A total of 206 Ugandans will benefit from the $1.03 million( approximately shs3.7 trillion) non-refundable grant by the Tony Elumelu Foundation.
The 206 are part of the 3,000 beneficiaries from 52 African countries who are the 11th cohort who will also get mentorship and training in the course of the year to boost their businesses announced by Tony .O. Elumelu CFR, the founder of Tony Elumelu Foundation (TEF) and Group Chairman of United Bank for Africa (UBA PLC)
Each selected entrepreneur will receive $5,000 non-refundable seed grant to launch or scale his/her businesses.
During the unveiling of the 2025 cohort in Abuja, Elumelu reiterated his commitment to empowering African entrepreneurs and driving economic transformation across the continent.
He emphasized the foundation’s mission to democratize opportunities, foster economic growth, and provide young Africans with access to funding, mentorship, and training.
"Our vision is to create a self-sustaining Africa powered by the energy, vision, and resilience of young entrepreneurs. We recognize the challenges they face in contributing to Africa’s economic transformation. However, if empowered and encouraged, these young Africans can drive meaningful change,” he stated.
He further highlighted that capital alone is insufficient, stressing the importance of business education, mentorship, and training in building successful entrepreneurs.
"In the 21st century, Africa does not need aid; what it needs is investment in its youth,” he added.
Speaking at the event, Somachi Chris-Asoluka, the CEO of Tony Elumelu Foundation, highlighted the foundation’s achievements.
“Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has granted over 2.5 million young Africans with access to trainings on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to more than 21,000 young African women and men, who have collectively created over 800,000 direct and indirect jobs, and generated over $4.2 billion in revenue” She stated.
“Our entrepreneurs have proven that ideas are the lifeblood of the African continent. For the 2025 cohort, we received over 200,000 applications from 52 African countries, and from this pool, 3,000 entrepreneurs will receive $15 million in funding. Each entrepreneur will receive a $5,000 non-refundable seed grant, which is neither a loan nor equity.”
Chris-Asoluka also assured that the foundation has a robust monitoring and evaluation platform to track the progress of beneficiaries after disbursement, ensuring adherence to approved business plans.
During the ceremony, Uganda emerged as as one of the top-performing countries in this year’s selection, underscoring the country’s growing entrepreneurial spirit and economic potential, as young business leaders continue to leverage opportunities for financial empowerment and innovation.
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.
The foundation works hand in hand with UBA to ensure all winners receive their capital and their businesses continue to succeed.
This year’s success highlights the immense potential of Uganda’s entrepreneurial ecosystem and reinforces the nation’s role in Africa’s broader economic transformation.