Young entrepreneurs drive Africa’s economic transformation – Somachi Chris-Asoluka

The Chief Executive Officer of the Tony Elumelu Foundation, Somachi Chris-Asoluka, tells FAITH AJAYI about her career, entrepreneurship and other issues

What inspired you to pursue a career in economics and development?

Right from when I was a young child, I always felt a sense of responsibility to Nigeria, and Africa. I was always uncomfortable with the way Africa was portrayed in the global media, and concerned about the narrative of Africans out there. I did not like the way the rest of the world made us feel as Africans and what they thought and misconceived and assumed around Africans. I had my first two degrees in the United States of America, and I have schooled on three continents, so I’ve always felt a heavy sense of responsibility to help reposition that narrative for the better. The aim was not to make it overly optimistic but to paint a more realistic picture of the African continent. We have some challenges definitely, like everywhere else in the world, but there is a lot of good— resilience, hope, optimism—that the world isn’t seeing. I have always wanted to get into the development space, and that was how I stumbled onto TEF.

How does your background in economics and international development shape your leadership style and decision-making as the CEO of TEF?

My background in economics development allows me to understand how economics works, how economies are structured, and how a country or continent can change its economic trajectory by deliberate investment and policy guidance. I have that background to understand how countries have developed, how economies have transformed and how leaders have been deliberate in taking their countries from one level to the other. That allows me to understand what other countries have done, and what Africa must do too. I am very resolute in my belief that we must invest in our continent’s young ones to transform our economies. It will not be foreign assistance, government or private sector (that will do it), it must be our young people. We are helping them take their destinies into their own hands by giving them the funding, training, mentorship and access they need to start small businesses. Small businesses are the bedrock of any serious economy, so we must take our Small and Medium-scale Enterprises more seriously.

What was the defining moment you realised you wanted to work in philanthropy and entrepreneurship development?

I actually remember the exact moment I wanted to work at TEF. I was working in consulting before, and while there, I saw a foreign magazine that featured Tony Elumelu, and he was profiled around his concept of “Afrocapitalism”.

When I read his thoughts on Afrocapitalism, I was so inspired because I had never seen an African think that way, and proffer a solution in that manner. He was optimistic about what Africans can achieve for Africa. He wasn’t calling for foreign support or assistance, he just stated what he and other private sector leaders must do to transform the continent in his lifetime.

I was inspired by that, and I knew that I wanted to work with the group where that mindset was prevalent, because we share the same vision for our continent. Meanwhile, that was in 2014. Soon after that, I sent a job application to the Heirs Holdings Group. I added a cover letter stating that I thought we had a lot of similarities in the way we thought and I would love to join the group. There wasn’t any opening; I just sent my CV. About two days afterwards, I was invited for an interview.

How does your role as CEO differ from your previous roles at TEF?

They are totally different. The position of CEO is not about delivering in only one department or team; it is about doing well overall. Every department and every part of the foundation must be running at full capacity.

As the CEO, you are not just interested or invested in one department, you must be equally invested in making sure that all parts (of the organisation) are running as they should, and all team members feel fulfilled.

There is a very fine line to it. You must make sure that the organisation delivers and is productive to the best of its capacity, and also that each team member feels fulfilled, energised and inspired, seeing what drives them as an individual reflected in the role they occupy.

The position of CEO is a unique one because you can’t just think organisation; you also have to think about your people, their welfare and ambitions, while making sure the organisation continues to grow. But, it is a very fulfilling role. I learn a lot from my colleagues. I always say that I work with some of the most talented people, not just in Africa, but the world.

While brainstorming, a lot of solutions are shared. I don’t always have all the answers. I don’t think any leader has all the answers. Providing a conducive environment where people can share their thoughts and ideas is very important. Feedback must not always be taken, but it should at least be considered.

TEF is a major player in Africa’s entrepreneurial landscape. What are your long-term goals for the foundation?

I took up this role on March 1, 2023, and between then and now, we have done a lot, especially as regards thought leadership and advocacy. We have also impacted thousands of entrepreneurs. We entered into more strategic partnerships with some of our global development partners who share our vision for transforming Africa through investing in entrepreneurs.

So far, the foundation has lifted over two million people out of poverty. We have supported 24,000 entrepreneurs, with over $100m disbursed to 24,000 people in seed capital. It is a grant and non-returnable. It is neither an equity nor a loan, so we don’t expect it back. These entrepreneurs have created 1.5 million jobs and generated $4.2bn in revenue within Africa.

