Somachi Chris-Asoluka is leading the Tony Elumelu Foundation to empower African entrepreneurs through funding, training, and partnerships.
When Somachi Chris-Asoluka became CEO of the Tony Elumelu Foundation in March 2023, it felt like the arrival of a forceful new steward for African entrepreneurship. As CEO, she leads the continent’s foremost platform for entrepreneurial empowerment.
Her journey
Somachi Chris-Asoluka first made her mark academically, graduating summa cum laude from Saint Mary’s College of California with a degree in Economics and a minor in Mathematics, earning the prestigious “Adam Smith” award for highest-performing economics student. Then at Yale University, she earned a Master’s in International and Development Economics, laying a foundation in global economic theory and development thinking.
Upon her return to Nigeria for her National Youth Service, Somachi Chris-Asoluka became a research assistant at Lagos Business School. There, she honed her skills in academic rigour and practical organisation by co-authoring papers and coordinating the school’s career fair. Subsequently, as a consultant at Phillips Consulting, she took charge of feasibility studies, developed business plans, and managed a project focused on supplying Nigerian schools with knowledge tablets.
Her TEF trajectory began in 2014. She quickly rose from Head of Research to Head of Policy and External Relations, then to Director of Partnerships and Communications. In each role, she built the infrastructure that helped scale TEF’s Entrepreneurship Programme, launched in 2015. Since then, the programme has trained over 1.5 million Africans through TEFConnect, disbursed nearly $100 million to 18,000 entrepreneurs, and supported the creation of more than 400,000 jobs.
As CEO, she now oversees all aspects of TEF’s operations, partnerships, and strategic vision. Under her leadership, TEF forged a landmark partnership with UNDP to fund 100,000 entrepreneurs over ten years, and secured a $3 million agreement with the ICRC – their first private-sector collaboration in Africa. Meanwhile, Google launched its first Africa fellowship via TEF, unlocking opportunities for one million users of TEFConnect.
She also oversees a $3.99 million women-led green business program supporting 798 eco-conscious African entrepreneurs with training, mentorship, and seed grants. Most recently, the Foundation announced a $15 million grant to back 3,000 emerging entrepreneurs across 52 countries – an initiative already attracting more than 200,000 applications annually.
Somachi Chris-Asoluka is a recognised leader in Africa, serving as a Board Director at WINGS, co-Chair of UNICEF’s Generation Unlimited Nigeria, and an advisor to Michigan State University’s Alliance for African Partnership. She also holds the position of Deputy Champion for the World Economic Forum’s EDISON Alliance. Often speaking about the inspirations behind her leadership, she has been named one of Africa’s most promising women leaders by the Moremi Initiative, in addition to her role as CEO of TEF.
One of her most resonant statements came during a recent interview with Business Insider, where she said: “There is no substitute or shortcut to success; it requires dedication and effort… my hard work, dependability, and consistency have been instrumental in my journey”.
Through her stewardship at TEF, the development expert is shaping thousands of businesses and the very future of economic development in Africa.
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