Tinubu Celebrates Tony Elumelu on His Birthday, Hails Africapitalism Vision

*Foundation unveils 12th entrepreneurship cohort today

Deji Elumelu in Abuja and Kayode Tokede in Lagos

President Bola Tinubu has congratulated renowned economist, banker, and philanthropist Tony Onyemaechi Elumelu on the occasion of his birthday on March 22.
This is because the Tony Elumelu Foundation is set to announce the 12th cohort of beneficiaries of its Entrepreneurship Programme today, March 22, 2026, following what it described as a record surge in applications from across the continent.

In a statement issued yesterday by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, the President described Elumelu as “an African business icon and a standout advocate of the Nigerian and African enterprise.”
Elumelu is the Chairman of Heirs Holdings, United Bank for Africa, Transcorp, and the founder of the Tony Elumelu Foundation.
President Tinubu commended the business leader for “his resilience, the excellence that governs his entire enterprise and his staunch belief in Africapitalism.”

The President also praised Elumelu’s commitment to youth development, particularly through the Tony Elumelu Foundation’s entrepreneurship programme, which he noted: “has so far trained 2.5 million young Africans in 54 countries and empowered over 24,000 budding African entrepreneurs with non-refundable seed capital of $5,000 each.”
As Elumelu marks the occasion, Tinubu joined his family and associates in wishing him “good health and strength and continued success in his pursuits.”

Meanwhile, the Tony Elumelu Foundation is set to announce the 12th cohort of beneficiaries of its Entrepreneurship Programme today, March 22, 2026, following what it described as a record surge in applications from across the continent.
In a statement at the weekend, the foundation said it received over 265,000 applications from entrepreneurs across all 54 African countries, reflecting growing interest in business development opportunities, particularly in sectors such as artificial intelligence, agriculture, and the green economy.

It said the announcement of the new cohort will be made virtually at 2:00 p.m. West African Time.
The statement read, “In an unprecedented demonstration of Africa’s rising economic empowerment, the Tony Elumelu Foundation is set to unveil the 12th cohort of its flagship Entrepreneurship Programme on Sunday, March 22, 2026.
“This follows a record-shattering surge of over 265,000 applications from across all 54 African nations. This massive influx of interest underscores a continent-wide hunger for transformation, particularly within high-impact sectors like artificial intelligence, agriculture, and the green economy.”

The foundation disclosed that it would provide $ 16 million in seed funding to 3,200 entrepreneurs selected for the 2026 cohort, with each beneficiary expected to receive $5,000 in non-refundable capital, business training, and mentorship support.
According to the statement, the programme is being implemented in partnership with Heirs Holdings, the European Commission, the IKEA Foundation, UNICEF, and the United Nations Development Programme.
It added that the programme’s selection process was independently audited by Ernst & Young to ensure transparency.

“This year, the Foundation’s impact scales to new heights, mobilizing $16 million in seed capital to empower 3,200 visionary entrepreneurs through a formidable coalition of partners, including Heirs Holdings Group, the European Commission, IKEA Foundation, UNICEF, and the UNDP.

“Each selected innovator will receive $5,000 in non-refundable funding, world-class business training via TEFConnect, and elite mentorship to catalyze their growth,” it said.

The statement noted that beneficiaries of previous cohorts form part of a network of about 24,000 entrepreneurs across Africa, which it said has collectively generated $4.2bn in revenue and created about 1.5 million jobs since the programme began.

Founder of the foundation, Tony O. Elumelu, was quoted in the statement as saying that supporting entrepreneurs remained critical to the continent’s economic growth.