United Bank for Africa (UBA) and Transcorp Chairman Tony Elumelu has pledged to expand his business interests in Kenya after meeting with Prime Cabinet Secretary Musalia Mudavadi, who also serves as the Cabinet Secretary for Foreign and Diaspora Affairs.
Their discussions took place on the sidelines of the 32nd African Export-Import Bank’s (Afrexim Bank) Annual Meetings in Abuja, where African leaders gathered to plan the continent’s financial future, Mudavadi representing President William Ruto.
In a statement on Saturday, Mudavadi shared that he invited the Nigerian billionaire and philanthropist to explore key opportunities in Kenya, including the Nairobi Railway City project, the Information and Communications Technology (ICT) sector, energy development, and the Affordable Housing Programme.
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“Mr Elumelu expressed strong interest in expanding his investment portfolio in Kenya, especially in the energy, banking, and hospitality sectors,” the Prime CS said. Elumelu’s UBA already operates a subsidiary in the country, United Bank for Africa Kenya Limited, with branches in Nairobi, Nakuru, and Mombasa.
According to Mudavadi, Nairobi is experiencing impressive growth and is emerging as a leading economic and investment hub in Africa.
He wrote on X: ‘Nairobi City continues to experience rapid expansion, positioning itself as a leading economic and investment destination on the African continent. It is, therefore, prudent for forward-looking investors to consider channelling their resources into Kenya’s capital and beyond, as the city steadily advances towards becoming a global hub.’
Mudavadi spoke highly of Nairobi’s growing stature as a global city, thanks to its strategic advantage for hosting several United Nations offices, including the UN Environment Programme (UNEP) and the UN Human Settlements Programme (UN-Habitat).
He outlined plans to develop Jomo Kenyatta International Airport into a regional logistics centre, noting that these developments will make the city an increasingly attractive place for business.
Mudavadi and Elumelu’s talks reflected the country’s aggressive push to attract foreign capital amid intensifying competition across East Africa and the continent at large.
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