Billionaire to invest N18bn in African entrepreneurs

Nigerian billionaire, Tony Elumelu has committed the sum of $100 million (N18,587,982,497.56) for the creation of 10,000 entrepreneurs in Africa over the next 10 years.

This was disclosed by Elumelu during a press conference in to announce the launch of the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) in Lagos on Monday, December 1.

Elumelu said:

“The opportunity and challenge in Africa is scale – in our people, our resources and our horizons. In my business and philanthropic journeys, I have always sought ways to help inspire a generation across our continent.”

“This programme brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women andmen across Africa – will lead Africa’s development and transform our futures. It is our opportunity to empower a generation,” he added.

TEEP is a Pan-African entrepreneurship initiative of the Tony Elumelu Foundation which would provide training, funding, and mentoring to the next generation of African entrepreneurs.

Elumelu recently gained a spot on the Forbes list of Africa’s richest after his net worth was put at $1 billion.