Tony Elumelu, one of Africa’s most influential business leaders, has secured a $6 million partnership between the Tony Elumelu Foundation (TEF) and the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. The deal, signed at the World Government Summit in Dubai, will provide $5,000 in non-refundable seed capital to 1,000 young African entrepreneurs.
Elumelu was accompanied by Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation, reinforcing TEF’s commitment to empowering African entrepreneurs. This latest initiative builds on TEF’s mission to drive entrepreneurship across Africa by providing funding, mentorship, and business training.
The UAE partnership underscores the Gulf nation’s increasing engagement with Africa’s entrepreneurial ecosystem. With the UAE actively investing in African venture capital, trade, and technology, this deal strengthens economic ties and provides much-needed capital to innovative founders across the continent.
Elumelu’s global advocacy for African business has seen him engage with world leaders, including recent visits to the United States and now the UAE, solidifying his role as a bridge between African entrepreneurs and global capital.
With this new funding, TEF will continue shaping Africa’s entrepreneurial future, ensuring more young founders get the resources they need to scale and succeed.
