Alumni Of Tony Elumelu Foundation’s Rake in $52m, in 2yrs
Beneficiaries of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme have generated about $52 million revenue and created 12,000 jobs within the last two years. This was the highlight of the 2018 edition of the TEF Entrepreneurship Forum with the theme, ‘Empowering African Entrepreneurs’ held in Lagos. According to the Chief Executive Officer, Parminder Vir, 1460 entrepreneurs across Africa were selected this year, adding that the Foundation has so far made a direct investment of $20 million in the development of young African entrepreneurs, in addition to funds devoted to mentorship and infrastructure. Vir stated: “In the last 18 months to two years, TEF entrepreneurs across the continent have generated $52 million income and created over 12,000 jobs. ^2 percent of the businesses developed are fully operational while 29 percent are partially operational. “The Foundation started off with 24 percent female entrepreneurs but this year 41 percent of the ...