TEF Taps Global Titans to Supercharge African Entrepreneurship

LAGOS, Nigeria – March 12, 2026 – The Tony Elumelu Foundation (TEF), Africa's foremost philanthropy dedicated to empowering entrepreneurs, has significantly bolstered its strategic leadership by appointing three globally renowned figures to its Advisory Board. The new members are Professor Paul Gompers of Harvard Business School, a leading authority on venture capital; Per Heggenes, the former CEO who scaled the IKEA Foundation into a global force; and His Excellency Badr Jafar, a prominent UAE business leader and Special Envoy for Business and Philanthropy.

The appointments signal a strategic move to amplify TEF's influence and connect its vast network of African entrepreneurs with new streams of international capital, expertise, and market opportunities. This infusion of high-caliber leadership comes at a pivotal moment for the continent's burgeoning startup ecosystem.

Tony O. Elumelu, the Foundation's founder, underscored the strategic importance of the new appointments. "Entrepreneurship is the most powerful engine for Africa's long-term prosperity," he stated. "We welcome H.E. Badr Jafar, Per Heggenes and Professor Paul Gompers to our Advisory Board. Their collective experience and global networks will be instrumental as we scale our mission and build bridges with global partners."

A Strategic Infusion of Global Expertise

The trio brings a potent combination of academic rigor, philanthropic scale, and strategic investment acumen to the Foundation. Each member's background directly addresses the critical needs of African entrepreneurs today.

Professor Paul Gompers is not just an academic heavyweight; his work at Harvard Business School focuses specifically on the financial architecture of high-growth companies. His long-standing engagement with TEF, which includes authoring a Harvard Business School case study on its innovative model, provides a deep, pre-existing understanding of the Foundation's work. His expertise is expected to help TEF and its beneficiaries navigate the complex world of venture capital and attract more sophisticated, long-term investment to the continent.

"Entrepreneurship is a critical driver of innovation, job creation, and economic transformation," Professor Gompers commented. "I am delighted to join the Advisory Board and contribute to the Foundation's mission to deepen Africa's entrepreneurial ecosystems and expand opportunity at scale."

Per Heggenes brings a track record of transformative scale. During his 15-year tenure as the inaugural CEO of the IKEA Foundation, he oversaw its evolution into one of the world's largest grant-making bodies, deploying billions to improve livelihoods and promote sustainable development. His experience in structuring large-scale philanthropic interventions and strengthening institutional capacity will be invaluable as TEF seeks to expand its reach beyond the over 21,000 entrepreneurs it has already funded.

"The Tony Elumelu Foundation has built one of the most ambitious and impactful entrepreneurship platforms in the world," said Heggenes. "I look forward to supporting the Foundation's mission to strengthen entrepreneurship as a pathway to economic independence, resilience, and inclusive growth."

His Excellency Badr Jafar represents a crucial bridge to the capital-rich and increasingly Africa-focused Gulf region. As CEO of Crescent Enterprises and the UAE's Special Envoy for Business and Philanthropy, he is uniquely positioned to foster powerful new alliances. His appointment is a clear indicator of TEF's ambition to diversify its funding and partnership base, tapping into the UAE's growing role as a global hub for innovation and cross-sector collaboration.

"It is a privilege to support the Tony Elumelu Foundation's work, at a time when Africa's entrepreneurial energy is reshaping the future," H.E. Badr Jafar noted. "I look forward to helping build bridges between regions, sectors, and generations to drive sustainable impact at scale."

Beyond Aid: Forging New Alliances for Economic Empowerment

These appointments are emblematic of a broader shift in African development, moving away from traditional aid paradigms and towards strategic, investment-led partnerships. By bringing leaders from top-tier academia, European philanthropy, and Gulf business to the same table, TEF is curating a powerful coalition to champion African-led solutions.

This strategic reinforcement is particularly timely. While Africa's entrepreneurial spirit is undiminished, the global venture capital landscape has tightened. After a peak in 2022, startup funding on the continent has seen a contraction, mirroring worldwide trends. In this more challenging environment, the ability to offer more than just capital—providing world-class mentorship, strategic guidance, and a credible stamp of approval—becomes paramount. The new board members are perfectly positioned to help TEF deliver this enhanced value proposition, making its supported ventures more resilient and attractive to a wider pool of investors.

Scaling Proven Impact in a Dynamic Landscape

The new advisors join a foundation with a formidable and verifiable track record. In its first decade, TEF's programs have disbursed nearly $100 million in seed capital, supported over 21,000 entrepreneurs, and, according to its impact reports, created over 1.5 million direct and indirect jobs across all 54 African countries. These ventures have collectively generated hundreds of millions in annual revenue and lifted an estimated 2.1 million people out of poverty.

The challenge now is to scale this proven model. The expertise of the new board members aligns directly with this goal. Professor Gompers can help structure more effective pathways to follow-on funding. Per Heggenes can provide strategic counsel on scaling programmatic operations without diluting impact. And H.E. Badr Jafar can unlock new corridors for investment and partnership, particularly in the realms of climate action and sustainable enterprise, aligning with his work at COP28.

By assembling this diverse and powerful advisory board, the Tony Elumelu Foundation is not merely adding names to its letterhead. It is making a clear statement about its future direction: leveraging the best of global expertise to unlock the immense potential of Africa's next generation of business leaders.