côte d’Ivoire Ministry of Entrepreneurship.

At the largest annual gathering of African entrepreneurs, held in Lagos, Nigeria, on October 30, 2016, the Tony Elumelu Foundation (TEF) hosted almost 1,000 women and men from 54 African countries, for the Second TEF Entrepreneurship Forum. The Forum celebrates the 2016 cohort of Elumelu Entrepreneurs, selected from over 45,000 applicants.

The annual highlight of the Tony Elumelu Entrepreneurship Programme saw the presence of leading policy makers and business leaders from across Africa giving their support to the Foundation. Especially its promise to identify, train, mentor and seed 1,000 entrepreneurs in a decade-long $100 million commitment. Following the Forum, each entrepreneur is eligible to receive up to $10,000 to implement their business plan.

Applauding Tony Elumelu’s promise to not only empower entrepreneurs, but also to tackle the fundamental economic challenges confronting the African continent, His Excellency Ernest Bai Koroma, President of Sierra Leone, called on others to emulate Elumelu. “Even when we had Ebola in Sierra Leone, Tony was there. His is an example other successful Africans must follow.” Focusing on the uniqueness of TEF’s approach to entrepreneurship development, President Koroma hailed the programme as “a genuinely innovative approach to philanthropy in Africa – an African offering African solutions.” 

“What is unique about this programme is that it not only provides a platform for entrepreneurs to build connections, but they are also being taught how to build their businesses in a sustainable way. Other philanthropists will be inspired to support and promote this philosophy” the President concluded. In his keynote speech, Elumelu stated, “I salute everyone. Our ambition is that you become ambassadors for entrepreneurship in Africa. You are a generation of wealth creators who share our commitment to the economic and social transformation of Africa. Momarr Mass Taal, the CEO of Tropingo Foods, has turned his first $5,000 seed capital received from the Foundation last year into a $1.2 million revenue business. I want many more of these! However, as excited as I am about the 2,000 entrepreneurs that we have selected, this gathering is in some ways bittersweet, as I reflect on the 63,000 ideas we were unable to select. Our commitment is to all entrepreneurs in Africa,” said Elumelu. 

He challenged all stakeholders from the public and private sectors, civil society, multilateral organizations and all individuals invested in Africa’s economic development to join hands with the Foundation to support the wider African entrepreneurial community.  “We need to support our entrepreneurs because extreme poverty and economic opportunities rarely coexist in the same place.” Elumelu also announced partnerships with regional institutions like the African Development Bank, ECOWAS, Coca Cola, the International Trade Centre, Nigerian Ministry of Information, Culture and Tourism and Côte d’Ivoire Ministry of Entrepreneurship.

The two-day forum buzzed with energy as entrepreneurs shared and gained knowledge, built cross-border partnerships, and connected with investors and policymakers, fulfilling the goal of fostering innovation and collaboration between entrepreneurs from across Africa. On Day One, participants benefited from master classes on traditional and alternative means of financing, sales and marketing, as well as sector-specific workshops and an in-depth session on Africapitalism. This Elumelu’s economic philosophy that identifies the leading role of Africa’s private sector, including its entrepreneurs, in Africa’s transformation. 

In her opening remarks, Awele Elumelu, CEO Avon Medical, Trustee of the Foundation and wife of Founder, Elumelu, welcomed the entrepreneurs to Lagos and commended their drive and efforts in finding solutions to some of the contin...