NAIROBI, KENYA – Nigerian investor and philanthropist Tony O. Elumelu has pledged a landmark $1 billion (approximately Sh129 billion) towards Kenya's infrastructure development, following a high-level meeting with President William Ruto at State House, Nairobi, on Wednesday, November 12, 2025. The commitment, announced by the presidency, is set to target critical sectors including energy generation, food security, and the expansion of road and rail networks.

This broader pledge was made alongside a more immediate and specific commitment from the United Bank for Africa (UBA) Group, which Elumelu chairs. The pan-African lender has invested $150 million (approximately Sh19.4 billion) into Kenya's Road Infrastructure Securitisation Programme. This government initiative is designed to fast-track the modernization of transport networks through innovative financing, aiming to improve national and regional connectivity.

President Ruto lauded the dual commitments as a significant vote of confidence in Kenya's economy and its development agenda. “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 towards infrastructure development in Kenya,” President Ruto stated following the meeting. He framed the investment as “a testament to a shared vision for Africa's future built on enterprise, innovation, and shared prosperity.”

Strategic Alignment with Kenya’s Goals

The investments align directly with Kenya's ambitious national development plans. President Ruto highlighted the country's goal to generate an additional 10,000 megawatts of power over the next seven years, an undertaking estimated to require $15 billion (Sh1.9 trillion) to boost industrial growth and achieve energy independence. The partnership with UBA and Heirs Holdings, Elumelu's family-owned investment firm, is expected to play a role in realizing these transformative projects, which also include railway modernization, airport expansion, and initiatives to ensure food and water security.

Mr. Elumelu, who also founded the Tony Elumelu Foundation, reaffirmed his long-term commitment to the region, identifying Kenya as a strategic hub for East Africa. “UBA is not just a bank; we are a development partner,” Elumelu said, noting that Kenya's “youth, innovation, and entrepreneurial drive make it one of Africa's most exciting markets.” He confirmed that UBA and Heirs Holdings would expand investments across energy, real estate, hospitality, and banking.

A Pan-African Partnership Model

The high-powered delegation that accompanied Elumelu included senior executives from both UBA and Heirs Holdings, such as UBA Africa Executive Director Sola Yomi-Ajayi, Heirs Holdings Group Executive Director Chidi Okpala, and UBA Kenya CEO Mary Mulili, signaling a coordinated approach to the investment strategy.

UBA Group operates in 20 African countries and has been a key facilitator in channeling capital into African infrastructure and trade. This investment deepens its footprint in Kenya, where it began operations in 2009. The move is seen as a powerful example of 'Africapitalism,' a philosophy championed by Elumelu that posits the African private sector as the primary driver of the continent's economic transformation and social development.

Beyond large-scale infrastructure, the partnership is also expected to support small and medium-sized enterprises (SMEs). Elumelu noted that UBA Kenya will continue to leverage initiatives from the Tony Elumelu Foundation, which has already supported over 1,292 entrepreneurs in Kenya. This aligns with the Kenyan government's Bottom-Up Economic Transformation Agenda (BETA), which focuses on empowering small businesses and creating jobs.

The Sh129 billion pledge and the Sh19.4 billion direct investment into road development signal a new chapter of strategic collaboration between a leading pan-African private sector player and the Kenyan government. The successful implementation of these projects is poised to enhance regional trade, spur industrialization, and create significant economic opportunities across Kenya and the wider East African Community.