In an exclusive interview with FAITH AJAYI, Somachi Chris-Asoluka, the Chief Executive Officer of the Tony Elumelu Foundation (TEF), discusses her journey into the world of economics, her leadership approach, and her unwavering commitment to empowering young entrepreneurs across Africa.
Somachi Chris-Asoluka’s passion for economics and development has always been deeply rooted in her sense of responsibility to Nigeria and the African continent at large. From a young age, she was troubled by the negative portrayal of Africa in global media and was determined to change the narrative. “I always felt a responsibility to Nigeria and Africa,” she shared, emphasizing her discomfort with the global misconceptions surrounding the continent. “My goal was not to present an overly optimistic view, but to offer a more realistic one—showing the resilience, hope, and optimism that the world often overlooks.” With degrees from the United States and experiences across three continents, Somachi was motivated to delve into development work, which led her to the Tony Elumelu Foundation.
Her background in economics and international development has been pivotal in shaping her leadership style as the CEO of TEF. “My expertise helps me understand how economies function and how deliberate investments can change a country’s trajectory,” she explained. Drawing from lessons learned from economies that have successfully transformed, she believes Africa must invest in its young people to drive economic change. She firmly maintains that the future of the continent lies in the hands of its youth and that small and medium-sized enterprises (SMEs) will play a central role in that transformation. “We must give young people the tools—funding, mentorship, and training—to take their destinies into their own hands.”
Somachi’s journey into philanthropy and entrepreneurship development began after reading a foreign magazine that featured Tony Elumelu, where he expounded on his vision of “Afrocapitalism.” “I had never seen an African think in that way,” she said, reflecting on the profound impact it had on her. Elumelu’s philosophy of economic self-sufficiency through African leadership resonated deeply with her, and it became the driving force behind her desire to work with the Tony Elumelu Foundation. In 2014, she sent an unsolicited application to Heirs Holdings Group, and within days, she was invited for an interview, marking the start of her career at TEF.
As CEO, Somachi’s role differs greatly from her previous positions at the Foundation. She describes the CEO position as more than just overseeing one department; it requires a holistic approach to ensure the entire organization functions effectively. “You must ensure every part of the organization is running smoothly, and that each team member is fulfilled and motivated,” she explained. This multifaceted responsibility, she says, is both challenging and rewarding, as it involves balancing the welfare of the team with the growth and success of the organization.
Since taking over as CEO in March 2023, Somachi and her team have made significant strides in promoting thought leadership and advocacy. The foundation has supported over 24,000 entrepreneurs with seed capital totaling more than $100 million, resulting in the creation of 1.5 million jobs and generating over $4.2 billion in revenue. The Tony Elumelu Foundation’s impact has been profound, but Somachi’s vision is even more ambitious. “My goal is to fund 10,000 entrepreneurs. We aim to support 24,000 by 2026,” she shared. She believes that with the continent’s youthful population, entrepreneurship is key to addressing Africa’s economic challenges and the high levels of unemployment that leave millions vulnerable to extremism and illegal migration.
However, Somachi acknowledges the challenges that come with her role, particularly the inability to fund all deserving applicants. With between 200,000 to 400,000 applications each year, the Foundation can only select a fraction, leaving many aspiring entrepreneurs disappointed. “It hurts,” she admitted, adding that the Foundation’s strategic partnerships with like-minded organizations help broaden its reach and impact. TEF also leverages technology, particularly its TEFConnect platform, to break down geographical barriers and provide entrepreneurs across Africa with access to training, mentorship, and resources.
The Foundation’s reach spans all 54 African countries, a feat made possible through technology and a personalized, last-mile approach. “We ensure our programmes are inclusive, offering training and resources in all four official languages of Africa—English, Arabic, French, and Portuguese,” Somachi noted. The Foundation also works closely with alumni chapters across the continent, using data and insights from entrepreneurs to inform policy advocacy efforts and create a more enabling environment for businesses to thrive.
Adaptability is key to maintaining TEF’s relevance in an ever-evolving entrepreneurial landscape. Somachi emphasized the importance of staying open to new ideas and trends. “We continuously innovate, drawing feedback from our stakeholders, including entrepreneurs, mentors, and global partners,” she said. Her commitment to continuous learning is evident in her involvement with prestigious institutions like Harvard University, where TEF’s work is studied, and where she actively participates in discussions that help refine the Foundation’s strategies.
Despite the progress, Somachi has also faced gender-related challenges in leadership, particularly in male-dominated spaces. She has overcome these challenges by consistently demonstrating competence and confidence. “I believe in leading by example and creating a space where young women can thrive,” she said. Mentorship and support networks are central to her leadership philosophy, and she is committed to empowering women leaders to break free from gender biases.
Somachi Chris-Asoluka’s vision for Africa is one where young entrepreneurs are at the forefront of the continent’s economic renaissance. Through the Tony Elumelu Foundation, she is tirelessly working towards that goal, believing that economic transformation in Africa is not only possible but already underway, driven by the energy, creativity, and determination of Africa’s youth.