Kenya secures KSh 129 billion from UBA’s Tony Elumelu

Kenya has secured a KSh 129.2 billion (USD 1 billion) investment pledge from Nigerian billionaire Tony Elumelu aimed at financing critical infrastructure projects.

The commitment, announced by President William Ruto on 12 June, will target key sectors including power generation, food security, and the expansion of road and rail networks across the country.

The agreement follows a meeting between President William Ruto and Elumelu, the Group Chairman of United Bank for Africa and Heir Holdings, at the State House in Nairobi.

A partnership for development

In a statement, President Ruto framed the investment as a testament to a shared vision for the continent. He emphasized the necessity of collaboration between the public and private sectors to unlock Africa economic potential.

“Elumelu enduring belief that Africa private sector must play a central role in driving the continent development is exemplified through this commitment,” Ruto said. “This pledge is more than an act of financial investment; it is a testament to a shared vision for Africa future.”

The President added that such partnerships are crucial for shaping “a new era of inclusive growth and sustainable development for Kenya and Africa.”

UBA long-term commitment

For his part, Elumelu reaffirmed United Bank for Africa long-term strategy in Kenya. He pledged to expand investments across several sectors, including energy, hospitality, real estate, and the group core banking business.

“United Bank for Africa is not just a bank. We are a development partner,” Elumelu stated. He highlighted Kenya dynamic economy as a key motivator for the investment. He noted the country “youth, innovation, and entrepreneurial drive” make it one of Africa most exciting markets.

The meeting was also attended by Transport Cabinet Secretary Davis Chirchir and other senior government officials.

This substantial financial injection marks a significant step in Kenya deepening push for public-private partnerships.