Tony Elumelu Signs $6 Million Deal With UAE Foundations to Empower 1000 More Entrepreneurs
- The Tony Elumelu Foundation has entered a strategic partnership with UAE foundations to empower more African entrepreneurs
- The $6 million deal will see another 1000 African entrepreneurs receive business training and mentorship
- They will also receive a non-refundable grant of $5000 seed capital to inject into their businesses after the training
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Tony Elumelu Foundation has signed a strategic $6 million deal with two new partners, to empower 1000 more entrepreneurs.
The foundation signed this deal with representatives of the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation (an affiliate of Erth Zayed, at the World Governments Summit).
This deal will see the UAE partners leveraging on the Tony Elumelu Foundation to provide mentorship, business training, access to business network, and a non-refundable grant of $5,000 seed capital.
Source: Twitter
Announcing the information on its X (formerly Twitter handle), the Tony Elumelu Foundation announced that it will bring to this partnership, its expertise and existing structure to reach 1000 more African entrepreneurs.
Tony Elumelu Foundation opens application for grants
Recall that the Tony Elumelu Foundation recently started receiving applications for the 2025 cohort of the TEF Entrepreneurship program.
Nigerian Billionaire, Tony Elumelu shared how he started from nowhere and got to where he is today by pushing his luck with hard work and resilience.
He encouraged African youth entrepreneurs, as the selected TEF participants would receive world-class training, expert mentoring, and non-refundable seed funding.
The applications remain open till March 1, 2024.
TEF, UAE foundations sign partnership deal
Present to sign the deal were Mr. Tony Elumelu, TEF Founder, and Mohamed Haji Al Khoori, Director General of the Khalifa Bin Zayed Al Nahyan Foundation.
The post emphasised both organisations' commitment to enabling entrepreneurship across Africa, to provide jobs and solve problems on the continent.
The Tony Elumelu Foundation has empowered African entrepreneurs with mentorship, business training and funding for the last decade. The Khalifa Bin Zayed Al Nahyan Foundation is also a known philanthropic organisation, affiliated with Erth Zayed, and with a long history of commitment to enterprise development and economic empowerment.
According to Tony Elumelu, the partnership between both foundations is strategic and important to the future of entrepreneurship in Africa. He said;
“It not only reflects our shared vision of empowering Africa’s next generation of business leaders but will also create a ripple effect of economic transformation across the continent.”
Mohamed Haji Al Khoori added that the Erth Zayed will continue its mission to foster impactful partnerships and drive development and progress across communities.
Tony Elumelu encourages African entrepreneurs
In related news, Nigerian billionaire, Tony Elumelu has encouraged African entrepreneurs never to give up in their journey.
He shared that his success journey has been a combination of luck, grit and taking opportunities that came, and later even diversifying from banking into sectors like oil and gas.
The billionaire encouraged young entrepreneurs to take advantage of the opportunity TEF presents through its entrepreneurship program, by applying for it.
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Source: Legit.ng
