Laying the Groundwork for TEF 4.0: The Tony Elumelu Foundation Beyond 2024

Abuja, Nigeria – July 26, 2023 : On Wednesday July 26,2023, the co-founders of the Tony Elumelu Foundation (TEF), Mr. Tony O. Elumelu CFR and Dr. Awele Elumelu OFR, along with Trustees, executive management, and stakeholders, met at the Transcorp Hilton Hotel in Abuja for a strategy session focused on shaping the future of the Tony Elumelu Foundation, beyond 2024, and the culmination of the 10-year Tony Elumelu Foundation Entrepreneurship Programme, the $100m commitment to fund, train and mentor thousands of young African entrepreneurs.

The strategy session served as an opportunity for a comprehensive evaluation of the Foundation’s unique approach to empowering African entrepreneurs, through partnerships, policy and advocacy efforts over the last thirteen years, as well as lay the groundwork for the Foundation’s trajectory in the years to come.

Following the TEF founder, Mr. Tony O. Elumelu’s welcome remarks, the TEF CEO, Somachi Chris-Asoluka, set the tone for the session by presenting her strategic agenda for the Tony Elumelu Foundation: a) amplifying the qualitative and quantitative impact of the Entrepreneurship ecosystem while addressing critical societal challenges such as gender, climate, and digital equity ; b) supporting its growing Alumni network on their journey to sustainability; c) leveraging AI and machine learning to expand the reach of  TEFConnect, the Foundation’s digital proprietary platform; and d) continuously monitoring its impact and deploying its resources efficiently.  In programmatic terms, there will be an even greater focus on supporting climate entrepreneurs, digital and creatives, women focused initiatives and a continuation of the Foundation’s work within fragile states.

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The session spent particular time examining the initial results of a comprehensive independent analysis of the Foundation’s impact to date and the product of its significant investment in monitoring and evaluation. The finalised independent report will be published later this year and made available to stakeholders and other interested parties. Participants noted the strong validation of the Foundation’s approach and demonstrable impact. The Tony Elumelu Foundation is the leading champion of African entrepreneurship and the only one that delivers in every African country, as it implements its belief that investment in young entrepreneurs can fundamentally change Africa’s growth trajectory.

Additionally, the Foundation plans to participate in the upcoming United Nations General Assembly (UNGA), the largest diplomatic event of the year, and the Annual Conference for the Aspen Network of Development Entrepreneurs (ANDE), the foremost network of global organizations propelling entrepreneurship in developing economies, were discussed.

Looking ahead, the Tony Elumelu Foundation will significantly upgrade TEFConnect, the Foundation’s digital proprietary platform, that currently provides over 1.5 million African Entrepreneurs with access to training, capital, and crucial market linkages.

The Foundation noted the need to revolutionise its alumni engagement, a crucial stakeholder base, and will introduce an innovative alumni engagement strategy that will enhance the ways in which the Foundation collaborates with its alumni network.

In attendance at the strategy session were: Tony O. Elumelu CFR, Founder and Trustee; Dr. Awele V. Elumelu OFR, co-Founder and Trustee; Alexander Trotter, Trustee; Fatou Assah, Advisory Board Member; Somachi Chris-Asoluka, CEO; Joshua Okorie, Director of Operations Iruka Ndubuizu, Director of Partnerships; Dr. Owen D. Omogiafo OON, Group CEO, Transnational Corporation PLC; Dupe Olusola, CEO Transcorp Hotels PLC; Bekemen Idiake, Head Strategy & Business Transformation, Transnational Corporation PLC; Clari Green, Group Head Marketing & Corporate Communications, Heirs Holdings; Tomiwa Sotiloye, Chief of Staff, Heirs Holdings; Tomilayo Esan, Group Head HR, Heirs Holdings; Chike Anikwe, Group Company Secretary, Heirs Holdings; Ben Okonkwo, Monitoring & Evaluation Manager, TEF; Ibukun Odurinde, Entrepreneurship Programme Manager, TEF; and Moyo Awotile, Ag. Head Marketing & Corporate Communications, TEF.

About The Tony Elumelu Foundation:

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided over 1.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.