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Elumelu Foundation Invests $4.86m In Entrepreneurship Project

The chairman, United Bank for Africa Group, UBA, Mr. Tony Elumelu said it has invested a total of $4,860,000, for its empowerment project, the Tony Elumelu Foun­dation.
In a statement through the UBA group recently, he said that the investment included a $1,405,000 in agriculture; $410,000 in education and training, and $365,000 in the manufacturing sector.
“I set out to institutionalize luck with the foundation and give back to the African Continent that made me. Entrepreneurship can chart a new course of devel­opment for Africa”, he stated.
The banking expert and entre­preneurship advocate explained that with Africans taking respon­sibility for wealth creation and creating value adding businesses here in Africa were the reasons he encouraged applications from across the Continent, regardless of age, gender, religion or colour.
The Foundation also an­nounced that it will be launch­ing the second annual round of the $100 million Tony Elu­melu Entrepreneurship Pro­gramme, TEEP, for emerging African entrepreneurs in Jan­uary next year.
In 2015, TEEP empowered 1,000 African entrepreneurs, selected from over 20,000 ap­plicants, with start-up in­vestment, active mentoring, business training, an entre­preneurship boot camp and regional networking across Africa.
Entrepreneurs, with an av­erage age of 21-40, from 51 Af­rican countries completed the programme and received $5,000 in seed capital for their start-up businesses.
The Foundation hinted that TEEP will open for entries next January and will accept appli­cations until March 1st.
The sector- agnostic pro­gramme funded start-ups across a further 20 industries, all based in Africa

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