The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

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 ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

Tony Elumelu Entrepreneur Testimonials from Previous Years:

“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”

– Fatima Diallo, Senegal, Agritech Entrepreneur

“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”

– Mary Okeke, Nigeria, Fintech Founder

“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”

– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

For Media Inquiries: media@tonyelumelufoundation.org

National Board for Technology Incubation (NBTI) has urged the National Assembly to enact Executive Orders 003 and 005 into law to ensure full compliance by Ministries, Departments, and Agencies (MDAs).

Executive Order 003, signed by former Vice President Yemi Osinbajo, mandates MDAs to prioritise local manufacturers and service providers in procurement.

Similarly, Executive Order 005, issued by former President Muhammadu Buhari, directs MDAs to promote science, technology, and innovation in achieving national development goals.

Speaking on the necessity of these Orders, Dr Kazeem Raji, director-general, NBTI emphasised the need for legal backing to enhance enforcement and compliance.

He noted that while Executive Orders remain in effect until revoked or ruled unlawful, transforming them into legislation would strengthen their implementation and enforcement.

Raji stressed that enacting these Orders as laws would drive the adoption of indigenous technology, increase patronage of local innovations, and enhance economic growth.

“If Executive Orders 003 and 005 become laws, capital flight will reduce, foreign reserves will increase, GDP will grow, and employment opportunities will expand. These Orders will no longer be ignored, as there will be legal consequences for non-compliance,” he stated.

He emphasised that institutionalising these policies through legislation would solidify the government’s commitment to boosting local production and supporting homegrown industries.

Central Bank of Nigeria (CBN) has raised alarm over the commoditization of Naria in commercial cities in the country and enlisted security and law enforcement agents to tackle the menace.

CBN pointed at some Nigeria’s commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan as hotbeds.

Olayemi Cardoso, governor of the CBN, said that the growing trend of this illicit transactions involving banknotes requires immediate and urgent intervention.

He spoke Thursday at the Security Workshop held in Abuja in which security and law enforcement agents were major participants.

“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20% to 40% per transaction,” the CBN Governor stated, adding, ” the gravity of this situation is further exposed by a recent exercise where banknotes amounting to ₦2.3 million were acquired with a total payment, including premiums, of ₦3.2 million.”

Cardoso warned that this practice not only distorts the value of the Naira but also undermines public confidence in the financial system. He noted that the abuse of the Naira is frequently displayed on social media, where individuals are seen mishandling, spraying, and even stepping on banknotes at social events.

“When we talk about credibility and trust, we don’t build it this way,” he stated. “The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves.”

Cardoso urged strict measures to deter these practices, emphasizing the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.

“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency,” he added.

Beyond these cash-related concerns, Cardoso outlined broader security challenges affecting the CBN’s operations, including, limited availability of armed security personnel, especially in high-risk areas, delays in obtaining necessary security clearances for operations such as currency evacuations; interference in routine approvals, affecting operational efficiency, uncoordinated handling of cash-in-transit services, leading to unwarranted arrests and detentions and the need for stronger collaboration to combat illicit currency trading activities.

According to Cardoso, addressing these challenges requires a more structured approach, improved security protocols, and enhanced cooperation between regulatory agencies and law enforcement bodies.

“We all have a tremendous responsibility to protect what has been accomplished,” he said.

“This is not just a Central Bank problem. We all have to work together and take pride in restoring confidence in the financial system. The Naira is more than just a currency; it is a symbol of our national identity, and its strength is crucial for the economy.”

In his remarks, Mallam Nuhu Ribadu, national security adviser, stressed the need for law enforcement agencies to take stronger action against offenders.

“From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary,” Ribadu stated. “Impunity is the mother of all the problems we have. Nobody is punished for bad behavior, and they don’t even see it as a bad thing until they are held accountable.”

Addressing the movement of cash within the country, Ribadu called for stricter regulations and oversight.

“When you have a regulated system where one authority supervises currency movement, it ensures proper accountability. The moment something comes in, you should know why it is coming, verify it, and track it.”

He raised concerns over the unregulated transportation of cash, noting that “In Nigeria today, if you board a commercial aircraft, half of the seats are occupied by money—not to mention private aircraft, boats, and other means of transport. This lack of control creates an avenue for illegal activities to thrive.”

Ribadu urged financial institutions to strengthen their internal security measures and called on law enforcement agencies to be proactive in tackling emerging threats.

“Engage with operators, collaborate with law enforcement, and take responsibility,” he said.

“We are in a transformation period, and we must change the way we handle our financial security.”