Ruto Announces Nigerian Billionaire’s $1 billion Investment In Kenya
Kenya’s infrastructure development efforts are poised to be boosted after Nigerian entrepreneur Tony Elumelu committed $1 billion (roughly Ksh129 billion).
Elumelu’s billion-dollar promise followed a meeting with President William Ruto on Wednesday, November 12, in his capacity as Group Chairman of the United Bank for Africa (UBA) and Heirs Holdings Group.
Heirs, the company he created, is a pan-African investment firm with holdings in banking, energy, real estate, health care, and hospitality.
Meanwhile, UBA is one of Africa’s largest and most powerful financial organizations, both in terms of size and scope.
It has played an important role in the continent’s banking industry and in encouraging pan-African economic unity.
The transformation of our continent demands a strong and purposeful partnership between Africa’s public and private sectors. Only through such collaboration can we unlock the full potential of our people and resources.
— William Samoei Ruto, PhD (@WilliamsRuto) November 12, 2025
At State House Nairobi, I received the Group Chairman of… pic.twitter.com/lQNOzzdG2j
Ruto complimented Elumelu’s vow with having a huge impact, stating that it showed a common vision for African progress.
According to the Head of State, billions of dollars in private sector investment will be directed toward increased energy generation, food security, and the expansion of Kenya’s road and rail systems.
“At State House, Nairobi, I received the Group Chairman of United Bank for Africa and Heirs Holdings Group, Mr Tony Elumelu, and his delegation,” Ruto said.
“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.”
“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.
Anthony Onyemaechi Elumelu, a Nigerian economist, entrepreneur, and philanthropist, was born on March 22, 1963, in Jos, Plateau State, Nigeria.
He is most recognized for his banking leadership and commitment to promoting entrepreneurship in Africa.
Elumelu is well-known for his “Africapitalism” concept, which emphasizes the private sector’s role in driving African development through long-term investments that generate both economic and social wealth.
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In March 2025, MoneyCentral experts assessed Elumelu’s net worth to be around $2.15 billion (Ksh277.7 billion).
The valuation was based on his ownership in publicly traded companies, private investments, real estate, and anticipated cash holdings. Elumelu is known to hold huge equity stakes in firms, which has increased his wealth.
He holds shares in several companies, including Heirs Holding Group, Transnational Corporation of Nigeria (Transcorp), and UBA.
Real estate assets and cash holdings are also significant contributors to his wealth.
Ruto Announces Nigerian Billionaire’s $1 billion Investment In Kenya
