Nigerian business magnate Tony Elumelu has announced a $1 billion investment commitment to Kenya’s infrastructure sector, deepening his business presence across East Africa.
The chairman of Transcorp Group and United Bank for Africa (UBA) revealed the pledge following a meeting with Kenyan President William Ruto at State House, Nairobi, on Wednesday, November 12.
Elumelu’s investment will target key infrastructure areas including energy generation, food security, and the expansion of Kenya’s transport networks.
His move comes at a time when Kenya is actively courting private-sector partners to drive national development and reduce the burden on public finances.
Investment to Strengthen Kenya’s Energy, Food, and Transport Systems
The Nigerian investor’s commitment aligns with Kenya’s long-term economic goals of improving energy reliability, boosting agricultural productivity, and enhancing logistics through better roads and railways.
President Ruto described the investment as a major step forward in the country’s development efforts, praising Elumelu’s belief in Africa’s potential to grow through private enterprise.
“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,” Ruto said after the meeting.
Elumelu’s companies, spanning power, hospitality, and financial services, have long championed African-led growth, and his latest commitment positions him as a key player in East Africa’s push for industrial and economic expansion.
Transcorp Group Reports Strong Financial Growth
The announcement comes amid a period of strong performance for Elumelu’s Nigerian conglomerate, Transcorp Group, which recorded a 20.5 per cent increase in profit after tax to N91.4 billion ($62.6 million) in the first nine months of 2025, up from N75.9 billion ($52 million) in the same period last year.
Revenue also surged to N413.4 billion ($283.6 million), fuelled by stronger power generation and a rebound in the hospitality sector. The company recently opened the 5,000-seat Transcorp Centre in Abuja, which has quickly become a hub for major conferences and corporate events.
Elumelu said the strong earnings reflect the resilience of African enterprises when they focus on long-term value creation. “Transcorp’s results show the potential of the Nigerian economy when businesses focus on sustainable growth. We will continue to invest in key sectors that promote inclusive development,” he said.
