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.
He revealed that the grant would be targeted at young women who would make up 68% of total candidates.
What Mr Elumelu is saying
While he praised his wife, Mrs. Awele Vivian Elumelu as a silent supporter of female entrepreneurs in Africa, Elumelu revealed that, ”3,369 young women will each receive $5k non-returnable seed capital as part of the 2021 Tony Elumelu Foundation Entrepreneurship Programme.
“This is $16.8m non-refundable grant to young African women and makes up over 68% of the total candidates selected this year.”
He added that in 2021, the Tony Elumelu Foundation disbursement is $24.75 million to 5,000 African SMEs for #TEF2021 Programme.
What you should know
Nairametrics reported 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.