Afrinvest chief repays Elumelu’s $1m loan after 15 years

The Group Managing Director of Afrinvest (West Africa) Limited, Ike Chioke, has thanked billionaire investor Tony Elumelu for a $1m personal loan he received in 2011 and fully repaid in June, 15 years after it was extended.

In a letter of appreciation dated October 14, 2026, and addressed to Elumelu, Chairman of Heirs Holdings, Chioke said the repayment settled the financial obligation but left what he described as a “debt of gratitude”.

Chioke said Elumelu provided the loan from his personal funds at a critical period when Afrinvest was struggling to rebuild and recapitalise following the global financial crisis.

He described the gesture as an expression of confidence in both the company’s prospects and his personal ability to steer the business through its difficulties.

According to Chioke, the support meant more to him than he could adequately express at the time.

He said Afrinvest had since evolved into a diversified financial services group serving an expanding client base and contributing to the growth of Nigeria’s capital markets.

The Afrinvest chief said Elumelu’s confidence in him had been justified by the company’s subsequent progress, expressing hope that the billionaire would take satisfaction in the role his financial support played in the journey.

Chioke recalled informing Elumelu in June that he was ready to fulfil the obligation, describing the repayment as more than a financial transaction.

He said it represented the fulfilment of a commitment to someone who believed in him at a time when such support was most needed.

The Afrinvest chief also linked Elumelu’s intervention to the philosophy of the Tony Elumelu Foundation, which he said seeks to “democratise luck” by providing African entrepreneurs with access to capital, mentorship and opportunities.

He noted that Elumelu’s support had helped transform individual aspirations into businesses and livelihoods that might otherwise not have existed.

Chioke described himself as an early beneficiary of the philosophy, stressing that the personal loan came long before the foundation began empowering entrepreneurs across Africa on a large scale.

“Tony, thank you for believing in me, for standing by me at a difficult time, and for giving me the opportunity to honour that trust,” he wrote.

He added that he remained proud of Afrinvest’s achievements and grateful for Elumelu’s contribution to its growth.

Chioke concluded the letter by wishing Elumelu, his family and his work supporting African entrepreneurs God’s continued blessings.