Kenya is set to benefit from a major investment boost after Nigerian billionaire Tony Elumelu committed $1 billion (Ksh129 billion) towards the country’s infrastructure development.
The pledge was made during a meeting with President William Ruto at State House, Nairobi, on Wednesday, November 12. Elumelu attended the meeting in his capacity as Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group.
Elumelu, one of Africa’s most influential businessmen, leads Heirs Holdings, a pan-African investment company with interests in banking, energy, real estate, healthcare, and hospitality. His other company, UBA, is among the continent’s largest financial institutions, playing a pivotal role in promoting pan-African financial integration.
“At State House, Nairobi, I received Mr. Tony Elumelu and his delegation. His enduring belief that Africa’s private sector must lead the continent’s development is demonstrated through his commitment of $1 billion towards Kenya’s infrastructure,” President Ruto said in a statement.
The President hailed the investment as a landmark commitment that will help accelerate Kenya’s energy generation, food security, and expansion of road and rail networks.
“This pledge is more than financial investment—it represents a shared vision for Africa’s future built on innovation, enterprise, and prosperity,” Ruto added.
Who Is Tony Elumelu?
Born on March 22, 1963, in Jos, Nigeria, Anthony Onyemaechi Elumelu is a respected economist, entrepreneur, and philanthropist. He is widely recognized for championing “Africapitalism”—a philosophy that promotes the private sector as the engine for Africa’s economic transformation through long-term, inclusive investments.
According to MoneyCentral (March 2025), Elumelu’s net worth is estimated at $2.15 billion (Ksh277.7 billion), derived from his stakes in major corporations, private ventures, and real estate assets.
He holds significant shares in Heirs Holdings, Transnational Corporation of Nigeria (Transcorp), and UBA, among other enterprises.
Elumelu’s latest billion-dollar pledge strengthens Kenya’s position as a strategic destination for pan-African investment and underlines the growing influence of Africa’s private sector in shaping the continent’s economic future.