Nigerian billionaire and chairman of United Bank for Africa (UBA) Group, Tony Elumelu, has signaled a renewed focus on Kenya, committing US$150 million to infrastructure and energy initiatives to reinforce the country’s position as an East African investment hub.
- •Elumelu, who also heads the Tony Elumelu Foundation, met with President William Ruto in Nairobi on Monday alongside UBA Africa Executive Director Sola Yomi-Ajayi, Heirs Holdings Executive Director Chidi Okpala, UBA Kenya CEO Mary Mulili, and UBA Group Company Secretary Bili Odum.
- •The discussions focused on expanding UBA’s footprint in Kenya and exploring opportunities in road construction, energy, and economic empowerment programs.
- •The US$150 million investment will form part of Kenya’s US$1 billion Road Infrastructure Securitisation Programme, an initiative designed to accelerate road construction using innovative financing structures.
“UBA is not just a bank; we are a development partner. Kenya’s youth, innovation, and entrepreneurial drive make it one of Africa’s most exciting markets,” Elumelu said.
Public-private partnerships are increasingly critical as Kenya looks to bridge its infrastructure deficit without over-reliance on state borrowing. UBA’s engagement is also expected to support projects in railway modernization, airport expansion, food security, and nationwide water distribution.
President Ruto highlighted plans to add 10,000 megawatts of power over the next seven years through a US$15 billion energy expansion effort, aimed at boosting industrial competitiveness and energy security. UBA’s involvement is seen as a signal that foreign investors are weighing in on Kenya’s long-term growth prospects.
UBA Kenya has also aligned with the Tony Elumelu Foundation’s efforts to support youth- and women-led enterprises, as well as promote digital banking solutions. With operations in 20 African countries, UBA has positioned itself as a major conduit for capital flows into African infrastructure and trade
