Kenya is set to receive a boost in its efforts to enhance infrastructure development after Nigerian billionaire Tony Elumelu pledged $1 billion (approximately Ksh129 billion) for infrastructure development.
Elumelu’s billion-dollar commitment came after a meeting with President William Ruto on Wednesday, November 12, in his capacity as Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group.
Heirs, a company he founded, is a pan-African investment company with interests in banking, energy, real estate, healthcare, and hospitality.
Meanwhile, UBA is one of Africa’s largest and most influential financial institutions, both in size and reach. It has played a key role in the continent’s banking sector and in promoting pan-African financial integration.
In a statement, Ruto credited the significant impact of Elumelu’s pledge, noting it reflected a shared vision for growth in Africa.
As per the Head of State, the billions in private sector investment will be channelled towards enhanced energy generation, food security, and the expansion of Kenya’s road and rail networks.
“At State House, Nairobi, I received the Group Chairman of United Bank for Africa and Heirs Holdings Group, Mr Tony Elumelu, and his delegation. Mr. Elumelu’s enduring belief that Africa’s private sector must play a central role in driving the continent’s development is exemplified through his commitment of $1 billion (Ksh129 billion) towards infrastructure development in Kenya,” Ruto said.
“This pledge is more than an act of financial investment; it is a testament to a shared vision for Africa’s future built on enterprise, innovation, and shared prosperity,” he added.
Who is Elumelu?
Born on March 22, 1963, in Jos, Plateau State, Nigeria, Anthony Onyemaechi Elumelu is a Nigerian economist, entrepreneur, and philanthropist best known for his leadership in banking and his work in promoting entrepreneurship across Africa.
Elumelu is known for his philosophy of “Africapitalism,” which emphasises the private sector’s role in driving Africa’s development through long-term investments that create both economic prosperity and social wealth.
As for his net worth, back in March 2025, analysts at MoneyCentral estimated Elumelu’s net worth to be about $2.15 billion (Ksh277.7 billion).
The valuation used his stakes in publicly-traded companies, private investments, real estate and estimated cash holdings. Elumelu is known to have large equity stakes in companies, driving up his wealth.
Companies that he has stakes in include Heirs Holding Group, Transnational Corporation of Nigeria (Transcorp) and UBA. Other drivers of his wealth are investments in real estate and cash holdings.
