TONY ELUMELU FOUNDATION ANNOUNCES 2nd ROUND of #TEEP2016 1,000 NEW AFRICAN ENTREPRENEURS JOIN

Lagos, Nigeria, 22 March 2016 —  The Tony Elumelu Foundation (TEF) announces the selection of 1,000 entrepreneurs for the 2^nd round of the Tony Elumelu Entrepreneurship Programme (TEEP).

Launched in 2015, TEEP is the largest African philanthropic initiative devoted to entrepreneurship and representsa 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, createa million jobs and add $10 billion in revenues to Africa’s economy.

Over 45,000 entrepreneurs from 54 African countries applied, more than doubling the number of applications received in 2015.  Successful candidates represent diverse industries, led by agriculture, ICT and fashion. The highest numbers of applicants came from Nigeria, Kenya, Ghana, Uganda and Cameroon. All five regions – North, East, Southern, Central and West Africa are represented.

Founder, Tony O. Elumelu, CON, commented: “In TEEP’s first year we spent over $8 million of our $100 million commitment – with $5 million going directly to entrepreneurs as seed capital — and the results have far exceeded our expectations. We have funded entrepreneurs, established networks and helped extraordinary people take control of their destinies. The 2016 Tony Elumelu Entrepreneurswill become a generation of newly empowered African business owners, who are the clearest evidence yet, that indigenous business growth will drive Africa’s economic and social transformation.”

Over the next nine months, the 2016 cohort willreceivethe intensive online training, networking and mentoring, that provide a tool kit for success and sustainability. They will also participate in thethree-day Elumelu Entrepreneurship Forum later in the year, the largest annual gathering of African entrepreneurial talent.

Parminder Vir OBE, CEO of The Tony Elumelu Foundation, said: “We saw phenomenal success with the first cycle of TEEP –the success stories of the TEEP 2015alumni are a testamentto the transformative power of the programme we have built.Through TEEP, we are proving to the next generation of entrepreneurs that their ideas can change their communities, their countries and their continent.”

For a full list of the selected Tony Elumelu Entrepreneurs for TEEP 2016, please visitwww.tonyelumelufoundation.org/teep

About The Tony Elumelu Foundation

The Tony Elumelu Foundation is an Africa-based, African-funded philanthropic organisation. Founded in 2010, TEF is committed to driving African economic growth, by empowering African entrepreneurship.The Foundation aims to create lasting solutions that contribute positively to Africa’s social and economic transformation. Through impact investments, selective grant making, and policy development, it seeks to influence the operating environment so that entrepreneurship in Africa can flourish. www.tonyelumelufoundation.org@tonyelumeluFDN

About The Tony Elumelu Foundation Entrepreneurship Programme

The Tony Elumelu Foundation Entrepreneurship Programme represents a decade- long commitment to supporting African start-ups and entrepreneurs. We are committing $100 million to help launch an initial 10,000 entrepreneurs throughout Africa over the next 10 years, creating 1,000,000 new jobs contributing to $10 billion in revenue across Africa. www.tonyelumelufoundation.org/TEEP