The Tony Elumelu Foundation Explained

Founded:	2010
Founder:	Tony O. Elumelu
Type:	NGO
Headquarters:	Lagos, Nigeria
Area Served:	Africa
Website:	Tonyelumelufoundation.org

The Tony Elumelu Foundation (TEF) is an African non-profit organization founded in 2010 by Tony O. Elumelu and headquartered in Lagos, Nigeria.^[1] It is a pioneer member of the Global Impact Investment Rating System (GIIRS).^[2] So far, the Foundation has empowered over 18,000 African entrepreneurs across 54 African countries.^[3]

History

The Tony Elumelu Foundation (TEF) was founded in 2010 by Nigerian businessman Tony O. Elumelu, as an extension of his unwavering belief in the youth as catalysts for Africa's transformation. The Tony Elumelu Foundation, the leading philanthropy empowering a new generation of African entrepreneurs, has become the hallmark for Africa's sustainable development through jobs creation, poverty eradication and women's economic empowerment.

The Foundation's mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

In 2015, TEF consolidated its various programmes and Initiatives and made investing in Africa's next generation of entrepreneurs and business leaders a priority. The future of the Tony Elumelu Foundation centres on the provision of structured, robust, and multifaceted support to entrepreneurs around Africa through the Tony Elumelu Foundation Entrepreneurship Programme; a 10-year US$100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs across 54 African countries.

Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on www.tefconnect.com, Africa's largest digital entrepreneurship ecosystem, and disbursed nearly US$100 million in direct funding to over 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs.

Programmes

• The Tony Elumelu Foundation (TEF) Forum: An annual conference designed to bring entrepreneurs across the continent together to network and share ideas, connect with private and public sector leaders in one location to tackle entrepreneurship challenges on the continent. The fifth edition held in Abuja, the Nigerian capital on 26&27 July 2019 and had in attendance Nigeria's vice president, Yemi Osinbajo; Nigeria's First lady, Aisha Buhari; President of the Democratic Republic of Congo, Felix Tshisekedi; President of Rwanda Paul Kagame; Macky Sall, President of Senegal; Ruhakana Rugunda, Prime Minister of Uganda; Director-General, World Health Organization, Tedros Ghebreyesus; and President, African Development Bank, Akinwunmi Adesina, among others.^[4]

Past Activities

• The Mtanga Farms Investment: The Foundation's inaugural impact investment was in Mtanga Farms Limited, a mixed arable farming business operating in the Southern Tanzanian Highlands.^[5]
• The Elumelu Legacy Prize: An award established by Tony O. and Dr. Awele Elumelu to recognize homegrown academic excellence in subject areas representing their career paths and fields of academic study. The awards were given to the overall best graduating students and best performing students in economics, Business Administration, and Medicine within top tertiary Institutions across Nigeria's six geopolitical zones. It was also given to candidates who have excelled in training programmes from the Chartered Institute of Bankers of Nigeria. The annual Prize was designed to promote academic excellence and inspire the next generation of Nigerian leaders.
• The Elumelu Professionals Programme (EPP) recruits experienced professionals graduating from prestigious Masters in Business Administration and Masters in Public Administration (or Public Policy) programmes to work in SME companies and public sector agencies. The recruits work on specific strategic projects over the course of a 10-week placement. Since 2011, the Foundation has placed over 85 professionals in more than 40 companies across seven countries in Africa.
• The Blair Elumelu Fellowship Programme (BEFP) is a partnership between former British Prime Minister Tony Blair's Africa Governance Initiative and TEF. It was scheduled to run for three years. Tony Blair's office has hailed it as "bringing together the best of innovative European government delivery models with the best of African private sector acumen and execution.^[6] "
• The Global Impact Investing Network (GIIN) is a not-for-profit organisation dedicated to increasing the effectiveness of impact investing. TEF is dedicated to impact investing and is a member of the GIIN Investor Council.^[7]
• The Foundation's focus on research delivered white papers on different topics in 2012. Their founder, Tony O. Elumelu, contributed to the Nigerian Leadership Initiative's white paper in 2011. The GIIN published a case study in November 2011 on the Foundation's investment in Mtanga Farms^[8]
• The Africapitalism Institute also released a comprehensive report on the entrepreneurial ecosystem in Africa, analysing challenges facing African entrepreneurs and their proposed solutions.^{[9] [10] [11]} Titled Unleashing Africa's Entrepreneurs: Improving the Enabling Environment for Start-ups, it was first released to the public at a world-press conference on the sidelines of the 6th Global Entrepreneurship Summit in Nairobi, Kenya on 25 July 2015. The data used was based on original research leveraging the Foundation's pan-African network of over 20,000 early stage African businesses.