These are huge numbers the team and I are very proud of. But, more than us being proud of it, it inspires us to do more, because we know we’re not scratching the surface. Every year, we receive between 200,000 and 400,000 applications for our programmes. We can only select a few thousand. My goal is to fund 10,000 entrepreneurs. This year, on March 22, we announced 3,000.

Next year, on March 22, 2026, I would like to be able to say we’re now funding an additional 10,000 to 24,000. We see the great urgency in the work that we do. Africa is the youngest continent by far. We have far too many millions of young people sitting at home, idle, underutilised, underemployed, unemployed, restive, vulnerable to extremism and vulnerable to illegal migration. We must deliver economic hope to these young people, and the way to do that is through entrepreneurship.

What are the biggest challenges you face, and how do you navigate them?

My biggest challenge as the CEO of TEF is being unable to fund all the deserving young African entrepreneurs who apply for our entrepreneurship programmes. Out of up to 400,000 applications from across all 54 African countries, we can only select a few thousand, given our existing financial commitment. This means  that the hopes of hundreds of thousands are dashed. This hurts. And, that is why, in 2018, we opened up to accepting partnerships with like-minded organisations from all over the world who have identified the work we do in empowering African entrepreneurs as the most transformative growth model for Africa in the 21st century.

TEF works across all 54 African countries. How do you ensure effective implementation of the foundation’s initiatives across such a vast and diverse landscape?

I ensure that our programmes remain inclusive and accessible to entrepreneurs across all 54 countries, each with its own cultural, economic, and infrastructural nuances. To help navigate this, we prioritise leveraging technology to bridge gaps. For instance, our proprietary digital platform— TEFConnect.com— where we have given access to business management training to over two million young Africans, enables us to reach entrepreneurs even in hard to reach, remote areas, providing them with training and resources that would otherwise be inaccessible.

Effective implementation across the African continent requires a multifaceted approach. At TEF, we take pride in ourselves as last-mile implementers. We disburse knowledge and funding directly to deserving African entrepreneurs. We interface and interact with our beneficiaries; there are no middlemen involved. Since 2015, when we launched the TEF Entrepreneurship Programme, we have garnered and gained on-the-ground insights on the needs of and constraints faced by African entrepreneurs. In turn, we have modified and tailored our programmes to meet the specific needs of each region. For instance, all our programmes are delivered in the four official languages of the continent– English, Arabic, French and Portuguese. Our training curriculum, webinars, master classes, videos, learning content, pitch support and others are delivered in those four languages. All parts of our programmes are contextualised for the African region.

My team and I also do quite a bit of travelling across the continent. As we speak, I have four team members in Kenya who are implementing one of our green entrepreneurship programmes, and onboarding and training the mentors who will guide the startups on this journey. Last month, team members travelled to Rwanda, Benin and Togo. Months before that, some colleagues went to South Africa, Cameroon, Mali and Namibia. As last-mile implementers, it is important to interact regularly with our entrepreneurs.

Additionally, we have alumni chapters in all African countries. We work very closely with our alumni hub chapters in our policy and advocacy initiative, where we share with governments and policymakers our data, research, and insights to inform policies that support and allow entrepreneurship to thrive. We understand that without a conducive and enabling environment, our entrepreneurs and their businesses will never become viable.

Furthermore, we invest heavily in technology to overcome geographical barriers. The TEFConnect platform serves as a digital one-stop-shop for entrepreneurs to access training, mentorship and knowledge, regardless of their location. This inclusive approach not only amplifies our reach but also fosters a sense of community among African entrepreneurs, encouraging cross-border collaborations and knowledge sharing.

The entrepreneurial landscape is constantly evolving. How do you keep TEF adaptable and relevant?

Staying adaptable in a dynamic entrepreneurial ecosystem requires an unwavering commitment to continuous learning and innovation. We routinely brainstorm with our entrepreneurs, mentors, partners, and other stakeholders to identify and understand emerging challenges and opportunities. This feedback informs the iterative design of our programmes, ensuring that they remain responsive to the current needs of the entrepreneurial community.

We also monitor global trends and best practices, integrating relevant insights into our initiatives. Leading universities, including Harvard, Cambridge and Stanford, have produced extensive case studies on the Tony Elumelu Foundation, examining our impact, which in turn, inspires and challenges us to do even more. Just last month, the founder (Tony Elumelu) and I spoke at a class at the Harvard Business School where the TEF case study was being taught. There were so many brilliant ideas from the students in the room, each sharing their thoughts on how our programmes could be further enhanced. I left the session with pages of notes.

