President William Ruto has announced a major investment pledge from Nigerian billionaire Tony Elumelu, following a meeting at State House, Nairobi.
In a statement on Wednesday, November 12, Ruto revealed that Elumelu, who is the Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group, had committed to investing $1 billion (Ksh129 billion) towards Kenya’s infrastructure development.
“At State House, Nairobi, I received the Group Chairman of United Bank for Africa and Heirs Holdings Group, Mr Tony Elumelu, and his delegation.
“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,” he said.
Ruto noted that the investment aligns with the government’s vision of strengthening key sectors through partnerships.
“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.
“This partnership directly supports our transformation agenda, focusing on enhanced power generation, strengthened food security, and the expansion of our road and rail networks,” he added.