A leading light in African philanthropy,^[12] TEF has relationships with several other organisations around the world.^{[13] [14]}

Global Entrepreneurship Summit, Kenya, 2015

During the Global Entrepreneurship Summit that was opened by President Barack Obama, three Tony Elumelu Entrepreneurs were part of the official GES programme and gave "Ignite talks" on their entrepreneurial journey to the global audience including President Obama and President Kenyatta of Kenya.^{[15] [16]} Shadi Sabeh, CEO Brilliant Footsteps Academy, Nigeria; Tonee Ndungu, Founder, Kytabu, Kenya; and Jean Patrick Ehouman, co-founder and President, Akendewa in Côte d'Ivoire were the speakers representing their companies and are beneficiaries of the Tony Elumelu Foundation.^[17]

World Economic Forum on Africa, Kigali, 2016

"Unleashing Africa's Agricultural Entrepreneurs", the Foundation's report on the potentials of agribusinesses in transforming the continent, was launched on the sidelines of the 26th World Economic Forum on Africa in Kigali, Rwanda, 11–13 May 2016. Elumelu was also one of the co-chairs of the forum.

Tony Elumelu Entrepreneurs: Transforming Africa

In June 2016, Tony Elumelu Entrepreneurs: Transforming Africa, a 30-minute documentary film chronicling the story of the Foundation's Entrepreneurship Programme. The documentary has since premiered in different cities across the world from Paris^[18] to St. Gallen, Kigali, Lagos and London.

External links

• The Tony Elumelu Foundation website
• The National Competitiveness Council of Nigeria (NCCN) website
• Tony Elumelu Entrepreneurs: Transforming Africa documentary film

Notes and References

1. Web site: Kantai . Parselelo . Tycoons put professional veneer on business of giving . ft.com . 14 February 2012. 22 November 2011.
2. Web site: Impact investing . 2024-06-18 . academic.oup.com . 10.1093/acprof:oso/9780198703761.003.0009 . 2015 . Oleksiak . Anna . Nicholls . Alex . Emerson . Jed . 207–250 . 978-0-19-870376-1 .
3. Web site: The Tony Elumelu Foundation – Empowering African Entrepreneurs. The Tony Elumelu Foundation. en-US. 2 September 2019.
4. Web site: Highlights from the 2019 Tony Elumelu Foundation Entrepreneurship Forum. 31 July 2019. The Tony Elumelu Foundation. en-US. 2 September 2019.
5. News: Balondemu. Claire. Uganda: Development Agencies in Investment Deal With Tanzanian Farms. 14 February 2012. All Africa. 19 April 2011.
6. Web site: Blair Elumelu Fellowship Programme: Supporting African Governments to Advance Economic Development. The Office of Tony Blair. 14 February 2012.
7. Web site: The Tony Elumelu Foundation. Global Impact Investing Network. 14 February 2012.
8. http://www.thegiin.org/cgi-bin/iowa/resources/research/328.html "Improving Livelihoods, Removing Barriers: Investing for Impact in Mtanga Farms"
9. Dan Keeler, The Wall Street Journal, 24 July 2015.
10. Obinna Chima, "Report Reveals Access to Capital, Others As Challenges Facing Entrepreneurs", This Day Live, via AllAfrica, 29 July 2015.
11. http://www.pmnewsnigeria.com/2015/07/28/elumelu-foundation-releases-report-on-africas-business-climate/ "Elumelu Foundation Releases Report On Africa's Business Climate"
12. News: Kantai. Parselelo. Tycoons put professional veneer on business of giving. 14 February 2012. Financial Times. 22 November 2011.
13. http://www.trademarksa.org/news/africans-investing-africa-oppenheimer-elumelu-series "Africans investing in Africa: the 'Oppenheimer Elumelu' series"
14. http://investadvocate.com.ng/2015/06/09/africans-investing-in-africa-book-launched-at-world-economic-forum/ "Africans Investing in Africa Book Launched at World Economic Forum"
15. Web site: Africa . Cov . 2015-07-30 . Obama in Kenya: A Report from the Field and a Recap of the Global Entrepreneurship Summit . 2024-05-28 . Cov Africa . en-US.
16. Web site: Obama in Kenya: A report from the field and a recap of the Global Entrepreneurship Summit . 2024-05-28 . Brookings . en-US.
17. Web site: Wafula . Paul . 50 Universities to benefit from Sh6 billion IBM funding . 2024-05-28 . The Standard . en.
18. http://thenationonlineng.net/nollywood-gets-paris-love/ "Nollywood gets Paris’ love"