Transnational Corporation Plc (Transcorp Group), in partnership with the Tony Elumelu Foundation (TEF), has surpassed $2 million in direct investment aimed at empowering African entrepreneurs, marking a significant milestone in its commitment to enterprise development across the continent.
The milestone comes as the Tony Elumelu Foundation unveiled 3,200 beneficiaries for its 2026 Entrepreneurship Programme, with each selected entrepreneur set to receive $5,000 in seed capital to launch or scale their businesses. Within this cohort, Transcorp sponsored 625 entrepreneurs, bringing its cumulative support under the partnership to 1,250 beneficiaries since inception.
The $2 million investment reflects more than just financial support; it underscores a deliberate strategy to drive economic transformation through entrepreneurship. Founder of the TEF, Tony Elumelu, emphasised this vision during the announcement, stating that “the future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent.” He further reiterated that “empowering entrepreneurs remains the most sustainable path to economic transformation of the continent.”
Transcorp’s growing financial commitment aligns closely with this philosophy, positioning the Group as a key private sector driver of inclusive growth. The partnership has increasingly focused on creating opportunities for young Africans with viable ideas but limited access to capital, effectively bridging a critical funding gap.
President and Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, highlighted the tangible impact of the investment, particularly within host communities. “In Delta State, home to our Transcorp Power Plc in Ughelli, among the multiple impact of our diverse empowerment programmes on indigenes and residents of our host communities, we have empowered 625 entrepreneurs through the TEF Programme in a single year. That is not a coincidence. That is commitment,” she said.
Omogiafo further reinforced the broader purpose behind the investment, noting that “we do this because we believe that when people have an opportunity to thrive and create value for others, significant issues in our continent begin to be addressed. In our partnership with the TEF, we have so far empowered 1,250 entrepreneurs with about $2 million and counting.”
A notable feature of the partnership is its targeted focus on the Niger Delta region, where Transcorp’s power subsidiaries operate. Out of the 1,250 entrepreneurs supported to date, over 430 beneficiaries are from Niger Delta states, including Delta, Rivers, Abia, Akwa Ibom, Bayelsa, Cross River, Edo, Imo and Ondo. In Delta State alone, 254 entrepreneurs have benefited, with 240 receiving funding in the 2026 cycle.
This strategic deployment of over $2 million in funding continues to reinforce Transcorp Group’s role as a purpose-driven corporate organisation, leveraging partnerships to expand access to opportunity and stimulate grassroots economic participation across Africa.
