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Nigerian businessman Tony Elumelu is stepping up his investment footprint in East Africa with a $1 billion commitment to Kenya’s infrastructure development. The move comes as the country seeks private-sector partnerships to strengthen its energy, transport and food systems.
The pledge was announced after Elumelu met with Kenyan President William Ruto at State House in Nairobi on Wednesday, November 12. The funds will support new projects in energy generation, food security, and the expansion of road and rail networks across Kenya, East Africa’s largest economy.
Elumelu commits investment to Kenya projects
With his new pledge to Kenya, Elumelu, who chairs United Bank for Africa Plc, Transcorp Group, and Heirs Holdings, deepens his reputation as one of Africa’s most active investors—a businessman betting on the continent’s capacity to build, grow, and prosper through enterprise. The commitment builds on years of business activity across the continent through his companies, which focus on power, hospitality, and financial services.
President Ruto praised the investment, describing it as proof of the private sector’s central role in Africa’s economic transformation. “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,” Ruto said after the meeting.
Transcorp profit rises 20.5% on strong operations
The announcement follows a period of strong financial performance for Elumelu’s Nigerian conglomerate, Transcorp Group. The company reported a 20.5 percent rise in profit after tax to N91.4 billion ($62.6 million) for the first nine months of 2025, up from N75.9 billion ($52 million) in the same period last year.
Revenue climbed to N413.4 billion ($283.6 million) from N297.7 billion ($204.2 million) a year earlier, driven by higher power generation and a rebound in the hospitality business. The group recently opened the 5,000-seat Transcorp Centre in Abuja, which has become a preferred venue for major conferences and events.
Elumelu said the results demonstrate the company’s ability to deliver steady performance despite economic headwinds. “Transcorp’s strong earnings show the potential of the Nigerian economy when businesses focus on long-term value creation,” he said. “We will continue to make investments that strengthen key sectors and drive inclusive growth.”