By fostering a culture of agility and openness to change, we ensure that TEF not only keeps pace with the evolving landscape but also anticipates and shapes future trends in African entrepreneurship. The work we do is extremely relevant and more urgent than ever, given the growing demand for economic opportunity by millions of young people.

Have you ever faced gender-related challenges in leadership, and if so, how did you overcome them?

As a female leader, I have encountered situations at home and abroad where gender biases subtly influenced perceptions and interactions. Overcoming those challenges involved deftly demonstrating competence, confidence, and a commitment to getting the job done. By consistently delivering results and leading with integrity, I believe that I have been able to shift perceptions and build credibility.

I am also a big believer in having open discussions and dialogues around identifying and dealing with gender bias so that we finally live in a world where our young women thrive in spaces that are free of prejudice. Moreover, I believe in the power of mentorship and support networks. Engaging with other female leaders and aspiring women professionals creates a community of shared experiences and strategies, empowering us to collectively challenge the status quo and demand fairness across the board.

How do you handle difficult decisions, especially when they impact the lives of thousands of entrepreneurs and partners?

Decision-making at TEF is guided by our core values and the overarching mission to empower African entrepreneurs. When faced with difficult choices, I prioritise transparency, inclusivity, and data-driven analysis. Engaging with my team allows for diverse thoughts and perspectives, ensuring that decisions I take are well-informed and considerate of the broader impact.

I also have a Board of Trustees chaired by the founder, whose guidance I will never take for granted. I am able to send him a message at any hour asking for his counsel. My experience with the co-founder, Dr Awele Elumelu, is the exact same. Countless times, she has shared wise guidance that has informed the best decisions. I have a Board that believes in me, and has my back.

I am a big fan of making decisions in real time. The right decision taken belatedly is worse than a subpar decision taken promptly. A subpar decision taken promptly allows some time for correction and reversal, but a late decision doesn’t accommodate for any of that. A late decision is a missed opportunity that you can never get back. Leaders must realise that decision-making is a central part of leadership, and leaders must make decisions when needed, no matter how difficult.

What role do you see young entrepreneurs playing in Africa’s economic future?

Young entrepreneurs are the bedrock of Africa’s economic transformation. Young entrepreneurs and their businesses are the lifeblood of our continent. They bring innovation, resilience and a fresh perspective to longstanding challenges. By creating businesses that address local needs, they not only generate employment and economic opportunities but also drive inclusive growth, innovation and sustained development.  It is impossible to overstate the role that young entrepreneurs play on our continent.

How do you find time for yourself outside of work? 

I enjoy reading; fiction and non-fiction alike. I also spend a lot of time with loved ones – my husband, parents and friends. I enjoy frequenting my favourite restaurants and catching the latest movies in the cinema. I equally enjoy just hanging out with Tobe, my better half, doing nothing or anything. Just being with him is a lot of fun.

Moving forward, I want to be more deliberate about mentorship and creating platforms to informally interact with other young(er) women, sharing experiences, divulging career and life tips that have worked for me, and listening to their own advice on navigating life. I want to build a community of young professional women that I don’t think exists yet; a community that we can all learn from, feel supported by, and be inspired by. I have amazing friends who already motivate me to no end, but I think scaling this and reaching even more young women is a dream of mine that I must actualise this year.

What are your hobbies and other interests? 

I have recently come to realise that I enjoy public speaking. I hardly get nervous, and I enjoy communicating with an audience. I have been thinking about coaching young people to be confident when addressing a crowd.

How do you manage the pressures of leadership while maintaining your well-being? 

It is important to understand that the work never ends, but you must prioritise your welfare. You must not allow the pressures get to you. You must know when to take a break, and when to ensure your body and mind are healthy. You can’t pour from an empty vessel. It’s important to learn to refill and refuel.

What role does your family play in keeping you grounded? 

My family is my core. They are the reason that I am. My husband, my parents, my brothers, my friends and relatives keep me sane. I am so grateful for their love and belief in me. I am blessed with an amazing family that I will never take for granted.

What is one piece of advice you wish you had received earlier in your career? 

That the work never ends, and it’s okay to take time off now and then.

What legacy do you hope to leave behind at TEF and beyond? 

I hope to build the most resilient philanthropic organisation out of Africa for generations come.