Precious Nwonu, Enugu

The Group Managing Director of Afrinvest (West Africa) Limited, Ike Chioke, has revealed how a $1m personal loan from billionaire businessman Tony Elumelu helped the investment firm overcome financial difficulties following the global financial crisis.

Chioke said Elumelu provided the loan in 2011 when Afrinvest was struggling to rebuild and recapitalise its operations after the economic downturn.

In a letter of appreciation dated October 14, 2026, Chioke disclosed that he fully repaid the loan in June, ending a 15-year financial obligation to the chairman of Heirs Holdings.

He described Elumelu’s intervention as a significant demonstration of trust, saying the businessman believed not only in Afrinvest’s recovery prospects but also in his personal integrity and determination.

According to Chioke, the support came at a time when the company’s future was uncertain and played a crucial role in its eventual recovery and transformation.

He wrote, “At that critical juncture, when the future was far from certain, you made the remarkable decision to lend me US$1 million of your personal funds.

“You placed your confidence not simply in the prospects of a business, but in me as an individual, my integrity, my determination and my conviction that Afrinvest could emerge stronger from adversity.”

Chioke said the repayment was more than the settlement of a longstanding debt, describing it as an opportunity to fulfil a commitment to someone who stood by him during a difficult period.

He also recalled Elumelu’s reaction when he informed him in June that he was ready to repay the money, adding that his appreciation for the support would remain.

The Afrinvest chief linked the experience to Elumelu’s broader efforts to support African entrepreneurs through the Tony Elumelu Foundation, which provides funding, mentorship and business opportunities.

He said the foundation’s entrepreneurship programme reflected Elumelu’s belief in democratising access to opportunities and helping entrepreneurs turn their ideas into viable businesses.

Chioke described himself as an early beneficiary of the philosophy, noting that Elumelu had extended similar support to him long before the foundation began empowering entrepreneurs across the continent on a wider scale.

He said the experience had strengthened his belief in the impact of investing in people, particularly when they face difficult stages in their business journeys.

Reflecting on Afrinvest’s growth, Chioke said the company had evolved into a diversified financial services group with an expanding client base and a contribution to the development of Nigeria’s capital market.

He expressed gratitude to Elumelu for believing in him and supporting the company when it needed help the most.

“Your faith in me, and in what we were trying to build, has been vindicated. I hope you take some personal satisfaction in knowing that your generosity helped make this journey possible,” he wrote.

Chioke also wished Elumelu, his family and the Tony Elumelu Foundation continued success in expanding opportunities for African entrepreneurs.