Tony Elumelu deepens Kenya ties with $150 million bet on infrastructure and energy growth

United Bank for Africa (UBA) Group Chairman Tony Elumelu has reaffirmed the bank’s long-term commitment to Kenya, pledging deeper collaboration in infrastructure, energy, and economic empowerment following talks with President William Ruto in Nairobi.

Elumelu, who is also the founder of the Tony Elumelu Foundation, led a high-powered delegation including UBA Africa Executive Director Sola Yomi-Ajayi, Heirs Holdings Group Executive Director Chidi Okpala, and UBA Kenya CEO Mary Mulili.

The meeting centered on expanding UBA’s role in Kenya’s development agenda, building on the lender’s $150 million investment in the $1 billion Road Infrastructure Securitisation Programme — a flagship initiative aimed at accelerating road construction through innovative financing.

President Ruto lauded UBA’s support, saying the bank’s commitment reflected growing investor confidence in Kenya’s economy and regional integration agenda.

“We value institutions like UBA that understand Africa’s development journey and share our vision for sustainable growth,” said President Ruto. “Through collaboration and innovation, we will drive the transformation that powers Kenya’s future.”

The President also highlighted ongoing plans to generate 10,000 megawatts of additional power over the next seven years under a $15 billion energy expansion drive, targeting energy independence and industrial competitiveness.

Elumelu said UBA views Kenya as a strategic growth hub for East Africa, citing opportunities across energy, real estate, hospitality, and banking.

“UBA is not just a bank; we are a development partner,” he said. “Kenya’s youth, innovation, and entrepreneurial drive make it one of Africa’s most exciting markets.”

UBA Kenya, he added, will continue to leverage the Tony Elumelu Foundation’s initiatives to support youth- and women-led enterprises, promote digital banking, and align with the government’s bottom-up economic model.

The UBA Group currently operates in 20 African countries and has been instrumental in channeling global capital into African infrastructure and trade, positioning UBA Kenya as a catalyst for intra-African commerce and investment.