Beneficiaries of  Tony Elumelu Foundation, TEF, have raised over $4.2 billion in revenue and pulled over two million Africans out of poverty.

The Founder and Chairman Board of Trustees of the Foundation, Mr Tony Elumelu, disclosed this at the unveiling of another set of 3,000 benefiting entrepreneurs in Abuja at the weekend.

An excited Elumelu disclosed that in the last 10 years, the organization had invested $100 million in grants to over 21,000 beneficiaries across 54 African countries which, according to him, has resulted in transformation among young entrepreneurs across the continent.

He added that in one decade, beneficiaries of TEF who received $5,000 grant each, created 1.5 million jobs, in addition to 2.5 million Africans granted access to training in Africa.

Elumelu said:  “We share a vision of a self-sustaining African continent, a prosperous Africa, powered by the energy, innovation, leadership and resilience of young African men and women.

“But my wife and I also know the challenges that these young Africans face in their resilience, in their ambitions and in their willingness and desire to contribute to the transformation of Africa.

“As an entrepreneur, I understand very well the opportunities that abound in Africa. I understand the entrepreneurship transformative power that our young ones can unleash on the continent.

“But we know that there are challenges. We also know that if empowered and encouraged, these young Africans can face the challenges we have across all that we live with in Africa.

“Give them the resources, to give them the training and the guidance that they need to succeed.

‘’In ten years, we took a journey of entrepreneurship and capitalising of love and economic prosperity on the continent.

“In 2015, as people with private sector mindsets, we decided, we know that what can’t be done can’t be done. So we decided to take one-step forward, to launch the Tony Elumelu Foundation Entrepreneurship Programme, to set metrics, targets, that will help people to continue.

‘’Fast forward, this year is the 15th year of the setting up of Tony Elumelu Foundation. When we look back, we are humbled by the progress that we made, by the achievements that we made, by the impact that we created, not just in one country, not just in one family, but across all 54 African countries.

“Based on statistics, we have been able to empower 21,000 young African men and women, each spending over $100 million. And the good news is, these people have helped to lift at least 2 million people out of poverty.

“To us, we are excited that we have been able, working with our partners, to lift at least 2 million people out of poverty. Because at the Tony Elumelu Foundation, we share common beliefs.

‘’One is that poverty anywhere is a threat to all of us everywhere.   And two, is that no one but us will develop Africa. So what we do at the Tony Elumelu Foundation, and the validation from the successes we see and listen to our young entrepreneurs who have just shared their testimony here, is inspired, supported, motivated by these accomplishments.”

Not out of Abundant wealth

He said that the philanthropic gesture of his foundation was not out of abundant wealth but out of a deep conviction that it was an existential interest.

His words:  “What we do at the Tony Elumelu Foundation is not out of the abundance of wealth. It is a realisation, deep realisation, that if we don’t do this, this is very essential, if we don’t do this, we’re creating problems for ourselves, the so-called successful people, and our children, our children’s children. It is in our collective existential interest to identify and support others.”

In her remarks, the Chief Executive Officer of TEF, Ms. Somachi Chris-Asoluka, revealed that the organization believed in gender mainstreaming, adding that 45 per cent of the TEF beneficiaries were women.

She said TEF was also reducing inequalities, as 64 per cent of those who received the grants were creating job opportunities for persons with disabilities.