Tony Elumelu pledges $1 billion to Kenya as Ruto unveils bold development agenda

In a landmark commitment, Mr. Tony Elumelu, Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group, has pledged $1 billion towards infrastructure development in Kenya.

This happened on Wednesday at the State House, Nairobi, Kenya, where President Ruto hosted Elumelu, and his delegation.

Earlier, Roto had said that the transformation of Africa demands a strong and purposeful partnership between the public and private sectors, emphasizing that only through such collaboration can the continent unlock the full potential of its people and resources.

Elumelu had reaffirmed his enduring belief that Africa’s private sector must play a central role in driving the continent’s development.

That was when he pledged the $1 billion towards infrastructure development in Kenya, a move President Ruto described as a powerful testament to shared purpose and vision for Africa’s future.

The partnership between the Kenyan Government and Heirs Holdings will focus on key sectors central to the country’s transformation agenda, including enhanced power generation to expand access to affordable and sustainable energy; strengthened food security through modern agricultural practices and agribusiness investments; and expansion of road and rail networks to improve regional connectivity and trade.

Elumelu, a renowned African entrepreneur and philanthropist, praised Kenya’s commitment to economic reform and innovation, saying, “Investment in infrastructure and energy is key to unlocking the continent’s potential.

President Ruto noted that this collaboration exemplifies the kind of bold, forward-thinking partnership needed to achieve inclusive growth and sustainable development across Africa.

He said, “Together, we are shaping a new era of opportunity — one where government and business work hand in hand to deliver prosperity for our people”.

“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.”