After 15 Years, Nigerian Company Repays Tony Elumelu $1m Loan
- Afrinvest has repaid a $1m personal loan provided by billionaire businessman Tony Elumelu 15 years ago to help the company overcome financial difficulties
- Group Managing Director Ike Chioke said the funding came when the investment firm was struggling to recover from the global financial crisis
- The company completed the repayment in June 2026, with Chioke describing Elumelu's intervention as instrumental to Afrinvest's growth
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A Nigerian financial services company, Afrinvest (West Africa) Limited, has repaid a $1m personal loan provided by billionaire businessman Tony Elumelu 15 years ago.
The company's Group Managing Director, Ike Chioke, confirmed the repayment in a letter of appreciation dated October 14, 2026, addressed to Elumelu, chairman of Heirs Holdings.
Source: UGC
Chioke said the loan was extended when Afrinvest was facing financial difficulties following the global financial crisis and needed additional capital to rebuild its operations.
He explained that Elumelu provided the money based on personal trust and confidence in his leadership at a time when the company's future was uncertain.
How Tony Elumelu helped Afrinvest survive financial crisis
According to Chioke, the $1m support helped the investment firm remain in business and provided a foundation for its subsequent expansion.
He said Afrinvest had since developed into a diversified financial services group, noting that Elumelu's intervention played an important role in the company's journey.
The managing director disclosed that Afrinvest completed the repayment in June 2026, bringing the 15-year financial commitment to an end.
Chioke said settling the loan meant more than clearing an outstanding debt, as it represented an opportunity to recognise someone who supported him during a difficult period.
“For me, the repayment was about much more than settling a financial debt. It was about honouring a commitment to someone who believed in me when that belief mattered most,” he said.
He added that his appreciation for Elumelu's generosity would remain despite the completion of the repayment.
Afrinvest boss praises Tony Elumelu's entrepreneurship support
Chioke also highlighted Elumelu's broader commitment to supporting entrepreneurs through the Tony Elumelu Foundation.
Source: Facebook
The foundation provides funding, mentorship and business development opportunities to entrepreneurs across Africa.
He commended its efforts to widen access to opportunities for business owners, saying the experience of receiving Elumelu's personal support demonstrated the importance of investing in people during challenging times.
Afrinvest's Marketing and Communication Consultant, Ozioma Ubabukoh, confirmed the authenticity of the letter in a statement to The PUNCH.
Ubabukoh said the document was signed by Chioke and dated October 14, 2026.
He said:
“We can confirm that the signed letter dated October 14, 2026 is authentic. It was signed by Mr Ike Chioke, Group Managing Director of Afrinvest (West Africa) Limited."
Elumelu acquires additional £53.2m shares in Seplat
Earlier, Legit.ng reported that Tony Elumelu, chairman of Heirs Holdings, has strengthened his investment in Seplat Energy Plc with the acquisition of an additional six million shares valued at approximately £53.2 million.
The purchase, executed through Heirs Energies Limited, a company he controls, expands his interests in the energy company ahead of his scheduled appointment as its chairman in January 2027.
The latest acquisition builds on an earlier investment by Heirs Energies and Heirs Holdings, which bought 120.4 million Seplat shares from Maurel & Prom in December 2025.
Source: Legit.ng
