Kenya has secured a significant boost to its economic transformation agenda after President William Ruto announced a $1 billion (Sh129.2 billion) investment pledge from Tony Elumelu, Group Chairman of United Bank for Africa (UBA) and Heirs Holdings.
The commitment follows a high-level meeting held at State House, Nairobi, where both leaders discussed strengthening collaboration in infrastructure, energy, and economic empowerment.
The investment aims to enhance power generation, reinforce food security, and expand road and rail networks—a shared vision that underscores Africa’s drive toward enterprise-led development and innovation.
“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,” said President Ruto.
“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.”
Driving Kenya’s Growth Agenda
The discussions, attended by top UBA and Heirs Holdings executives, including Sola Yomi-Ajayi (Executive Director/CEO, UBA Africa), Chidi Okpala (Group Executive Director, Heirs Holdings), Bili Odum (UBA Group Company Secretary), and Mary Mulili (Managing Director/CEO, UBA Kenya), centered on advancing Kenya’s economic transformation through strategic partnerships.
President Ruto lauded UBA’s instrumental role in the $1 billion Road Infrastructure Securitisation Programme, to which the bank has already committed USD 150 million.
He noted that this contribution reflects UBA’s confidence in Kenya’s development agenda and its role in improving transport networks and facilitating regional trade within the East African Community.
The President reaffirmed his administration’s dedication to partnering with UBA on transformative national projects, including railway modernization, airport expansion, food security initiatives, and nationwide water distribution.
Highlighting Kenya’s ambitious energy expansion plan, President Ruto emphasized the country’s goal to generate an additional 10,000 megawatts of power within the next seven years—a USD 15 billion investment designed to drive energy independence and stimulate industrial growth.
“We value institutions like UBA that understand Africa’s development journey and share our vision for sustainable growth,” Ruto stated. “Through collaboration and innovation, we will drive the transformation that powers Kenya’s future.”
A Shared Vision for Africa’s Future
In response, Tony Elumelu reaffirmed UBA Group’s long-term commitment to Kenya, promising to scale investments in energy, hospitality, real estate, and banking.
“UBA is not just a
bank; we are a development partner,” Elumelu said.
Kenya’s youth, innovation, and entrepreneurial drive make it one of Africa’s most exciting markets. We see immense opportunity for growth and impact through UBA Kenya.”
Through UBA Kenya, the bank continues to position itself as a catalyst for intra-African trade, channeling global capital into local opportunities. The bank also supports women- and youth-led enterprises through initiatives such as the Tony Elumelu Foundation, aligning with Kenya’s bottom-up economic model and the country’s long-term vision for inclusive prosperity.
UBA Kenya stands ready to usher in a new era of innovation, growth, and impact—anchored on sustainable investment and Africa-driven solutions.
About UBA Kenya
United Bank for Africa (UBA) is one of Africa’s leading financial institutions, operating in 20 African countries with additional offices in New York, London, Paris, and Dubai.
Its Kenyan subsidiary, UBA Kenya Bank Limited, offers a comprehensive range of financial services powered by cutting-edge technology and innovative solutions.
UBA remains dedicated to delivering on its promises, fostering sustainable growth, and shaping the future of African finance through strategic partnerships and people-centered development.
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