Ruto Announces $1 Billion Infrastructure Investment by Nigerian Billionaire Tony Elumelu

Nigerian billionaire Tony Elumelu has pledged $1 billion (about KSh129 billion) to support Kenya’s infrastructure projects following a meeting with President William Ruto at State House, Nairobi, on 12 November.

The investment will target key sectors including energy generation, food security, and transport networks such as roads and railways. President Ruto described the commitment as a demonstration of shared ambition for Africa’s progress through enterprise and innovation.

Kenya, East Africa’s largest economy, continues to face infrastructure gaps that constrain growth despite its position as a regional hub for trade and innovation. The investment aligns with the government’s development priorities and signals renewed confidence in the country’s economic outlook.

Elumelu, who chairs United Bank for Africa (UBA) and Heirs Holdings Group, has long promoted the role of the private sector in Africa’s transformation. Through Heirs Holdings, he manages a diverse portfolio spanning banking, energy, real estate, healthcare, and hospitality. UBA operates in more than 20 African countries and is central to efforts to strengthen financial integration across the continent.

The businessman is also known for advancing the philosophy of “Africapitalism,” which encourages long-term private investment that delivers both financial returns and social impact. Born in Jos, Nigeria, in 1963, Elumelu has an estimated net worth of $2.15 billion (KSh277.7 billion) as of March 2025, derived from holdings in UBA, Transnational Corporation of Nigeria (Transcorp), and Heirs Holdings, as well as real estate and cash assets.