Nigerian Billionaire Pledges $1 Billion to Kenya After Meeting With Ruto

Kenya is set to benefit from a major investment after Nigerian billionaire Tony Elumelu pledged $1 billion (about Ksh129 billion) to support the country’s infrastructure projects. 

The announcement was made after a meeting between Elumelu and President William Ruto at State House, Nairobi, on Wednesday, November 12, 2025.

Elumelu, who serves as the Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group, said the investment will focus on key sectors such as energy, roads, railways, and food security. 

He explained that his goal is to strengthen Africa’s development by encouraging the private sector to take a leading role.

President Ruto welcomed the investment, saying it shows growing confidence in Kenya’s economy. 

“Tony Elumelu’s pledge is not just a financial commitment but a strong message that Africa’s future lies in enterprise, innovation, and collaboration. This investment will support our national goals in energy and infrastructure while creating opportunities for our people,” Ruto said.

The $1 billion investment will come through Heirs Holdings, a company that has interests in banking, energy, real estate, and healthcare across Africa. 

UBA, on the other hand, has played a major role in promoting financial integration across the continent and supporting businesses in more than 20 African countries.

Elumelu is one of Africa’s most respected entrepreneurs. Born in 1963 in Nigeria, he built his fortune through investments in banking and energy. 

His philosophy of “Africapitalism” promotes the idea that African businesses should drive the continent’s development by investing in sectors that create both profit and social impact.

According to reports, Elumelu’s net worth was estimated at $2.15 billion (around Ksh277 billion) as of March 2025. 

His wealth mainly comes from his stakes in Heirs Holdings, Transnational Corporation of Nigeria (Transcorp), UBA, and real estate investments.

The pledge has been widely praised as a major boost for Kenya’s economy. Analysts believe it will attract other investors and help the government close the gap in infrastructure funding. 

Many also view it as a sign of stronger cooperation between African nations in driving their own growth.

If well implemented, the partnership between Kenya and Elumelu’s companies could mark a new chapter in Africa-led investment and development.