Lender deepens Kenya ties with Sh19b bet on infrastructure, energy

The United Bank for Africa (UBA) Group Chairman and investor Tony Elumelu has pledged 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.

A statement from the lender said the meeting reaffirmed the bank's long-term commitment to Kenya. It centred on expanding UBA's role in Kenya's development agenda, building on the lender's $150 million investment (Sh19.5 billion) in the $1 billion (Sh130 billion) Road Infrastructure Securitisation Programme, an 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 the 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 Head of State also highlighted the ongoing plans to generate 10,000 megawatts of additional power over the next seven years under a $15 billion (Sh1.95 trillion) 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." He said the lender will continue to leverage the Tony Elumelu Foundation's initiatives to support youth- and women-led enterprises, promote digital banking, and align with the bottom-up economic model.

The UBA Group, which as been instrumental in channelling global capital into African infrastructure and trade, is positioning UBA Kenya as a catalyst for intra-African commerce and investment.