Tony Elumelu: From Humble Beginnings to Business Mogul and Philanthropist, Launches $5,000 Entrepreneurship Program 2024

Tony Onyemaechi Elumelu, a renowned Nigerian businessman and philanthropist, has played a pivotal role in shaping Nigeria’s economy. Holding the position of chairman at United Bank for Africa Group, Transnational Corporation of Nigeria Ltd., and Transnational Corporation Plc, he has demonstrated significant leadership.

Born on March 22, 1963, in Jos, Plateau State, Nigeria, Tony Elumelu hails from Onicha-Ukwu in the Aniocha North Local Government Area of Delta State. Despite being born into a modest family, he exhibited exceptional entrepreneurial skills, becoming a millionaire by the age of 26. Today, he stands as one of the richest men in Africa, with an estimated net worth exceeding $2 billion.

Educationally, Elumelu holds a bachelor’s degree in Economics from Ambrose Ali University and a master’s degree from the University of Lagos. His commitment to education is further reflected in his support for African entrepreneurs through the Tony Elumelu Foundation, which he established in 2010. The foundation aims to foster entrepreneurship and create opportunities for young Africans.

In his early career, Tony Elumelu embarked on the path to financial freedom in 1985 as a Youth Corps Member with Union Bank. Over the years, he showcased financial acumen by acquiring struggling institutions, such as the Standard Trust Bank in 2005, which he later renamed Tony Elumelu Bank plc. Subsequently, he played a pivotal role in the transformation of United Bank for Africa (UBA) into a Pan-African bank with a significant presence across the continent.

In 2010, Elumelu retired from his role as CEO of UBA to establish Heirs Holdings, a family investment company with interests spanning banking, manufacturing, energy, real estate, agriculture, and more. Alongside his business ventures, he founded the Tony Elumelu Foundation, which has provided extensive support to entrepreneurs in Africa.

Tony Elumelu’s commitment to philanthropy extends beyond his foundation. He co-founded or established several other organizations, including NextGenAfrica Initiative, Egozi Youth Development Initiative, African Leadership Academy, and Tony & Friends Homes.

In recognition of his outstanding contributions, Elumelu has received numerous awards, including being named one of Forbes’ “20 Most Influential Africans” and CNBC Africa Person Of The Year 2015. His impact on economic and entrepreneurial growth led to the Nigerian government honoring him with the title of MEMBER OF THE ORDER OF THE FEDERAL REPUBLIC (MFR) in 2003.

Tony Elumelu’s family life mirrors his dedication to both professional success and personal relationships. Married to Awele Vivien Elumelu, a medical doctor, they have seven children. Despite his busy schedule, Elumelu prioritizes family time, showcasing a balance between his business endeavors and family responsibilities.

In summary, Tony Onyemaechi Elumelu’s journey from humble beginnings to a business magnate, coupled with his commitment to philanthropy, has left an indelible mark on Nigeria’s economic landscape. His achievements, awards, and contributions to entrepreneurship and education underscore his role as a transformative figure in Africa.

Foundation Entrepreneurship Program

Overview:
The Tony Elumelu Foundation (TEF) Entrepreneurship Programme is open to entrepreneurs from across Africa, whether with new startup ideas or existing businesses of less than 3 years’ existence, operating in any sector. The selected entrepreneurs will receive business training, mentoring, a non-refundable $5,000 seed capital, and global networking opportunities. The program is part of a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 young African entrepreneurs.

Key Information:

• Application Deadline: March 1, 2024
• Value: $5,000
• Funding Type: Partially Funded
• Type: Entrepreneurs
• Sponsor: Tony Elumelu Foundation
• Gender: Men and Women

Benefits of TEF Entrepreneurship Program:
Selected entrepreneurs will receive:

• World-class business management training
• Mentorship
• $5,000 non-refundable seed capital
• Access to key networks and markets
• Global Networking Opportunities

Requirements for TEF Entrepreneurship Program:

• Open to all citizens and legal residents of any one of the 54 African countries. The proposed business must be registered and operate in Africa.
• Applicants must be 18 years old and must not be considered a minor in their country of residence. There is no upper-limit age restriction.
• Applicants can be outstanding African entrepreneurs running existing start-ups with high growth potential and aspiring business owners with transformative ideas.
• All businesses must be business ideas or an early-stage company, in the range of 0 to 3 years old.
• Your application must focus on ONE business only.
• They are particularly looking to grow representation from French, Arabic, and Portuguese speakers, as well as female entrepreneurs.
• The program is not open to research institutions, faith-based organizations, value-adding trading companies, government contractors, and businesses not located in Africa. Businesses must not adversely affect the environment, lives, and property. Business ideas must be for profit and must be the original work of those making the submission.

Application Deadline:
March 1, 2024

How to Apply:
Interested and qualified candidates can apply through the Tony Elumelu Foundation website. Applications are made through TEFConnect, the digital networking hub for the African entrepreneurship ecosystem.

For more details, visit the TEF website.

Note: Applications must be submitted through TEFConnect.

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