The Tony Elumelu Foundation has announced that it will grant a total of $16.8 million in non-refundable seed capital to 3,369 women in Africa, bringing its total foundation disbursement to $24.75 million in 2021 alone.
This was disclosed in an online statement by Tony Elumelu, Chairman of United Bank for Africa on Friday, the 26th of November. Elumelu revealed that the grant would be targeted at young women who would make up 68% of total candidates.
“This is $16.8m non-refundable grant to young African women and makes up over 68% of the total candidates selected this year”, Elumelu said.
He added that in 2021, the Tony Elumelu Foundation disbursement is $24.75 million to 5,000 African SMEs for #TEF2021 Programme.
Per Nairametrics, it was reported that earlier this year that the Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young African entrepreneurs from all 54 African countries, successfully trained over 200,000 entrepreneurs in core business management skills as part of its 2021 TEF Entrepreneurship Programme.
Earlier this month, Mr. Elumelu stated that the Tony Elumelu Foundation had trained 1.5 million young Africans across the continent through the Tony Elemelu Entrepreneurship program which provides $5,000 non-refundable seed capital to those who are beneficiaries in Business training and mentorship for young entrepreneurs to scale their enterprises.