We Are Shaping A New Era – President Ruto Declares As Tony Elumelu Commits $1B To Kenya’s Infrastructure

President William Samoei Ruto has hailed Nigerian billionaire and philanthropist Tony Elumelu for his commitment to Africa’s development, describing his $1 billion investment pledge to Kenya as a defining moment in the country’s transformation journey.

Speaking on Tuesday, November 12, 2025, at State House, Nairobi, after receiving Elumelu and his delegation, President Ruto said the partnership between Kenya’s public sector and the private sector reflects a new model of African development driven by enterprise, innovation, and shared prosperity.

He described Elumelu’s investment as “more than an act of financial commitment,” but as a testament to a shared vision for Africa’s future

.“The transformation of our continent demands a strong and purposeful partnership between Africa’s public and private sectors. Only through such collaboration can we unlock the full potential of our people and resources,” Ruto said, declaring that “we are shaping a new era of inclusive growth and sustainable development for Kenya and Africa.”

The $1 billion commitment by Elumelu — who is the Group Chairman of United Bank for Africa (UBA) and Heirs Holdings — is targeted at supporting Kenya’s infrastructure, particularly in power generation, food security, and the expansion of road and rail networks.

The UBA Group, which the leading investor chairs, is one of the largest financial institutions on the continent and among Africa’s biggest employers of labour, with operations in 20 African countries and global financial centres.

Beyond banking, the change maker is also renowned for his work through the Tony Elumelu Foundation (TEF), a leading philanthropic organization empowering young African entrepreneurs. Since its inception, TEF has trained, mentored, and funded more than 20,000 entrepreneurs across all 54 African countries, creating hundreds of thousands of jobs and contributing significantly to Africa’s GDP growth.

Elumelu’s visit and his billion-dollar commitment align with his philosophy of Africapitalism — the economic belief that Africa’s private sector must take the lead in driving sustainable development through long-term investments that create both economic and social wealth.

Ruto said Elumelu’s action embodies this philosophy, demonstrating that Africa’s destiny lies in the hands of Africans who believe in building shared prosperity across borders.

“This partnership directly supports our transformation agenda. Together, we are shaping a new era that ensures every investment becomes a seed for Africa’s collective progress,” he added.

Through his business leadership, philanthropy, and advocacy, Elumelu continues to champion the idea that Africa’s growth should be anchored on inclusive enterprise and collaboration between government and the private sector — a vision President Ruto said resonates deeply with Kenya’s own developmental aspirations.