Tony Elumelu’s 2011 transfer of $1 million helped Afrinvest recover from the global financial crisis, according to Afrinvest Group Managing Director Ike Chioke, who describes the funds as a personal loan.
In a letter reported by Premium Times, Chioke said Elumelu provided the money from personal funds while Afrinvest was trying to rebuild and recapitalize. Chioke said the support helped the firm through that post-crisis effort, linking the transfer to the company’s need to restore its capital base.
Elumelu’s statement on his official website, published Oct. 15, 2026, describes the funds as an unsolicited investment in Afrinvest. He said he made the transfer because he believed in Chioke and his partners. Elumelu also said no documentation, agreement or stated terms accompanied the money.
The two accounts frame the transfer differently: Chioke says it was a personal loan to him, while Elumelu calls it an investment in the company. Neither account explains the difference in terminology or provides a repayment schedule.
Both accounts say the $1 million was repaid; Elumelu said it was repaid with interest. Chioke’s letter says final repayment came in June 2026, while Elumelu wrote that it was repaid “just recently.” Neither account specifies the total repaid or the interest rate.
Afrinvest describes itself as a capital-market holding company with businesses in investment banking, securities trading, asset management, trustee services, consultancy and technology. Elumelu said he shared the account to encourage people with resources to support businesses with potential.
